When you have been injured in a motor vehicle accident, financial recovery is sometimes an uphill battle. While you wait for the insurance companies to negotiate, you need money to pay your expenses. The settlement you expect will not be here in time to meet your financial obligations.
It may be time for you to consider pre-settlement funding with a New Jersey car accident loan from Silver Dollar Financial. It may be the solution you have been looking for to relieve your financial burden and prevent the escalation of existing economic issues.
Is This a Cash Advance or a Loan?
Pre-settlement funding, car accident loans, or lawsuit loans, as they are all referred to commonly, are not loans in the traditional sense. Instead, these funding types are all non-recourse loans. Non-recourse loans do not rely on your ability to repay but instead on collateral. The collateral, in this case, is a future settlement payment.
An auto accident loan is a valuable tool for car accident victims who require immediate access to cash for their living expenses. This type of cash advance does not involve your credit rating, does not require any monthly payments, and is only repaid if you win or settle your case.
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Car Accident Loans Have a Quick Approval Process and No Costs Are Charged Up Front
There are no fees to apply, and no cash is needed to obtain a New Jersey car accident pre-settlement loan from us. Reputable legal funding companies are aware of the challenges faced by car accident victims and do not charge any upfront fee.
In addition, accident settlement cash advances have a quick approval process, often taking as little as 24 hours. Funding can reach the client’s bank account within 24-48 hours in most cases. These loans are designed to assist injury victims with immediate financial needs, and legal lending companies are acutely aware that the cash advance delivery is time-sensitive.
What Interest Is Charged on a Cash Advance Settlement Loan in New Jersey?
It is our practice to charge only simple interest, meaning you will not have to worry about a compounding interest rate taking a large portion of your settlement.
Reputable lenders will be transparent in their lending process and offer non-compounding interest rates, typically in the single-digit range. Compound interest rates should always be avoided due to the charging interest-upon-interest design of the compound interest formula.
Lending companies offering legal funding for car accident victims are plentiful. The interest rates they charge vary from company to company. Ask for an interest rate upfront and in writing. If you don’t understand, ask the lender to explain. If an explanation isn’t understandable, or they hesitate to answer or clarify any fees, it’s best to walk away.
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Qualifying for a New Jersey Car Accident Loan
The process to apply for a car accident loan in New Jersey is simple. It only requires an online application or a phone call where the lending company collects your information and contact info for your attorney. Then, the approval team reviews the case with your lawyer to establish a conservative dollar amount that your settlement case should pay.
Other factors to determine the strength of your case are taken into account. For example, placement of liability, the other entity’s insurance, and the medical aspects are also considered. Once a decision is reached, an agreement is drafted for your attorney to review and sign.
The agreement states that repayment will come directly from your settlement, and the agreed-upon interest will accrue until your case has been won or settled. Once we have your agreement, the funding is immediately sent to you.
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Can I Apply for Additional Funding?
Yes. You can apply for additional funding if you have already obtained legal funds from Silver Dollar Financial. In cases that take more than a year, additional money is often required by plaintiffs. The approval process is the same as the first loan application and should be relatively fast and easy.
After we review any progress or changes in your case with your car accident attorney, we will send the additional funding to you. It should be noted that funding from multiple lenders is typically prohibited in most lender contracts in order to prevent the case from being overfunded at its conclusion.
How Much Pre-Settlement Funding Can I Receive From My Case?
To estimate the amount you might qualify for depends on the amount of insurance carried, the severity of injuries, and liability. The states require varying minimum amounts of coverage, so it is important to consider where the defendant’s insurance policy comes from.
The amount of minimum insurance coverage in New Jersey is $15,000/$30,000/$5,000. In the event of an accident, the bodily injury limit is $15,000 per person, with a total of $30,000 per incident. It also covers up to $5,000 for property damage.
For estimation purposes, it is safe to assume that most companies will lend between 10 and 20% of your projected settlement award amount. So, if your case is valued at $30,000, the loan amount could be between $3000 to $6000. You can always borrow less than the approved amount of your car accident loan depending on your needs.
There Are No Restrictions to Use a New Jersey Car Accident Loan
You can use the money from pre-settlement funding in New Jersey any way you like. The money from legal funding can help the plaintiff to cover necessary expenses, medical costs, vehicle and property repairs, or anything else that is needed during the negotiation process.
Most plaintiffs use the money for mortgage or rent payments, utility bills, credit cards, or car payments because they have been unable to work. The aftermath of a serious car crash can have a ripple effect on finances that will leave an impact if immediate action is not taken.
Funding From a Car Accident Loan Can Help Your Case
The defendant’s attorneys and insurance companies are counting on the plaintiff’s desperation for money and will take advantage of that need by employing stall tactics. The other attorney drags the case out by waiting out deadlines or filing unnecessary motions.
The strategy of the insurance company is to take as long as possible so that they are able to force the cash-strapped plaintiff into a corner. The injury victim is often out of options and time and must settle for a lowball offer.
Securing funding from a New Jersey auto accident loan buys you and your attorney the time you need to fight for the full value of the settlement amount. You gain the upper hand because you are no longer worried about looming overdue bills and have the resources to wait for a better offer.
Begin the Application for New Jersey Car Accident Loan Funding Now
Apply today online or call Silver Dollar Financial to learn more about a cash advance car accident loan in New Jersey. We are available 24/7 to answer any questions and will be happy to review your case.
Our company takes our best practices seriously and will treat you with respect. We are committed to ethical lending and service excellence for our clients. We will be happy to listen to your questions and keep you fully informed throughout the process of applying for and obtaining pre-settlement funding.
Call or text +1(844)871-0628 or Apply Now for Pre-Settlement Funding