A car accident can leave you in a difficult financial situation with no clear way out. The long-term solution is typically going to be an insurance claim or a personal injury lawsuit against the responsible party. However, it can take months or even years to recover damages in this manner. In the meantime, you will have bills that need to be paid.
A car accident loan in Tennessee can give you the money you need to cover all your expenses as you pursue compensation from the liable party. At Silver Dollar Financial, we have helped countless car accident victims get a loan to help them through this difficult period.
How a Car Accident Loan Can Be Used
After a car accident, you likely will face a variety of financial complications. You will have repair costs for your vehicle, and if you were injured, you will also have to pay for medical treatment. If your injury causes you to miss work, lost wages could make it difficult to cover your everyday costs, including:
- Rent or mortgage payments
- Car payments
You can use the money you receive in a Tennessee car accident loan to help you pay for all these expenses. This can relieve stress and allow you to focus on healing from your injuries while your lawyer works to get you financial compensation from the liable party.
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Applying for a Car Crash Loan Is Easy
At Silver Dollar Financial, we aim to make the process of applying for a car accident loan as straightforward as possible. All you need to do is provide us with some basic information about yourself and your case, and we will give you our decision in as few as 24 hours. If your application is approved, you could receive a loan of up to $100,000.
Who Is Eligible to Receive a Tennessee Car Crash Loan?
You might be eligible for a car accident loan in Tennessee if you were injured in an accident caused by another party.
A lending company will review your application and make its decision. Unlike with other types of loans, the focus will not be on your credit history. Instead, the lending company will evaluate the strength of your case for compensation.
Car accident loans are repaid directly from the money you receive from the at-fault party. In order to increase your odds of recovering compensation and, by extension, your chances of getting a car accident loan, you should hire an experienced personal injury lawyer.
When Is a Car Accident Loan Necessary?
Deciding whether or not to apply for a car accident loan really comes down to your need and your means. If your accident was minor and you were not injured, you likely won’t need much money to get by and can do without a loan. Likewise, if you have plenty of money saved away for emergencies, you likely have to means to cover your costs while awaiting compensation.
However, if your need is too great or your means too meager, a car accident loan might be the ideal fit for your situation. With a car accident loan, you can afford to meet all your financial obligations while pursuing damages from the liable party.
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The Lending Company Is the One Taking a Risk
Often, when people take out a loan, they face the question of what they will do if they are unable to repay what they borrowed. However, this is not a concern with car accident loans in Tennessee.
Car accident loans are handled differently from most other loan types. You will never repay a car accident loan with a single penny coming out of your own pocket. Instead, the lender is repaid directly from the money you recover from the liable party. If you are unable to recover compensation, you don’t have to repay the loan. It’s as simple as that.
Because the lender assumes all the risk with these types of loans, they tend to be cautious when handing them out. Your loan application with likely only be approved if you can show that you have a strong case and are likely to win money.
Speak to an Attorney Before Taking a Settlement
When insurance companies know that they are going to have to pay out money, they will do everything in their power to minimize the hit they will take. One way they do this is by attempting to get to potential claimants before they have a chance to hire a lawyer. The insurer knows that this is when you are at your most vulnerable and will attempt to take advantage of the situation.
The insurance company will sweep in with a settlement offer. Their hope is that you will be desperate for money as you see your expenses piling up, but unaware of just how much your accident is going to cost you. The money they offer will likely be a fraction of the full value of your claim.
If you take their offer, you will likely soon discover that the money you received is gone while your financial obligations continue to grow. By taking the settlement, you will have abandoned your rights to pursue further compensation, and your options for escaping the mess in which you find yourself will be limited.
Instead of getting into this predicament, you should hire an experienced attorney to deal with the insurance company on your behalf and take out a car accident loan to help cover your bills. A car accident loan can help bridge the gap between the time of your accident and when you recover fair compensation from the liable party.
Apply for a Tennessee Car Accident Loan Today
At Silver Dollar Financial, we aim to get accident victims the money needed to keep up with their financial obligations after a crash. Contact us today by giving us a call or filling out our online application form. It is free to apply for a Tennessee car accident loan, so don’t hesitate to get started.