Car accidents can be traumatic experiences. While dealing with the aftermath of a crash, the last thing you need is to be concerned about how you will pay your medical expenses if you have been injured. While an insurance claim or personal injury lawsuit against the liable party is likely your best bet, in the long run, it can take time to recover this money.
But with car accident loans in Louisiana, you can help cover your costs while you pursue compensation. You don’t have to be stressed about paying your bills while dealing with legal issues. At Silver Dollar Financial, we believe that accident victims deserve the peace of mind of knowing that their financial situation is not going to be a problem.
Is a Car Accident Loan Necessary?
Whether a car accident loan is necessary depends on the specifics of your situation. In some car accident cases, accident victims can get by without a loan. This is often true for minor accidents where you did not suffer an injury or in cases where you have significant savings that you can dip into to cover your costs while awaiting compensation.
However, if neither of these scenarios matches your own situation, a car accident loan might be your best option for avoiding financial hardship after an accident.
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Who Qualifies for a Louisiana Auto Accident Loan?
If you have been in an accident caused by another party, you may be eligible to receive a car accident loan. Eligibility for Louisiana car accident loans is not determined in the same manner as most other loans. Instead of looking at your credit history, the lending company will focus on the strength of your case against the at-fault party.
One of the actions you can take to increase your odds of getting a loan the most is to hire a personal injury lawyer. A lending company is far more likely to approve your application if you have an experienced lawyer working to help you recover damages.
Your Car Accident Loan Can Help Cover All Your Expenses
A car accident can result in both direct and indirect expenses. You could be dealing directly with the financial hardship brought on by medical bills and vehicle repair costs after an accident. Additionally, you could be facing indirect costs due to lost wages, including:
- Housing costs
- Car payments
The Lending Company Assumes All the Risk of a Car Accident Loan
When granting a car accident loan to an accident victim, the lending company assumes all the risk. With other loans, you might fall into a trap where you can’t repay the money you owe and keep going further into debt with every missed payment. However, this is not the case with a car accident loan in Louisiana.
With this type of loan, the lending company does not require repayment if you do not recover compensation from the party liable for your damages. If you are unable to get money for your car accident, you keep the loan.
Because the lending company is the one taking a risk, they are unlikely to grant your loan unless you show that you have a strong case for compensation. The lender wants to recover their investment, so if your case is weak, they are unlikely to approve your loan application.
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Don’t Let the Insurance Company Take Advantage of You
Insurance companies have a whole book of tricks that they use to undervalue or deny claims. One of their favorites is to try to settle a case before the claimant has a chance to speak with an attorney.
They will offer a lowball settlement that they will present as your best option as soon as possible after an accident. They will make it seem like the deal is only going to be on the table for a short period and that if you don’t take the offer now, you will miss out.
Their hope in doing this is that you will be so stressed out by the financial costs you face from medical bills and potential lost wages that you will view the deal as a lifeline. However, taking this deal will hurt you in the long run. You will soon find that it is not nearly enough to cover your long-term costs and that by taking the offer, you have lost your chance at further compensation.
Alternatively, a car accident loan can give you the short-term financial relief you need and allow you to fully pursue your compensation claim and get fair value for your injuries.
You Can Apply for a Car Accident Loan in Minutes
The application process for a car accident loan is quite simple. All we need is for you to provide us with some basic information about you and your case, and we’ll take it from there. We will process your loan application in as few as 24 hours.
If your loan is approved, you can receive up to $100,000. There is no charge for submitting an application.
Apply for Pre-Settlement Funding in Louisiana Today
At Silver Dollar Financial, we have helped countless accident victims get a loan to cover their costs while pursuing compensation from the at-fault party. Submit a free loan application to see if you qualify for a Louisiana car accident loan. The application is free, so give us a call or fill out our online application to get started today.