If you have been injured in a car accident in New Mexico, you may be receiving compensation for your injuries. A car accident loan is essentially a cash advance you could take against the compensation you may be awarded at the end of a car accident case. The cash you receive would be upfront, and the remaining balance would accrue interest until your car accident case is settled.
If, for any reason, you do not receive a settlement at the end of your car accident case, you will not have to repay the lawsuit loan. Silver Dollar Financial is a company that lends car accident loans to clients who cannot wait till their settlement is reached due to their financial circumstances. If you have a car accident case in New Mexico and would like to receive funds before your case has reached a settlement, contact us today.
How Silver Dollar Financial’s Car Accident Loans Work
The way car accident settlement loans work is by taking an advance on the money from your car accident claim. You are able to use the funds you receive for anything you choose; however, most plaintiffs tend to use the funding for medical expenses and living expenses.
Car accident settlement loans are very low-risk loans because if your car accident claim does not settle favorably and you receive no compensation, you do not have to repay the car accident loan. In addition, no payments are due until your case has concluded.
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How Car Accident Loans Are Different from Regular Loans
The stress that comes with being the victim of a car accident can be tremendous; the last thing you want to worry about is added financial stress. Regular loans must be paid back, no matter the outcome of your car accident case.
With traditional bank loans, you need to provide the financial institution proof of your ability to repay the loan before they will approve you. Banks will often ask for bank statements or pay stubs proving your monthly income. If you have been in a motor vehicle accident, you may have injuries that prevent your return to work, which could greatly limit the possibility of being approved for a bank loan.
With traditional bank loans, the borrower needs to have good to excellent credit or be willing to pay an incredibly high-interest rate in order for the bank to approve the loan.
What Car Accident Loan Funds Be Used For
Personal injury loans can offer easy and fast financial relief. Lawsuits that are against an insurance company can be long and drawn out while the defendant’s lawyers try to get you to accept a lowball offer. In that long wait, bills still come in, and you have day-to-day expenses that need to be taken care of.
By using pre-settlement funding, you allow your attorney to take their time to fight for your case while taking the pressure off them to get you the funds you need. The funds given to you are yours to use in any way you deem necessary, but some of the more common ways the funds are used include the following:
- Medical payments
- Legal fees
- Rent or mortgage payments
- Child support
- Automobile payments
- School or college payments
- Insurance premiums
- General daily living expenses such as:
- Electric and heating bills
- Past-due bills
- Gas for automobiles
Car accident loans can be beneficial if used in a responsible way. Funding can be expensive, so it is important to use them for your immediate financial needs.
The best part is that pre-settlement car accident loans from Silver Dollar Financial are 100% risk-free to you. You have no obligation to repay the loan if you lose your car accident case. If something happens with your car accident case and the claim falls through without reaching a settlement, you are able to keep the money with no charge to you.
You will have no monthly payments due, and any repayment will come directly out of your settlement. The attorney representing you will pay Silver Dollar Financial after they receive the check for your settlement from the insurance company.
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The Amount of Funding You Can Receive from Silver Dollar Financial
The amount you can receive from Silver Dollar Financial will depend on the potential settlement of your car accident case. Generally, a legal funding company is able to award you between 10-20% of the likely amount of your settlement as a car accident loan. It is possible to receive more or less than that amount, depending on your financial needs.
The maximum amount you can receive is 20% unless your attorney determines that your settlement may be larger than originally anticipated.
Qualify for a Car Accident Pre-Settlement Loan
Every type of motor vehicle or traffic-related lawsuit can qualify for a car accident loan. If your injuries are caused by the negligence of the other driver, you are automatically pre-qualified for legal funding from Silver Dollar Financial.
In order to qualify for and receive a car accident loan, you must be 18 years of age or older, have legal representation that works on a contingency basis and have filed a legitimate claim against a self-insured entity or their insurance company.
You must have sustained a physical injury or other types of damages, including property damage, in order for there to be a value placed on the potential car accident settlement. The value placed on your motor vehicle accident settlement correlates to the value of the damages you suffered. If the insurance coverage of the negligent driver is high enough, and your injuries are severe, there is a likelihood you will qualify for higher funding in your car accident loan.
Call Silver Dollar Financial for Car Accident Funding Today
Silver Dollar Financial offers support to plaintiffs in need of financial help while awaiting a settlement for an ongoing lawsuit. We provide straightforward and quick car accident loans that have low rates to plaintiffs in New Mexico.
Contact Silver Dollar Financial by phone or reach us online to get your application approved as soon as today.