A car accident can completely change your life. You will likely face many challenges after a serious accident, including financial difficulties. The long-term solution to your money problems will probably come in the form of an insurance claim or a personal injury lawsuit.
Unfortunately, recovering compensation through these processes can take a long time. In the meantime, you will have financial obligations that must be met. A Connecticut car accident loan from Silver Dollar Financial can give you the money you need to keep up with your bills as you pursue fair compensation from the liable party.
How You Can Use a Car Accident Loan
A serious car accident will likely leave you with a variety of expenses. You are going to be looking at repair costs for your vehicle, and if you were injured, you could face significant medical expenses. Additionally, an injury could result in lost wages if you are unable to work. This could make it a challenge to afford your everyday costs, like:
- Rent or mortgage payments
- Car payments
The money you receive from a car accident loan in Connecticut can help you pay for all these expenses and more. You can keep up with your bills as you pursue compensation from the at-fault party.
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The Loan Application Process Is Straightforward
At Silver Dollar Financial, we make it easy to apply for pre-settlement funding. All you need to do is provide us with some basic information about yourself and your car accident case, and we will get back to you with our decision in as few as 24 hours. If we approve your application, you could receive a loan of up to $100,000.
Should I Apply for a Car Accident Loan?
Being involved in a car accident doesn’t necessarily mean that you should take out a car accident loan. These loans are not necessary for all situations. For instance, if you were involved in a minor car accident where you were not injured, you can likely get by without taking out a loan.
Similarly, if you have substantial savings set aside in case of an emergency, you might be able to cover your costs with this money and avoid taking out a loan. In most other cases, though, a car accident loan is likely going to be your best option for avoiding financial complications.
Who Can Receive a Car Accident Loan in Connecticut?
If you were involved in a car accident that was caused by another party and suffered damages, you could be eligible for a car accident loan. Car accident loans in Connecticut are processed differently from most other loan types. The lender will not look at your credit report or employment status when evaluating whether or not your qualify.
Instead, the focus will be on the strength of your case for compensation. You are not responsible for repaying your car accident loan. The at-fault party is. The lending company recovers the loan directly from your compensation. If you don’t get paid, you are not required to repay the money you borrowed.
Because of this, the lending company wants to be confident that you will receive compensation. The best way to improve your odds of getting the money you deserve and, by extension, a car accident loan is to hire an experienced personal injury lawyer.
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The Lender Assumes All the Risk
As mentioned, you don’t have to repay a car accident loan out of your own pocket. There is never a risk of going further into debt from taking out a car accident loan, as there is with many other types of loans.
The lending company is the one that is putting their money on the line with this type of loan since there is a possibility that they will not recover the money they loan out. That is why the lending company is so focused on the strength of your case. They will not extend you a loan unless they feel confident that you will win back that money from the liable party.
Don’t Take a Settlement Offer Without Speaking to an Attorney
It is always going to be in your best interest to have your lawyer deal directly with the insurance company. Insurance companies will do everything they can to minimize the amount they have to pay out on a claim. They have many tricks for accomplishing this goal. Experienced lawyers are aware of these tactics and know how to fight back.
Because the insurance companies know that their aims will be much harder to achieve once you attain legal representation, they will often try to get to accident victims before they have a chance to speak with a lawyer. The insurance company will frequently offer potential claimants a lowball settlement offer before they even have a chance to file a claim.
They want to get to you while you are at your most vulnerable. Immediately following an accident, you will likely still be in a state of shock and may be overwhelmed by the impending bills for medical treatment. The insurance company takes this opportunity to present itself as an ally who can get you the money you need quickly.
However, the money that they offer is likely a fraction of the full value of your claim. Taking the deal will leave you empty-handed and without options for recovering further compensation. Alternatively, by taking out a car accident loan, you will get the money you need today while protecting your ability to recover fair compensation from the at-fault party in the future.
Submit Your Application for a Connecticut Car Accident Loan Today
At Silver Dollar Financial, we can help you get a Connecticut car accident loan to cover your costs as you pursue damages from the liable party. We have helped countless accident victims get the money they need to keep up with their expenses. Give us a call or fill out our online contact form to get started with a free loan application today.