Accidents can and do happen. Victims must take swift action to hold negligent parties accountable and file a claim or lawsuit. While you await your settlement, however, you need a financial foundation which is challenging when you cannot work and are healing from injuries.
Instead of going into debt or taking out predatory private loans, take out a car accident loan in Columbus, OH. Silver Dollar Financial works fast to get you the money you need now while your lawyer works on your case.
What to Look for in a Car Accident Loan Company
When looking for a car accident loan company, you must ensure you have the best company for your needs. A reputable loan company will have transparent rates and a breakdown of how they come to these rates.
They should also discuss interest rates and how they will impact your loan. Failure to provide this information is a red flag, and you should look elsewhere. Communication is critical in every business or service, and when you deal with rude or unresponsive account representatives, it’s your sign to run.
You want a loan company to answer your questions and provide information about your pre-settlement loan. You always want legal funding companies that work well with your attorney. Working with your lawyer is non-negotiable, and if the company tries to avoid speaking to your law firm, it is time to look for other options.
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Factors for Your Loan Amount
Car accident cases are complex, and you must base your loan amount on something other than what someone else has gotten. While a case can look similar, it is likely not, and the same goes for pre-settlement loans.
How much you can get will depend on multiple factors. The kind of case you have will make an impact on your loan amount. The type of vehicles can indicate severe injuries and higher case values.
Injuries are the basis of personal injury claims, a significant factor in determining case worth and lawsuit loans.
What If You Already Took Out a Loan Previously?
If you previously took out a legal loan, that can hinder your ability to get a second one. Car accident loans in Columbus can range from 5% to 20% of a final settlement. You might not qualify for the second one if you already took out the maximum percentage.
Conversely, if you took out a previous loan that did not max out what is available, you might qualify for a second loan. Lastly, we must consider damages for your case because the higher they are, the higher your case value.
Indiana Regulation on Lawsuit Loans
Indiana has regulations regarding lawsuit loans to protect borrowers. It doesn’t prevent you from getting funding, but it places a cap on the legal funding company’s yearly rates.
The maximum Indiana allows lawsuit loan companies to charge annually is 36%, which can be broken down monthly. It gives many borrowers peace of mind that there are restrictions because they won’t be taken advantage of by predatory loan companies.
Another caveat is attorneys cannot pay client fees like living expenses. Since your attorney cannot legally help you, a pre-settlement loan is a good option.
Repaying a Lawsuit Loan
When you resolve your legal claim and receive a settlement, your attorney will have some balances to clear out for you. One debt they must resolve is your car accident loan in Columbus, OH.
Your rates and repayment terms are addressed when you sign your loan agreement, so there are no surprises at repayment time. If you lose your case, you keep the money.
Our loan company takes on all the risk by offering you an advance on your settlement. Sometimes payments are less than expected, and the repayment options are complex in those instances. Your attorney will handle almost everything when it comes to repayment.
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Using Your Car Accident Loan Funds
People struggling to keep up with bills and medical expenses after a car accident need solutions. A non-recourse pre-settlement loan is one option for you to keep up with daily expenses and buy yourself some time.
Borrowers have some financial stability with car accident loans in Columbus, OH. There are no restrictions on using the money, and you can use it any way you deem necessary. It also takes some pressure off you and your lawyer to reach a quick but lower compensation agreement.
Depending on how much you can get for your claim and the losses you suffer, what you use the funds on will vary. Plaintiffs use car accident loans for mortgage and rent payments, medical expenses, education costs, and daily expenditures like food and gas. In comparison, some borrowers will also catch up on pending bills and budget the remaining funds for the estimated duration of the case.
The Duration of Your Case and Your Loan
The length of your car accident case will vary depending on many factors. Some cases resolve within a few months, while others drag on for years.
Some complex issues impact the case like injury severity, the insurance coverage available, and the willingness of both parties to negotiate. It is never a good idea to rush into a settlement, and you should take your time.
The duration of your case will also impact your car accident loan. Your attorney can estimate how long the case will be, and therefore that will also determine the interest you will pay on your loan and how much you can get.
Silver Dollar Financial Has Pre-Settlement Loans for You
Car accident loans are available to Columbus, Ohio, residents who have suffered injuries in a collision, have legal representation, and seek compensation. The insurance company can try to delay, but they will have difficulty if you have financial backing. We believe that accident victims should focus on healing, not on who they will pay for their expenses while awaiting justice.
Fill out an application for car accident loans with Silver Dollar Financial and get money fast upon approval.