Auto accident loans and personal injury loans offer accident victims the opportunity to take care of financial obligations while they wait for a settlement to be decided on their car accident case.
These kinds of advances can be extremely beneficial when used responsibly and ultimately may benefit your case by allowing your attorney the extra time necessary to fight for more compensation and will aid in combating the stall tactics of big insurance companies.
Accident victims face a mountain of red tape, paper work, stalling tactics, and waiting games with the defendant’s insurance company. The idea of a car accident loan is to give auto accident victims their power back, without adding the stress of credit checks, monthly payments or further debt.
Is an Arizona Car Accident Loan Actually a Loan?
No, not in the traditional sense. Unlike a conventional loan, a car accident loan, or pre-settlement funding loan grants you an advance on your auto accident settlement and it is repaid directly from your settlement funds.
There is no way of knowing when a car accident will settle, so you are essentially borrowing from the future to take care of expenses that are urgent right now. Pre- settlement funding does not require repayment in the event you lose your case.
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How Does a Settlement Loan Work?
The provider of an accident loan works with your attorney to verify and evaluate the strength of your case taking into account various factors. If you are approved, you are given a loan that is an agreed upon percentage of your forecasted settlement.
Arizona car accident loans do not involve any monthly payments or credit checks. There is no risk to your personal finances, home, or credit score. There will be no harassment from collection calls with an auto accident loan.
In effect, you are borrowing money from yourself against the future settlement that could take months or years to be available. However, pre-settlement funding does not need to be repaid if your case does not settle, and it doesn’t affect your credit rating or create risk to your personal finances.
How Car Accident Loans In Arizona Can Help Your Case
Insurance companies are big business and it is in their interest to minimize the payout to the plaintiff as much as possible. One very popular tactic they use is to stall. Making victims wait for offers of compensation and then offering lower value settlement is how they play the game.
When you are injured in an auto accident, returning to work may take longer than you had hoped. Time and money are luxuries that everyone cannot afford when it comes to meeting their financial obligations. Paying for shelter, food, and other basic living costs becomes overwhelming.
The defendant’s attorneys and insurance companies are counting on the plaintiff’s desperation for money and will take advantage of that need. The other attorney drags the case out and makes a lowball offer in hopes you will accept it.
Pre- Settlement Funding Helps Fight Stall Tactics
When you have secured funding from a pre-settlement injury loan, you effectively block their strategy. It is much easier for you to reject a lower offer than you deserve when you are not facing damaged credit scores or eviction.
Depending on your situation, an Arizona car accident loan may be wise in order to buy yourself and your attorney the time you need to fight the case and maximize your settlement amount. Having the extra funds available and using it responsibly can hamper the defendant’s ability to undervalue your settlement.
Click to contact the Silver Dollar Financial Team today or Call +1(844)871-0628
Interest on a Settlement Loan for a Car Accident Case
The following information may help you to determine if an auto accident loan in Arizona is right for your situation. The amount you pay for a car accident loan will depend on the interest rate you’re charged. The interest charges accrue as long as the case is not settled, so it is very important to borrow conservatively from your settlement, taking only what you need.
Reputable and legitimate providers of lawsuit loans will only charge you simple interest at a low, often single-digit rate.
Car Accident Settlement Advance Without Compound Interest
Compound interest rates are expensive to the borrower and can drain away any future rewards from the settlement very quickly. High rates of compound interest will leave you with little to no money from your settlement at the close of a longer case, even if you borrowed little.
If your auto accident case takes months, or even years to resolve, as often happens, a car accident loan’s interest rate could consume a big chunk of your settlement. Compound interest rates should be avoided for this reason.
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What Is the Average Car Accident Settlement In Arizona?
The average car accident settlement in Arizona varies between $10,000 – 30,000, but all car accident cases are different and have many variables that are taken into account. Some severe injury cases can settle for over a million dollars.
While each case is different, knowing the insurance laws will help you to get an estimate of what compensation you may be entitled to, and also get an idea of what your Arizona car accident loan should be.
How Do Arizona State Minimum Coverage Laws Affect My Case?
In Arizona, it’s important to know that car insurance is mandatory, and establishes a minimum insurance policy limit of $15,000/30,000. This means the maximum the insurance company is willing to pay per injured occupant is $15,000, and the limit of payment is $30,000.
While this sets the maximum settlement for policies that carry the minimum amount of coverage, some drivers opt to carry higher limit policies or may be from out of state and have different laws with different amounts of coverage. For this reason, it’s critical to get the insurance information of the other driver.
Areas We Serve In Arizona
With over 5.6 million drivers in Arizona, accidents can happen anywhere. If you live in the state of Arizona and have an attorney with an active case for personal injury or other damages due to the other party’s negligence, we can help. We can provide a pre-settlement advance for your car accident case throughout Arizona including:
- Phoenix
- Tucson
- Mesa
- Chandler
- Gilbert
- Glendale
- Scottsdale
- Peoria
- Tempe
- Surprise
- San Tan Valley
- Yuma
- Goodyear
- Buckeye
- Avondale
- Flagstaff
- Queen Creek
- Maricopa
- Lake Havasu City
- Casa Grande
- Prescott
- Sierra Vista
- Bullhead City
- Sun City
- Apache Junction
- Fountain Hills
- Anthem
- Nogales
- New River
- Payson
- Douglas
- Cottonwood
- Show Low
- Sedona
- Tolleson
Apply for a Car Accident Loan in Arizona Now
Silver Dollar Financial can help you reclaim control over your finances and arm yourself with an Arizona car accident loan. The application process is free and approval can take as little as 24 hours. All you have to do is provide us with some information.
Please have your attorney’s contact information available so we can provide you with the fastest service possible. We want to make sure you have the answers you need in the timeliest fashion.
Let us help you to find the light at the end of the tunnel so you can get on your way to a better tomorrow.
Call or text +1(844)871-0628 or Apply Now for Pre-Settlement Funding