Boston car accident victims with pending legal claims may need immediate financial assistance. One option is to get a Boston car accident loan from Silver Dollar Financial. We provide pre-settlement funding to alleviate the financial burden that car accidents bring while awaiting a resolution on a lawsuit.
Car accident loans in Boston are non-resource, so the advance is only repaid if the borrower receives a settlement. When no compensation is awarded for your accident, you do not repay the loan, and there is no impact on your credit.
Taking a Pre-Settlement Advance on a Lawsuit
Pre-settlement loans help during the lengthy legal process. Most lawsuits take longer than expected, even when they seem open-and-shut claims.
Auto insurance companies tend to prolong cases as long as possible, so plaintiffs like yourself become frustrated and take a low settlement. They assume you cannot wait months or years for payment and will use that to their advantage.
Plaintiffs can fight these actions by using a settlement loan to stay financially stable during this process. You can use the funds for medical bills, rent, mortgage payments, car payments, etc.
Getting a Pre-Settlement Advance
Plaintiffs in a car accident lawsuit can get a pre-settlement loan in a few simple steps, and you can receive your funds within 24 hours after applying. You can apply online or by calling Silver Dollar Financial. An account representative will contact you for more information regarding the accident and your injuries and then call your attorney’s office for documentation.
After reviewing all details, your rep will determine the advance they can offer. You can get a Boston car accident loan within 24 to 48 hours.
Amounts of Boston Car Accident Loans Vary
Determining how much you can receive will vary by case facts. Our car accident loan company will review damages, liability, and insurance limits when evaluating your loan amount.
You can receive an advance of 10 to 20% of your estimated settlement. Suppose your case worth is $100,000. Then your offer of 10% will be a $10,000 advance.
Injury victims who take out pre-settlement loans can use the funds for anything they want without hidden stipulations. Many borrowers use the funds to make utility, rent, and car payments. In comparison, others will use the funds for medical bills or procedures.
Eligibility for Legal Funding in Boston
Basic eligibility requirements exist when applying for a car accident loan in Boston. You must be a plaintiff in a personal injury case, have a lawyer representing you, and seek compensation through a lawsuit.
Aside from these basic eligibility requirements, our account representatives will also ask for information about the case, potential duration and award range, and contact information for the law firm or lawyer. No credit, employment, or background checks are needed to qualify for legal funding in Boston. However, the best way to determine if you are eligible for legal funding is to contact the car accident loan company and work with a representative.
Repaying a Boston Car Accident Loan
You only repay a Boston car accident loan when you win your case. It comes from your settlement award. If you lose your case, you have no obligation to repay the loan, and your assets are safe from debt collection efforts.
Like working with your lawyer, we only get paid if you do. If your settlement is insufficient to cover your legal loan, there are stipulations and steps within your loan contract on how repayment will work, which varies by individual.
How Interest Rates Work
Interest rates for pre-settlement loans vary from other loans. Compound rates are typical in bank and car loans.
Compound interest continues to grow and grow until you pay them back, which would deplete your settlement. They often come with hidden fees, and consumers pay more than they originally borrowed.
Car accident loans do not have the same pitfalls because they have simple interest rates which are easier to calculate. When reviewing your contract, you will know how much your interest is and your repayment total. Interest rates will vary by loan depending on the case’s worth and the loan offer. They are also calculated for the estimated duration of the claim.
Your Lawyer Plays an Integral Part
Your attorney will be integral to your Boston car accident loan because they must provide information and documentation about your case. They will give our team a better understanding of your circumstances and what to expect moving forward.
The law firm will also address any potential risks or pitfalls. We will use this information to curate the best loan offer for your situation. Additionally, your lawyer is also essential for your loan repayment.
Upon case resolution, your lawyer pays back various parties, including your car accident loan company. They must sign a contract to repay your legal funding with interest from your settlement. Their cooperation is necessary, but the decision to take out a car accident loan is yours.
Get Funding Fast
Time is ticking, and waiting too long can impact your housing, transportation, and life. Silver Dollar Financial understands how challenging this time is, and we strive to get money in borrowers’ hands quickly. Once you agree and sign the contract, our team will work swiftly to disburse funds.
Depending on your bank, you can expect funds in your account within 24 hours. Once you have your money, you can focus on healing and paying your bills and do not have to worry about repayment until case resolution.
Start Your Boston Car Accident Loan Application Today
Silver Dollar Financial offers loans to victims who suffer losses in car accidents and are taking legal action to recover compensation. It is vital to have financial funding during the lawsuit process, which can sometimes take years. You should be able to continue to make payments and not live in fear of losing your home or vehicle.
Applying for a car accident loan in Boston is free. Call Silver Dollar Financial or fill out our online application to get started.