You may be eligible for financial assistance if you have been injured in an auto accident. Silver Dollar Financial offers pre-settlement funds to auto accident victims in Minnesota. This type of loan is a non-recourse loan that is only paid back when and if your case is won or settled. If the case is lost, you are under no obligation to repay.
Car accident loans, pre-settlement funding, legal funding, and lawsuit loans are all terms you may have encountered while searching for assistance. These phrases are often used interchangeably but all refer to money borrowed against a pending car accident settlement. Explore the options here to find out if a car accident loan in Minnesota is right for you.
Why Should I Consider a Car Accident Loan While Waiting for Settlement?
After an injury accident, the financial recovery can be more than a challenge. While you wait for the insurance companies and attorneys to negotiate, your life goes on. The struggle to maintain your mortgage and monthly bill payments becomes overwhelming. You are expecting a settlement but it is taking so long, you can’t make ends meet.
This is the time to consider pre-settlement funding with a Minnesota car accident loan. It may be the solution you have been looking for to prevent further financial damage, and to alleviate the pressure of past-due bills.
Click to contact the Silver Dollar Financial Team today or Call +1(844)871-0628
What Are Some Advantages of Minnesota Car Accident Loans?
Are you wondering whether or not pre-settlement funding is the right choice for your situation? These are some of the advantages of choosing this type of funding:
It’s a Non-Recourse Loan
Pre-settlement funding from an auto accident loan isn’t a loan in the conventional sense. It is relatively risk-free in the way that it does not involve your credit rating, does not require any monthly payments, and is only repaid if you win or settle your case. Non-recourse loans do not rely on your ability to repay, but instead, rely on collateral. The collateral in this case is a future settlement payment.
You’ll Get Rapid Approval and Funding
Another advantage of car accident loans is the rapid application approval process, often bringing financial help to people when they have no other options left and there are bills that need to be paid immediately. The process of application review, approval, and funding can sometimes take as little as 24-48 hours.
Banks and credit unions take much more time to approve and fund, and bank loans rely on your credit and job history to be approved. A bank loan is going to require a monthly payment and if you are already behind on finances or cannot return to work soon, it’s just not practical to add another monthly expense right now.
You’ll Have Cash Now to Pay Living Expenses
The biggest advantage of a Minnesota car accident loan is the freedom. Pre-settlement funding leaves breathing room to pay the necessary costs of living. Some of the most common things people use legal funding for include:
- Housing: Rent and mortgage payments that have become past due are a huge source of stress for the victims of injury accidents. Pre-settlement funding can take this worry off of you during your lawsuit.
- Utilities and monthly bills: Keeping the lights on, paying the gas bill for the stove and heat, and paying the phone bill are all necessities, so what do you do if you can’t cover them? A lawsuit loan may be the solution.
- Medical costs: After an injury in a car accident, your medical bills will be piling up, and you may even be getting collection calls about them. You may be tempted to settle early and for less to get these bills covered. Lawsuit funding can help you avoid this.
- Avoiding unnecessary fees: Penalties, late fees, reconnection fees, and other charges add up quickly and can be a major burden on a tight budget. These costs are like throwing money in the garbage and can be averted if the injury victim has the money to settle bills on time.
What Interest Is Charged on a Car Accident Loan in Minnesota?
In any pre-settlement funding agreement, there will be interest charged. It is important to pay close attention to any lender’s contract charging compound interest rates, which essentially charge interest upon your interest and can drain your settlement quickly.
We charge simple interest at a low rate that is typically in the single digits. The application and loan process is completely transparent and there will be no hidden charges or surprise fees.
Contact Us to Qualify for a Minnesota Car Accident Loan Today
Get cash from your auto accident settlement early with pre-settlement funding from Silver Dollar Financial. Our knowledgeable and compassionate team can help you secure funding and answer any questions. We are committed to:
- No win, no repayment, non-recourse loans
- No monthly payments, ever
- No credit or job history checks
- No compound interest
- No hidden or surprise fees
- No risk to your credit score
- No risk of losing personal property
- Respectful, ethical, transparent lending
Learn how to reclaim control over your circumstances with an auto accident loan today. To find out more, contact our office today or click the apply now button on our website. A responsibly used loan against your car accident insurance settlement will ease the burden of financial pressure and help you to avoid unnecessary charges and fees.