As a plaintiff in a lawsuit, you might need financial assistance sooner than a case settles. Lawsuits are expensive and time-consuming. Plaintiffs have options when they need financial assistance.
You can get legal funding while you await your settlement. Silver Dollar Financial offers legal funding in Oakland and the surrounding areas.
Explaining Car Accident Loans in Oakland
Car accident loans allow you to borrow from yourself. The loan is taken from your estimated expected award. You can use the funds on current expenses to continue waiting for your official settlement.
The car accident loan will use the settlement as collateral. You will not touch personal assets and have no risks. You do not have to repay the loan unless you win your case.
You will not owe Silver Dollar Financial any out-of-pocket fees.
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Differences Between Settlement Loans and Traditional Loans
Car accidents can have many expenses. While some are taken care of through your health insurance and savings, some can remain. You want to avoid additional financial burdens that will hurt you in the long run.
When you take out a traditional loan, you will have to use personal funds to pay it back. Bank loans require you to prove your financial situation and that you can pay it back. Sometimes injuries can prevent victims from working, making paying back this loan nearly impossible.
Regular bank loans require good credit scores and charge exorbitant interest rates. When you apply for an Oakland car accident loan, your credit, and financial resources are irrelevant. Your job status does not matter for these loans. Silver Dollar Financial has eligibility requirements you must meet, but they are not based on employment or economic history.
Eligibility for a Car Accident Loan
Silver Dollar Financial does not have exhaustive eligibility requirements. If you meet this criterion, you can likely get pre-settlement funding. The two eligibility requirements we have are:
- You were in a car accident and have stuffed damages
- You have retained a car accident lawyer working on a contingency fee
Those are the basics. The amount you get and the process for applying will vary. The amount of your pre-settlement loan is contingent on your estimated damages.
Silver Dollar Financial makes applying for a car accident loan straightforward.
Potential Risks of Car Accident Loans
Many plaintiffs wonder how risky an Oakland car accident loan is. There are no risks to the borrower. The legal funding company takes on most of the risks.
There is no employment verification or credit check. Taking out a pre-settlement loan will not impact your credit score. It will also not impact other financing you may seek in the future.
The term loan can scare some people away. Unlike traditional loans, a lawsuit loan works differently. They are non-recourse, meaning you have no obligation to repay them.
Your assets cannot be touched. The only thing a legal funding company can access for repayment is your car accident settlement.
Apply Now for Pre-Settlement Funding
Costs of Taking Out a Settlement Loan
The total cost of your Oakland car accident loan will depend on the interest rates and terms of the loan. You should be mindful only to borrow what you need. Interest rates are determined on an individual basis.
Also, remember to account for how long the lawsuit will take. Lawsuit loan companies typically only charge single-digit rates.
A high-compound interest rate is undesirable as it can leave you with little to no settlement. You should review your fees and terms beforehand to ensure there are no surprises later.
The Amount You Can Receive
Your estimated settlement will determine how much you can get in your pre-settlement loan. You will not get the entire settlement amount but a percentage of it. Oakland car accident loans usually range from 10% to 20% of your potential settlement.
You might qualify for more depending on individual circumstances. In some instances, you can also take out more than one lawsuit loan.
The Lawsuit Loan Application Process
Silver Dollar Financial is a reputable legal funding company that makes getting an Oakland car accident loan easy. You might be able to get money in your account within a few days. The process for a car accident loan in Oakland is straightforward, including the following:
- Submit an online application in just a few minutes
- Legal funding companies will contact your lawyer for more information about your case
- After reviewing your application and case details, the legal funding company reaches out to you with an offer
- You and your car accident lawyer review the proposal and sign the paperwork
- You get your money
You might apply for additional funding later on if the need arises. Sometimes the original amount is insufficient, or you experience an unexpected delay in the case.
Using Your Car Accident Loan on Expenses
When you have your Oakland car accident loan payment, you can use the funds however you want. Many people use the funds to cover the following:
- Medical bills
- Child care expenses
- Credit card debt
- Car repairs
- A new vehicle
- Rent and mortgage
There are no strings, and our lawsuit loan company will not review what you spend the money on. It is yours to do with as you need. Remember to consider your current and future costs.
How Car Accident Loans Can Help Your Case
Depending on the complexities, car accident lawsuits can take months or years to settle. Collecting evidence can take time, as does building a case. Meanwhile, you are struggling financially.
An Oakland car accident loan can help your case by giving your lawyer more time to fight for you. Some plaintiffs are forced to settle early because they are overwhelmed with financial burdens.
Apply for an Oakland Car Accident Loan
Car accidents can be devastating for victims. You want justice, but that can be hard to come by when facing medical bills and lost wages. These financial struggles can force you to settle sooner and for much less than your case is worth.
Getting an Oakland car accident loan is a cash advance on your potential award. It can help you continue to fight for justice. Call Silver Dollar Financial to apply for a car accident loan today.