It’s no secret that car accidents are expensive. Besides the car repairs and medical bills, you could also be missing out on crucial paychecks while you’re recovering. If someone else was at fault, a lawsuit could help you get compensation for all of that, but those take time. Sometimes, you need funds immediately.
An auto accident loan in Hawaii from Silver Dollar Financial can help with that. Your lawyer may need months to put together a good case, and it may take even longer than that to get the insurance company to settle. Pre-settlement funding can help you stay afloat in the meantime.
What Is a Car Accident Loan?
A car accident loan is funding that you can get from a lawsuit loan company that you only have to pay back once you get a settlement. If you’re expecting compensation for a car crash that was someone else’s fault but you have expenses that can’t wait, a car accident loan can help you pay those.
What we call “car accident loans” are actually a bit different than other loans you might take out. Many student or car loans are recourse loans. These can be risky—when you take out a recourse loan, the lender can take your personal assets if you default. Basically, if you don’t pay a recourse loan back on time, the lender can take your money.
However, what we offer is a non-recourse loan. We only take your settlement as collateral, which means we won’t have any access to any of your funds and property other than the compensation you get. If you don’t end up getting compensation, you don’t have to pay us anything.
Because we don’t take any collateral other than your settlement, our car accident loans are more like investments. If you do win your lawsuit, it works out for us. If not, our investment doesn’t work out. You’re not personally responsible for our repayment.
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How a Hawaii Car Accident Loan Works
Our Hawaii car accident loan process is streamlined so that it’s as easy and quick as possible for you to get the funding you need. We don’t need any credit check or any proof of employment, and we don’t take any hidden fees. We just need to know that your lawyer is on board.
The first thing that needs to happen in the pre-settlement funding process is you sending in an application. You’ll tell us about your case and your attorney so that we can get a good idea of how much compensation you’ll likely get and how much we can give you now. The application is simple, and if you have any questions, you can talk to an agent.
Once you send in the application, the process is in our hands. We will look at your situation and, if we decide that you’re eligible for a car accident loan, we’ll approve your application. This can happen very quickly—sometimes, in as few as 24 hours.
Working With Your Lawyer
When you’re approved, we will work with your lawyer to decide how much money you get. It may take a few days for the funds to actually show up in your bank account, but once they do, they’re all yours. You get to spend the money how you see fit.
The time to repay your car accident loan company comes after you and your lawyer win your case. The other party’s insurance company will agree to a settlement and send the check to your lawyer.
If they work on contingency fees (which many car accident lawyers in Hawaii do), they will take their payment out of your check, and then we will get our money back with the agreed-upon interest.
Advantages of Pre-Settlement Funding
If you’ve ever been involved in a lawsuit, you know just how infuriatingly slow the legal process can be. Your lawyer will need to investigate your case, gather evidence, and negotiate with the other party’s insurance company. That takes time, and trying to go faster than necessary could lead to less compensation.
The advantage of getting pre-settlement funding for a car accident case is the fact that you can get some of the compensation you’re owed now. The at-fault party owes you for medical bills, car repairs, and more, but their payment could take months or even years to get to you. However, you need transportation and treatment before that.
That’s where a car accident loan comes in handy. With pre-settlement funding, you can take care of all those pressing expenses while you wait for your lawyer to get your settlement. In fact, in some cases, it can mean higher compensation. If your situation is less urgent, it affords your lawyer more time to put together the strongest claim possible.
How You Can Use Legal Funding
You might be worried that we’ll put restrictions on what you spend your loan on. That’s not the case. Your legal funding doesn’t even need to be spent on things related to your accident—you can use it for living expenses or bills. As long as it helps you stay afloat during your lawsuit, you can pay for it using your loan.
Other things you can use legal funding for include:
- Car repairs
- Replacing damaged property
- Medical bills
- Tuition payments
- Mortgage payments
In some rare cases, there are some restrictions, but that’s usually not true for car accident loans. You may not be able to use your pre-settlement funding to pay for legal fees, but since most car accident lawyers take contingency fees (i.e., their payment comes out of your settlement), that most likely won’t be a problem for you.
