A car accident can be a very traumatic event. If you are seriously injured, you can find your whole life turned upside down. You may face many challenges after a car accident. In addition to your physical health, you could find that your financial well-being has also taken a significant hit.
The best way to recover from financial challenges after a wreck is through an insurance claim or lawsuit. But it can drag on for months or years before you see a settlement or jury award. Bridge that gap to compensation by applying for a car accident loan in Illinois from Silver Dollar Financial.
Expenses a Car Crash Loan Can Help You Cover
After a car accident, people often find their expenses exceed their means. They tend to face expensive medical treatment as well as repair costs. At the same time, they might be unable to work because of their injuries and require assistance to cover their everyday expenses, including:
- Mortgage or rent
- Car payments
You can use the money you receive from a car accident loan to cover all these costs and keep your finances in order as you work to recover compensation from the liable party.
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Do I Need an Illinois Car Accident Loan?
When deciding on whether or not to apply for a car accident loan in Illinois, there are two main things to consider. You should look at the amount of damage caused by the accident, as well as how much money you have saved away for an emergency. If your accident was mild or you have significant savings, a car accident loan might not be the answer for your situation.
However, under most other circumstances, a car accident loan may be the best solution to your problems. You can use the money you receive to cover your expenses as you wait for compensation from the liable party.
How does One Qualify for an Illinois Car Accident Loan?
To receive an Illinois car accident loan, you need to have been the victim of an accident caused by another party. To get your application approved, you must have a strong case, showing that the other party is indeed responsible.
Lending companies do not look at your credit score when approving car accident loans. Your personal financial situation is not important in this decision. Instead, what really matters is how likely you are to win compensation. This is because car accident loans are not repaid by the victim, but are instead paid directly from the settlement package.
One way to improve your chances of winning your case and, by extension, the odds of getting your loan approved is to hire an experienced car accident attorney.
The Application Process Is Short and Simple
At Silver Dollar Financial, we make applying for a car accident loan easy. You simply provide us with some basic information about yourself and your compensation case, and we’ll review the details. We will then provide you with our answer in as few as 24 hours. If we approve your application, you could receive a loan of up to $100,000.
Apply Now for Pre-Settlement Funding
The Lender Shields You from Risk
Car accident loans operate differently from most other loan types. With these non-recourse loans, there is no risk of getting yourself into a worse financial situation if you can’t pay back the money you borrowed.
Car accident loans in Illinois are repaid directly from the damages you receive from the at-fault party. If you do not receive compensation, you don’t have to pay back the loan.
Since this situation puts the lending company at risk, they will likely only approve your loan application if you can show that you have a strong chance of winning your case.
Insurance Companies Will Try to Take Advantage of You
Insurance companies hate to pay out claims. Because of this, they will do everything in their power to deny a claim or at least undervalue it. One tactic they take is to try to get to accident victims before they have a chance to hire an attorney.
Insurance companies know that this is when you are at your most vulnerable and that you are likely looking at bills for your medical treatment that you can’t afford. You may also be dealing with the prospect of not being able to work, which can make your financial situation seem hopeless.
The insurance companies will take this opportunity to sweep in with a settlement deal that is far below the true value of your claim. However, since you likely do not realize how much your accident will cost you in the long run at this point, the deal offered may seem fair. By taking it, you could soon find yourself out of money with no options for pursuing further compensation.
Alternatively, you could choose to take out a car accident loan. This option also gives you the money you need to cover your current costs without eliminating your ability to pursue fair compensation for your accident.
Getting a Car Accident Loan in Illinois for Free
At Silver Dollar Financial, we believe that accident victims deal with enough suffering without having to worry about how they are going to pay their bills. We are here to help car accident victims get back on their feet through pre-settlement funding.
Through our Illinois car accident loans, we have helped countless people get the money they need to cover their bills as they pursue compensation. Our loan applications are free, so give us a call or fill out an online loan application form today to get started on improving your financial situation today.