It is legal to receive a loan on a car accident settlement. In this instance, an individual may need to wait months or years before their settlement arrives. Fortunately, a lawsuit loan can provide this individual with short-time financing based on their project auto accident settlement.
Silver Dollar Financial makes it easy to obtain pre-settlement funding in Georgia. Our team can teach you everything you want to know about how to get a loan on a car accident settlement. We also provide answers to some of the most common questions about car accident loans.
Why Should an Individual Get a Georgia Car Accident Loan?
The Georgia Department of Public Health reports motor vehicle crashes are the second leading cause of hospitalizations and emergency room visits in the state. There are times when a Georgia resident is injured due to someone else’s negligence behind the wheel. In these instances, the accident victim can file a lawsuit against the driver and anyone else responsible for the incident.
In Georgia, there is a two-year statute of limitations for personal injury lawsuits. This means someone injured in a car accident in Georgia has up to two years to sue any at-fault parties. Failure to file the lawsuit within this limited time frame can cause a car accident victim to miss out on their opportunity to seek damages.
Pre-settlement funding enables a Georgia car accident victim to get money while their personal injury case moves forward. There is no telling when the victim’s case will be resolved and if their settlement will be awarded. Regardless, a lawsuit loan lets this individual receive money that can be used to cover various expenses until their legal case is resolved.
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How Long does It Take to Get a Georgia Car Accident Loan?
The process to get a car accident loan in Georgia is fast and easy. Here are the steps an individual needs to complete to receive pre-settlement funding in Georgia:
1. Submit an Application
The application process begins online. There is no fee to fill out an online application. An individual can fill out an online application at any time.
2. Get an Application Review
A pre-settlement funding company gets in touch with an individual regarding their lawsuit loan application. At this point, the company gets insights into the individual’s car accident case and projected settlement amount. The business shares any concerns or questions regarding the individual’s application.
3. Receive a Lawsuit Loan Offer
A lawsuit loan company provides an individual with a lawsuit loan proposal in as little as 24 hours after an application is submitted. The applicant can review the proposal and weigh its pros and cons. Also, this individual can reach out to the lawsuit loan provider with any concerns or questions about the offer.
4. Finalize a Lawsuit Loan
If a lawsuit loan proposal meets an applicant’s requirements, this individual can accept the offer. The applicant fills out any final paperwork to approve the proposal. From here, the lawsuit loan provider sends the applicant a check with the full amount of their pre-settlement funding.
The lawsuit loan process makes it simple to get pre-settlement funding without delay. By partnering with a best-in-class lawsuit loan provider, an individual can get plenty of help during this process. In addition, this lawsuit loan provider can help an individual make an informed decision regarding a car accident loan.
How Much does It Cost to Get a Georgia Car Accident Loan?
An individual may have concerns about the fees associated with Georgia car accident loans — and rightfully so. Lawsuit loan fees can put a big dent in a car accident victim’s bottom line. They can cause a victim to have second thoughts about getting a lawsuit loan, too.
Choose a Georgia car accident loan company that explains all of the charges associated with its pre-settlement funding. The company ensures that an individual knows what to expect when applying for a car accident loan. Plus, this individual will understand the total cost of their lawsuit loan.
A car accident victim does not have to worry about fees with pre-settlement funding. Instead, the victim can review a lawsuit loan quote and the interest rate associated with their pre-settlement funding. Next, this individual can decide if now is the right time to accept a lawsuit loan quote.
What Are the Risks Associated with Getting a Georgia Car Accident Loan?
In Georgia, a car accident loan is non-recourse. This means an individual only needs to repay their loan if their legal claim is unsuccessful. To understand how lawsuit loan repayment works, it helps to consider an example.
A Georgia car accident victim can receive pre-settlement funding but lose their case. In this scenario, the victim does not need to pay back their lawsuit loan. Conversely, the victim keeps the money from their lawsuit loan provider without any obligation to pay it back now or in the future.
Comparatively, a Georgia car accident victim can get a lawsuit loan and win their case or reach a settlement agreement out of court. In either of these scenarios, the victim pays back their lawsuit loan. Fortunately, a pre-settlement funding provider will ensure this victim has no trouble repaying their loan.
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How does Georgia Car Accident Loan Repayment Work?
For those who are concerned about a lengthy and complex lawsuit loan repayment process, there is no need to stress. A Georgia car accident victim’s attorney handles 100% of this process. In doing so, this attorney ensures the plaintiff’s lawsuit loan is repaid in full.
To handle pre-settlement funding repayment, a Georgia car accident victim’s lawyer deducts the amount of the lawsuit loan from the plaintiff’s settlement. The attorney then sends a check to the lawsuit loan provider. This lawyer pays the plaintiff the remaining amount of their settlement as well.
A Georgia car accident lawyer stays in contact with a lawsuit loan provider. This enables the attorney and lawsuit loan provider to ensure a plaintiff’s lawsuit loan is repaid as planned. Once the loan is repaid, the plaintiff can move forward with their car accident case.
Get Started with Pre-Settlement Funding Today
At Silver Dollar Financial, we take the guesswork out of pre-settlement funding. We can teach you about Georgia car accident loans and help you get one. For more information, get in touch with us today.