After a car accident, it can feel as though you have completely lost control of your life. You will likely be unsure of where to turn for answers on how to get your life back on track. If your accident resulted in serious injuries, you probably face expensive medical bills and an uncertain timeline on when you might be able to return to work.
One thing you can do to ease the financial burden is to apply for a car accident loan. A car accident loan in Texas can help you pay the bills while you wait for compensation from the liable party. At Silver Dollar Financial, we are here to help accident victims through this difficult time.
Should I Apply for a Car Accident Loan After a Collision?
Whether or not a car accident loan in Texas is right for your situation depends on a variety of factors. Two important things to consider are the costs you face and the amount of money you have in savings.
For a minor accident where you didn’t suffer any injuries, you can likely get by without applying for a loan. Similarly, a loan is likely unnecessary if you have a significant amount of money set aside for emergencies.
However, in most other cases, a car accident loan is likely your best option for dealing with your financial obligations. A car accident loan can give you the money you need to cover your expenses while you pursue compensation from the at-fault party.
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A Car Accident Loan Can Help Cover Various Expenses
A car accident can cause financial hardship in a variety of ways. You will likely be facing unexpected costs, like medical expenses and repair bills. Additionally, if you have injuries that are keeping you from working, your accident could also be making it difficult to cover your everyday expenses, such as:
- Rent or mortgage payments
- Car payments
- Phone and internet
A car accident loan can help you pay all these expenses while awaiting compensation.
Who Is Eligible to Receive a Car Accident Loan?
To receive a Texas car accident loan, you need to have been hurt in a crash where another party was liable. As long as that is true, there is the potential for recovering compensation. Unlike with most other types of loans, your credit history is not taken into consideration when determining eligibility for a car accident loan.
What a lending company will look at, instead, is the strength of your case against the liable party. The lending company will receive repayment of the loan through the compensation you receive. Because of this, they will focus on how likely you are to recover damages before approving your loan application.
One thing you can do to improve your odds is to hire an experienced car accident lawyer. The lending company will feel much more confident about your chances if you have a competent professional at your side.
A Settlement Offer From an Insurance Company May Be a Trap
Insurance companies tend to work very hard to avoid paying out claims. If they must pay a claimant, they will do everything in their power to minimize the amount they have to pay. One way in which they do this is by offering accident victims a settlement before they have time to talk to a lawyer.
Immediately after an accident, you are at your most vulnerable. You probably are still in a state of shock from the crash and may be overwhelmed by the fact that you have expensive medical bills piling up and are unable to work. You may feel like your financial situation is hopeless.
When this is the situation you face, an offer to get you money quickly might feel like a welcome blessing. However, even if the amount offered by the insurance company seems high at the moment, it is likely far below the true value of your claim. You will soon discover that amount of money you need to cover your costs is far higher than what you received.
A car accident loan, on the other hand, can get you the money you need today, without hurting you tomorrow. You can cover your expenses while continuing to pursue fair compensation for your damages.
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There Is No Risk With a Texas Car Accident Loan
Unlike with other loans, you don’t have to worry about not being able to repay a car accident loan in Texas. The lending company does not get the money they loaned you back through monthly payments.
Instead, they recover the loan directly from your compensation package. If you don’t end up receiving any money from the at-fault party, you don’t have to repay the loan. The lending company assumes all the risk with a car accident loan, which is why they want to make sure your case is strong before approving your loan application.
Apply for a Car Accident Loan Only Takes a Few Minutes
The application process for a pre-settlement loan is simple. All you need to do is provide a few details about yourself and your case, and the lending company will take it from there. At Silver Dollar Financial, we will review the details of your case and provide our decision in as few as 24 hours. If you are approved, you could receive a loan of up to $100,000.
Apply for a Texas Car Accident Loan for Free
At Silver Dollar Financial, we are dedicated to helping accident victims get the money they need to cover their expenses while they wait for a settlement from the liable party. The Texas car accident loan application is free, so give us a call or fill out our online contact form today to get started.