In the state of California, an insurance company legally has 85 days to settle a claim once it is filed. That is a relatively long time when regular paychecks are not coming in, and it still may take months or years for negotiations to reach a final settlement.
There are several different issues to be considered when a settlement amount is being decided. When a person is seriously injured, it can take longer because the injured party needs to finish treatment to determine the medical expenses.
When you can’t work because of a car accident injury that is someone else’s fault, it hardly seems fair. Your bills need to be paid, you need a roof over your head and food to eat. It may be time to consider a car accident loan in California from Silver Dollar Financial.
How Do You Make Money While Waiting for a Settlement?
Depending on the extent of your injuries, going back to your job may not be an option for some time. If you have exhausted other sources of income and need money to pay for daily living expenses, a lawsuit loan can relieve financial pressure before it becomes financial hardship.
Considering a cash advance against your settlement could be a viable option to get back on track financially, and it may even help your case. The responsible use of a car accident loan might mean being able to keep your bill payments current, paying important tuition fees for yourself or your children, or even avoiding an eviction or foreclosure on your home.
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Interest on a Settlement Loan for a Car Accident Case
Depending on the company you choose, interest on a California car accident loan or a personal injury loan varies. Pay attention to whether or not there are fees or compound interest rates.
Compound interest on a loan can drain your settlement to near nothing by the time the case has cleared and is not borrower-friendly. It charges interest on the amount you borrow, plus the interest it has accrued from previous periods.
Simple interest, on the other hand, means that you only pay interest on the original amount borrowed. We charge simple interest, typically in the single digit range. Remember, settlement cases take months and sometimes years to resolve, so it is important to take only the amount you need when getting an advance from a car accident loan.
Do You Have to Pay a Lawsuit Loan Back if You Lose?
No. You only pay if your case settles. If you lose, you are not held liable, there are no consequences to your credit, and nothing will be collected. These types of loans are based on the collateral of your case winning a settlement.
So, essentially, you are borrowing from yourself in the future and using a portion of your own future settlement check to cover your expenses today.
Pre-settlement funding, or lawsuit loans, aren’t really a loan in the conventional sense. They are non- recourse loans, meaning that they cannot collect if you do not win or settle your case. Car accident loans in California are only paid back from the settlement funding, when the case is complete.
How to Qualify for a Car Accident Loan in California
If another driver’s negligence caused you to incur damage, injuries, or both in an accident, you may be eligible for pre-settlement funding. The other party must be insured, and you must be represented by an attorney.
If you haven’t yet retained a lawyer for your auto accident case, it is important to do so now. We are unable to fund any pre-settlement without your attorney representing you. Following that, it is a simple process that only requires you fill out an online form with some information about your case and some contact information.
Apply Now for Pre-Settlement Funding
How Cash Advances for Car Accident Settlements Work
After you have hired an attorney and provided us with your information, we work with your lawyer to determine the strength of your case and look at any variables involved to approve your eligibility for a California car accident loan.
Once we have made contact with the attorney, our approval team takes over. They can usually make a decision relatively quickly, often within 24 hours. Once you have been notified of your approval, you will receive your funding within 24 hours.
We have developed an expedited process to ensure you receive your approval and funding as quickly as possible. We understand that car accident victims have already experienced enough suffering and red tape. Our company works diligently to ensure that you have a hassle-free experience so that you can get on the road to financial recovery.
How Your Car Accident Loan Funding Can Help You Get Back on Track
California car accident loans offer a solution for people struggling to make ends meet after experiencing personal injury. This money can be used in any way you like from paying bills to paying tuition. Pre-settlement loans also allow people the extra time necessary to pursue a better settlement.
In addition to covering living expenses, the auto accident loan buys peace of mind and stability so that you can breathe easier. It gives your attorney the time needed to combat stall tactics used by the defendant’s insurance company. It can ultimately enable you to hang on and reject lowball offers.
Paying for necessary living expenses while waiting for settlement is a major benefit to car accident loans. Most plaintiffs use the money to keep their finances in order and catch up late payment obligations.
Some things plaintiffs use the money for include:
- Mortgage and rent payments – Keeping shelter over your head is the most important factor for almost everyone. Pre-settlement funding can help.
- Daily living expenses – Utilities, food, car payments, and other expenses are also critical needs that need to be paid for. A car accident loan provides the funds you need.
- Medical costs – Paying for daily prescriptions, treatment that the insurance company does not cover, co-payments, or unexpected illnesses can be covered with an auto accident loan.
- Educational expenses – School for yourself or your children may require books, fees, or periodic tuition costs that cannot be delayed without help from a car accident loan.
Types of Car Accidents We Fund
If you are wondering if your accident is eligible for pre-settlement legal funding, here is a brief list of examples of the kinds of cases we regularly work with:
- Bike accidents
- Brake failure accidents
- Bus accidents
- Commercial vehicle accidents
- Dangerous highway conditions accidents
- Defective tire accident
- “Dram shop” lawsuits
- Drowsy driving car accidents
- Drunk driving accidents
- Head-on collisions
- Hit-and-run accidents
- Intersection accidents
- Motorcycle accidents
- Parking lot accidents
- Pedestrian accidents
- Rear-end collisions
- RV accidents
- Semi-truck/tractor-trailer accidents
- Speeding accidents
- Uber, Lyft, and taxi accidents
If you have questions about your particular situation, don’t hesitate to contact us. Our friendly and knowledgeable team will be able to assist you.
Pursue a California Car Accident Loan Today
Take financial control and reclaim your life today with pre-settlement funding from Silver Dollar Financial. A loan against your car accident insurance settlement relieves the stress of financial hardship and arms you against the stall tactics of the insurance companies.
Learn how you can secure yourself with a California car accident loan today. To find out more, contact our office today or click the Apply Now button on our website.