Silver Dollar Financial provides personal injury and car accident victims with non-recourse loan funding that does not require repayment if the case is lost. A cash advance on a car accident settlement can be obtained at any point during your case, with no credit checks, no monthly payments, and low, simple interest rates.
Pre-settlement auto accident loans in Utah are available to plaintiffs who are in need of money due to financial setbacks that often occur after a serious car accident. We provide transparent, ethical lending in pre-settlement funding. We remain steadfastly committed to treating you the way we would expect our family to be treated.
How Do I Choose a Car Accident Loan in Utah?
There are probably dozens of companies that can lend you money right away. The choices can be frustrating when you don’t know what to look for. Here are a few items to pay attention to when you are searching for your Utah auto accident loan.
Simple Interest Rate Loans
All lending companies will charge interest. They take on the risk of a future settlement and do not require proof of repayment. There are two kinds of interest you will encounter: compounding and simple interest rates.
Compound interest accrues on both the initial principal and the accumulated interest from previous periods. Compound rates should be avoided as they are designed to benefit the lender by charging interest upon your interest.
We charge simple interest rates on all of our loans, and usually in the single-digit range. It is also advisable to take only the amount of money that you need because if cases take longer than expected, it can become expensive.
No Surprise Fees
Surprise fees and confusing, unclear contracts are some signs that you are dealing with a shady lender. Processing fees, application fees, underwriting fees, review fees, or origination fees are all terms you may see. These are acceptable as long as they are a minimal percentage of the loan and they are presented and explained clearly.
Our lending agreements are written clearly and understandably, include no hidden fees, and charge a small amount. Your lending agent will be happy to explain your agreement to you and will address any questions you may have.
Clear Lending Agreement in Writing
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 they gloss over details, won’t return calls or emails, or simply don’t answer your questions, they may not be the best legal funding company for you.
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Pre-Settlement Car Accident Loan Benefits for Utah Residents
When a personal injury victim is facing financial difficulties and can no longer find a way to keep up with monthly living expenses a settlement cash advance provides the victim with empowerment and options that they thought were unattainable.
Unlike a credit card or bank loan, you won’t be weighed down by a monthly payment, your personal credit is not a factor, and your personal belongings and credit rating are never at risk. The potential settlement is your collateral, when you win the case, your lawsuit loan funding is repaid. If you don’t win your case, you don’t repay the loan. It’s as simple as that.
It May Help to Improve the Outcome of Your Case
Auto accident cases proceed very slowly and it will often force the plaintiff to settle for a much smaller insurance payout than they deserve. Unpaid bills and a past-due mortgage looming are great motivators for settling out of desperation. The injured party needs money to pay bills now, not in several months.
With a cash advance from your settlement, you cripple the insurance company’s stalling tactics. They have lost power because your financial stress has been removed, so you can reject lowball offers with a clearer conscience.
Your obligations are now being met and paid for, so you can afford the time to fight for the full value of your settlement, and prevent them from taking advantage of your situation. Utah car accident loans offer a source of cash when you need it the most.
How Much Money Can I Borrow Against My Car Accident Settlement?
The short answer is 10-20% of your projected case value. The value of your case takes into account things like medical costs, lost wages, property damage and what the limitations are to the insurance policies available.
Adding together your medical costs, the insurance policy’s value assignment to your specific injuries, and damage to your vehicle, the lending company will arrive at a number. The lender’s approval team will discuss your case with your personal injury attorney and arrive at a conservative estimate for the value of your potential settlement amount.
Sometimes, insurance companies arrive at a value on specific injuries based on data entered into their software, so it’s important that you speak with your attorney before talking to the insurance adjustor. A lawyer may advise you to refrain from using certain terminologies and phrases because of this very software and how it may affect your settlement.
How Car Accident Damages Are Calculated Using the Multiplier Method
In other cases, the multiplier method may be used to assign a dollar value to your non-economic damages such as pain and suffering. This works by applying a multiplier (usually, a number ranging from 1.5 to 5) to the total of your medical bills, property damages, and loss of income.
So, if your medical costs total $10,000, damages to your car are $5,000, and your injury and recovery cost is $5,000 in lost wages, the insurance adjuster will multiply the sum of your special damages – $20,000 – by a multiplier.
The multiplier usually depends on the severity of injuries, difficulty of recovery, and aggravating circumstances. In some cases where there was an aggravating factor such as DUI, the multiplier may be greater than 5.
In most cases, the number is 3, so your settlement amount would be $20,000 x 3, which totals $60,000. Your car accident loan could then be an amount between $6000 to $12,000.
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Liability Insurance Amounts Involved in Your Case
Many people carry the minimum insurance coverage that the state requires, however, others will carry more, or possibly be licensed and insured in a different state. If the accident involved a commercial vehicle or government entity, the insurance for liability will usually be much higher.
Typically, your settlement value will hinge on the insurance available to you after an accident. Utah insurance laws require drivers to have the following coverage to operate a vehicle:
- Bodily injury liability coverage: $25,000 per person – $65,000 per accident
- Property damage liability coverage: Minimum $15,000 per accident
- Personal injury: $3,000 per accident
- Uninsured motorist bodily injury coverage: Minimum $25,000 per person – $65,000 per accident
- Underinsured motorist property damage: Minimum $25,000 per person – $65,000 per accident
Each case varies depending on the injuries, circumstances, insurance, and property involved. But if you take the information above into account for your specific situation, you can make a reasonable estimate of how much pre-settlement cash you can obtain from your auto accident loan in Utah.
Apply Today for a Utah Car Accident Loan
Fill out an application now and get your cash advance in as little as 24-48 hours. It is our goal to make the process as easy as possible. Please, call us with any additional questions you have about Utah car accident loans and see what we can do for you. Ethical lending practices are our priority.
The founders of Silver Dollar Financial created this service because they wanted to offer a sense of control to accident victims facing difficult financial situations. Our goal is to relieve you of the feeling of helplessness that follows an accident and restore your power to fight for the best possible outcome.
We are committed to:
- Low, simple interest rates
- Transparent application process
- Clear, understandable lending agreements
- Responsibility, respect, and empowerment