Pre-settlement funding, legal funding, and settlement cash advance are all phrases you may have noticed while searching for an Oregon car accident advance on your settlement claim. Many people simply call them “lawsuit loans.” They all refer to the practice of getting an advance on a settlement that is pending or unresolved.
The beauty of this kind of legal funding is that it doesn’t need to be repaid if you do not win your case. The lender assumes all risk when approving the loan and is only repaid when your case is settled. Learn more about how Silver Dollar Financial can provide you with the cash you need to help you cover your living expenses, medical costs, and bills.
Car Accident Loans in Oregon Are Non-Recourse Loans
Funding from an accident settlement loan is a risk-free way to get cash from your settlement when you need it: right now. Non-recourse means the issuer has made the loan based on the collateral of your future settlement payment, and cannot seek you out for repayment if your case is lost.
Non-recourse loans require no inquiries into your credit rating, no job history, and no proof of ability to repay. There is never a risk to your credit rating or your personal property. Best of all, no monthly payment arrangements are needed because the loan is paid back from your settlement, leaving you to utilize the entire loan amount for things you need.
An Oregon car accident loan offers a solution when money is needed to maintain the daily expenses of living. Obtaining this funding can help you see the light at the end of the tunnel and can also transform the outcome of your case.
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Should I Apply for a Car Accident Loan on My Settlement?
Following a car accident, injury victims are often in need of financial assistance because they have been unable to work and their cases have not settled. The loss of income and added expenses can become crippling and cause financial havoc during an already stressful time.
Many injury accident victims have lost their source of income due to their injuries. Being unable to work even for a few weeks can be financially damaging. With over 65% of Americans living from paycheck to paycheck, this income loss can be hard to recover from.
Medical bills, prescription costs, and co-payments may need to be settled before you can get the treatment you need. Recovering from your injuries and providing for your family’s needs require you to be able to afford food, rent, utilities, or other basic living expenses. If these are impossible to bear because of your accident, it is time to apply for a car accident loan.
How Do I Choose a Car Accident Loan in Oregon?
All lenders will charge interest on any loan, but if you are cautious and choose the right legal funding company, you can avoid predatory lenders. There are probably dozens of companies that can lend you money right away.
The choices can be mind-boggling and frustrating when you don’t know what to look out for. Here are a few items to pay attention to when you are searching for your auto accident loan.
Simple Interest Rates
Before you agree to any loan anywhere, understand the difference between compound interest and simple interest rates. Do not accept a settlement loan that involves compounding interest rates. These rates are designed to benefit the lender by charging interest upon your interest.
In other words, compound interest accrues on both the initial principal and the accumulated interest from previous periods. We charge simple interest rates on all our loans, and the interest rate is usually in the single-digit range. Borrowing money from your settlement can be costly, so it is important to take only what you need.
No Hidden Fees
Fees that are written into confusing contracts and not disclosed or explained until you are ready to sign are a tell-tale sign that you are dealing with a shady lender. Fees are acceptable as long as they are a minimal amount of the loan and your representative is able and willing to explain them.
Some items to consider in your contract may include processing fees, application fees, underwriting fees, review fees, or origination fees. Our lending agreements include no hidden fees and charge a minimal percentage of the car accident loan. Your lending agent will disclose and explain your agreement to you and will be happy to address any questions you may have.
Clear, Understandable Contracts
Look for a lending agreement that is understandable and discloses the interest rate on your Oregon car accident loan in writing, upfront. Be certain that everything is out in the open, transparent, and made simple so that you are aware of the process every step of the way.
If you find that your lender is hard to reach or won’t return calls and emails within a reasonable time frame, it is probably best to walk away. If they gloss over details or simply don’t pay attention to your questions, that’s a good sign that they may not be the best legal loan company to work with either.
Apply Today for Funding With an Oregon Car Accident Loan
We are available around the clock and will work hard to offer terms that are reasonable for you and your case. Pre-settlement funding can give you the tools you need to fight for the full award from your settlement, and get you the cash you need to pay your expenses.
Silver Dollar Financial will expedite the approval process so that you can get legal funding and take back your life. Approval for a car accident loan in Oregon typically takes 24-48 hours and funding usually happens within that time frame.
The application process and contracts are transparent, meaning there are no surprises and no hidden fees. Get started today!