How Does a Car Accident Loan Get Paid Back?
Being in a car accident is scary and there are a lot of unanswered questions that come up. You may be questioning how you’re going to cover all of the costs you have associated with the injuries you’ve sustained. One of the ways these costs can be covered is through the use of a car accident loan.
The accident you’ve been in doesn’t have to cause too many issues, even if it slows things down for a bit. Find out more about a car accident loan and how it might help you. Money First Funding offers funding options that help you get back on your feet.
What Is a Car Accident Loan?
A car accident loan is a cash advance on a car accident claim that you have opened with a law office against another party. A car accident loan is contingent upon the existence of a claim. The amount you’re able to receive for your loan will depend on the amount you’re supposed to receive from the claim.
The cash through the loan is given upfront, so you don’t have to wait for the lengthy claim to settle before receiving compensation. Interest will accrue on the loan until the claim settles and the loan is paid.
Using Your Car Accident Loan Funds
The funds you receive with the loan can be used for almost anything you need to pay for. Some of the things you can cover with them include, but are not limited to:
- Past, current, and future medical bills
- Lost income wages
- Monthly living expenses
- Housing expenses
- Travel expenses
There are no rules on what can be covered with a car accident loan. The things you pay for do not have to be directly related to the car accident. You’re free to use the cash however you’d like to use it. It should be thought of as if you were receiving the settlement claim compensation.
Paying the Car Accident Loan Back
Paying back a car accident loan depends on whether your claim settles. One of the biggest perks of these loans is that if the claim doesn’t settle and you receive nothing, you don’t have to pay the loan back.
Once your claim is settled, your loan will then be paid directly by the law office handling the claim for you. The loan company and law office will speak regarding the amount you’re able to receive, repayment terms, and other specifics to settle the loan. Once the claim is paid, the law office is paid their fee, the loan is paid back and you receive the remainder.
Seek the Proper Funding with a Legal Loan Funding Company
Don’t let the accident you’ve been in make you feel like you have no other options. With a car accident loan, you’re able to cover your finances and feel more confident about your future.
If you want to learn more about car accident loans and other loans offered by Money First Funding, give us a call at 702-623-3333 or fill out our contact form online. We can schedule a time to answer any questions you may have. You have financial options available.