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What to Do if You’ve Been in a Car Accident in Hawaii
Immediately after a car accident, you should call the police for an accident report and get medical attention if you’re injured. It’s important that you go to a doctor for diagnosis and treatment—if you fail to do so, or if you turn down medical help, that could be used against you during your lawsuit.
In the days and weeks following your car accident, you should talk to a lawyer. The other party, their attorneys, and their insurance company will try to talk to you and use your words against you. To avoid getting your compensation needlessly reduced, it’s important to have someone by your side who knows their tricks and can handle whatever they throw at you.
After your crash, the other party’s insurance company may try to give you an offer. Their initial settlement is often less than you deserve for your damages. This is why pre-settlement funding helps—it allows you to be patient and wait for a fairer offer from the insurance company.
At any point after your car accident, if you find yourself involved in a lawsuit and need funds immediately, you can get a Hawaii car accident loan. If you have any questions about your funding, you can call us and talk to one of our live agents.
Hawaii Car Accident Loan FAQs
Am I Eligible for a Car Accident Loan in Hawaii?
Our eligibility requirements are not particularly strict. While you might have to have a certain credit score or steady employment for other loans, our car accident loans in Hawaii don’t require either of those. We just need to know two things:
- Whether your lawyer consents to pre-settlement funding
- Whether your case is a good investment
You don’t need to have a high-powered corporate attorney or a huge settlement to be eligible for legal funding. You just need to have a valid car accident claim. If you were at fault in your crash, we most likely will not give you a pre-settlement loan, since you don’t stand to make money from your claim.
In certain cases, lawyers don’t consent to pre-settlement funding. Talk to your attorney about what they’re comfortable with and whether they are willing to work with a legal funding company to get you financial help. If they do not consent, you aren’t eligible for a car accident loan until they change their mind or you get a new lawyer who does consent.
How Much Funding Can I Get in a Car Accident Loan?
There isn’t any chart or equation for how much we give plaintiffs for their car accident loan. Instead, we handle loans on a case-by-case basis. How much you can get in pre-settlement funding will depend on factors such as:
- How much money you need
- What your current financial situation is
- The estimated size of your settlement
We typically give clients between 10% and 15% of their expected settlement. The maximum loan that we give is $100,000. In some cases, we let clients take out higher percentages of their settlement, but keep in mind that we have (simple, reasonable) interest rates, and if you take out all your settlement, you won’t get any compensation at the end of your case.
Don’t forget that, if the initial loan that you receive ends up being insufficient for your expenses, you can take out more down the road. We want to help you take care of every pressing bill that you have, and we don’t charge any hidden fees.
How Long Does a Car Accident Loan Company Take to Approve?
Because our clients often have very pressing expenses, we try to make sure that our approval process is as fast as possible. Typically, car accident loans are approved within 24 hours. In more complicated cases, that window may be 48 hours.
This might seem fast to you, but it’s a testament to how easy our application is and how much we want to help you. Since we don’t require any credit checks or proof of employment, there isn’t too much information to review.
Once your application is approved, we will get to work on transferring your funds as soon as possible. Depending on your bank and the day your application is approved, that could take between 24 hours and a few business days.
How Long Does It Take to Negotiate a Settlement?
How long it takes for your lawyer to negotiate a settlement depends on several factors. For one, your attorney’s skill and experience could affect the time frame. Better negotiators are able to do the job in a shorter amount of time because they know what to say to the insurance company and the other party’s lawyers.
The amount of compensation you’re seeking could also affect how long it takes for your case to settle. The larger your payout, the less willing the insurance company will be to pay you, and the more evidence your lawyer will have to gather.
Apply for a Hawaii Car Accident Loan
Your lawyer may need months or even years to resolve your case. While their time is valuable, so is yours. And every week that you spend without getting compensation could put you in more and more danger of bankruptcy. A Hawaii car accident loan from Silver Dollar Financial can help you support yourself and pay your expenses while you wait for the settlement you deserve.
To get started, fill out our online application or call us to talk to an agent. We’re available to answer your questions, and once you apply, you could get approval within 24 hours.