Any car accident is expensive. Between hospital bills, the cost of repairing or replacing your vehicle, and the lost wages that you could experience while you recover, your crash is likely a large financial burden. That’s especially true if you’re involved in a legal battle over your damages.
While your lawyer fights to get you the best settlement possible, it could take months or years to get paid. A car accident loan in New York from Silver Dollar Financial can help you get the funds you need now, and you only have to pay it back if you get your settlement. Plus, the application process is fast and easy, providing you with cash in as short as one day.
What Is a Car Accident Loan?
Car accident loans aren’t exactly like the loans that you take out when you buy a car. Instead, a car accident loan is legal funding that you receive while you’re waiting for a car accident lawsuit to resolve. Also called pre-settlement funding, this option lets you borrow against the payout that you could receive from your lawsuit in the future.
In many cases (including ours), what people call “car accident loans” aren’t technically loans at all. Our lawsuit loans are actually non-recourse cash advances, which means that if you don’t win your case, you don’t actually have to pay us back. Your settlement is your collateral, which means your other assets won’t even be touched.
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Should You Get Pre-Settlement Funding for a Lawsuit?
Your car accident lawsuit could take months or even years to settle, depending on the difficulty of your case and how tenacious the other party’s lawyers are. However, if you’ve been in a car accident, you know that there are plenty of expenses that come along with it, including the cost of living and missed wages due to your injuries and your lack of transportation.
The first offer that the insurance company gives you could be tempting because it gets you payment ASAP. However, that initial payout is usually less than you are actually owed for your accident. When you hire a lawyer for your case, they often get you a much better settlement, but that takes time.
If you have expenses that need to be paid now while you wait for your lawyer to win your case, you may want to get a car accident loan in New York. This will give you the financial freedom that you need to truly recover from your accident and stay afloat during the lengthy and difficult legal process.
Every case is different, so we only recommend lawsuit loans on a case-by-case basis. It also depends on the company—you should always make sure that your legal funding company has fair fees and gives you a non-recourse loan.
The Advantages of Getting a Car Accident Loan
Normal loans often require credit checks, proof of employment, and long waits for approval. That isn’t the case with pre-settlement funding. Instead of tedious paperwork and a difficult application process, all you have to do is fill out an online form and we will get back to you as soon as possible—possibly within minutes.
With other loans, there are often limits on what you can use your money for. However, with pre-settlement funding, there are next to no limits. You could use your legal funds for:
- Medical bills
- Repair costs
- Rent or mortgage payments
- Special accommodations you might need for your injuries
You may not be able to use your pre-settlement funds to pay for your lawyer’s fees. You should always check with your legal representation to see what you’re approved for.
Since New York car accident loans are also non-recourse, they’re also much less risky than other loans. We won’t take any collateral other than your settlement, and you won’t owe us anything if you don’t win.
How to Know if You’re Eligible for a Pre-Settlement Loan
Good news: as long as you have an active lawsuit and your lawyer is willing to approve a third-party loan, you’re eligible for pre-settlement funding. Some attorneys don’t approve of car accident loans. If that’s the case, you won’t be eligible unless you find a new lawyer who does approve.
In certain cases, the likelihood of getting repaid for your accident will impact your chances of approval. If the defendant in the case is uninsured or if you are partially at fault, there is a chance that your application will be denied, but that’s not guaranteed. One of our live agents can talk to you about your case and answer your questions.
Apply Now for Pre-Settlement Funding
How to Apply for Car Accident Legal Funding
The application process for a car accident loan is easy. All you have to do is give us some information about your case, your damages, and your lawyer, and we will get back to you as soon as possible. You could be approved within minutes, and your funds could be in your bank account within a day.
You don’t need to apply for a lawsuit loan at the beginning of your case. You can get funding during any step along the way, and if you find that the cash that you initially got wasn’t enough, there is a chance that you could be approved for even more legal funding later on in your lawsuit.
Get a Car Accident Loan in New York ASAP
We understand that you might not have time to wait for the cash that’s coming your way from your lawsuit. That’s why a New York car accident loan from Silver Dollar Financial is easy to apply for and comes as quickly as possible. Your pre-settlement funds could give you the time and money you need to wait out your case and get a favorable settlement.
You can start the process today by applying now online or talking to one of our representatives. Our agents are available to answer any questions you may have and tell you what you’re eligible for.