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Why Get a Car Accident Loan

If you’ve been injured in a car crash, you may qualify for a car accident loan. Vehicle accidents can be devasting circumstances that damage both your health and finances. If your injuries are severe enough to prevent you from working, you may seek funds to replenish your income as you fight for your accident settlement. The journey to recovery is costly and lengthy. 

Don’t let money concerns stop you from pursuing your settlement. If you need temporary financial aid to help support you and your family before you receive your settlement, consider applying for a car accident loan

What is a Car Accident Loan?

Though they’re called car accident loans, they’re more similar to cash advances. Traditional loans always require repayment, but these pre-settlement funds will only require repayment if you receive your settlement. If you win your case, you will pay back the amount of money you borrowed using the car accident loan to the company. If you lose, you will not owe a dime. 

To qualify for a car accident loan, you must have suffered an injury in an accident, and you must hire an attorney. Your attorney will guide you through applying for a car accident loan, and the loan providers will connect with your attorney about the details of your case. Loan providers accept cases they believe will result in a settlement, so the nature of your accident and the severity of your injuries will play a role in whether you qualify for a loan and what amount you will be granted. 

If you qualify, both you and your lawyer will sign a funding agreement. Your lawyer will carefully review the agreement to ensure you’re not consenting to any hidden fees, hefty interest rates, or any other undesirable contract terms. This process protects you and minimizes the risk of applying for a car accident loan. 

Benefits of Car Accident Loans 

Car accident loans can be critical to ensure you stay financially afloat as you await your settlement. Injury lawsuits can stretch on for months or years, and depending on the severity of your injuries, you may be too hurt to return to work. If you’re struggling to pay your bills and support your daily needs, car accident loans can lower your financial burdens and your stress. 

Typically, there are no rules dictating what you can spend your pre-settlement funds on. Many borrowers use this money for their living expenses, like rent and groceries. If you have medical bills from hospital stays, medication, or medical devices, your car accident loan can help you afford the medical expenses you have in order to heal. 

You may also use your pre-settlement funds to afford legal fees, which allows your lawyer to have the time they need to build the best case possible.

Reach Out for More About a Car Accident Loan

Car accidents can be traumatic, and the journey to receiving financial compensation for your injuries can feel overwhelming and endless. Car accident loans offer immediate aid to empower you through this process.

At Money First Funding, we help people like you get the settlements they deserve. Reach out to us today at 702-623-3333 or fill out our online contact form below to take the first step on your path forward.