Are You Required to Repay a Non-Recourse Loan?
Loans and associated debt are classified in two ways by the Internal Revenue Service (IRS): recourse and non-recourse. The difference between categories has to do with personal liability for the debt on the part of the borrower. While you still have to repay a non-recourse loan, you are protected against the lender’s pursuit of repayment beyond any collateral associated with your loan. Yes, you have to repay the loan. But defaulting on a non-recourse loan can have far less devastating effects than a recourse loan.
Silver Dollar Financial offers injured people pre-settlement and structured settlement funding via non-recourse loans. That way, you are financially protected and can ease the monetary pressure you may face after a severe injury. Personal injury lawsuits can last a long time, depending on your state’s statute of limitations, the willingness of the opposing side to offer a fair and reasonable settlement, your local court system’s schedule if the case goes to trial, and a host of other factors. With a non-recourse loan from Silver Dollar Financial, you can take back control of your personal injury claim.
Paying Back a Non-Recourse Loan
“Non-recourse” is merely a descriptor of the restrictions on the lender and not a specific form of funding. For example, you could get a non-recourse loan for your home, car, or (in the case of Silver Dollar Financial) funding to help tide you over while your personal injury case resolves.
Since the loan can take so many forms, you can have a wide variety of repayment options with different collateral put up against the debt. For example, if you take out a non-recourse home loan from your bank, you may be on a monthly mortgage repayment plan. If you miss payments, the bank could collect the collateral, but (unlike a recourse loan), they would be unable to pursue any other collection even if the value of the home does not cover all of your debt. However, if you had taken out a recourse loan, the bank would be able to hold you personally liable and garnish your wages.
Paying Back Your Pre-Settlement Funding from Silver Dollar Financial
A pre-settlement loan is basically a way of borrowing money from your future self, with Silver Dollar Financial as the mediator. The loan is a way to get up to $100,000 now while you wait for your (potentially far more lucrative) personal injury claim settlement to resolve. But what happens when it comes time to pay back your non-recourse loan? That’s what a lot of people worry about, but Silver Dollar Financial is here to put your fears to rest.
- If you settle your claim or get an award in court, you pay back your loan out of the settlement or award amount and keep whatever is left.
- If you do not get compensation, you do not have to pay us back!
We believe that you should have the financial flexibility to wait for an appropriate, fair settlement offer rather than being forced to jump at the first offer just because your injuries place a monetary burden. The opposing side in these cases often stalls proceedings because they know that you will get desperate as your bills rise and you lose income due to being unable to work.
We also believe that borrowing the money you need should be simple, transparent, and safe. That is why Silver Dollar Financial offers non-recourse loans, and it’s why we don’t pursue repayment if you are not given a settlement or jury award in court.
Getting Your Pre-Settlement Loan
The application process at Silver Dollar Financial is designed to make it easy for you to get your money as quickly as possible. There are three steps, and only one requires action from you!
Step One: Apply
The first step is to head over to our Apply Now page and enter your information. You’ll need to give us your contact information, tell us about your case, and show us the status of your financial need. From there, our financial experts take over.
Step Two: Wait for Approval
In some cases, our team may send you notice of approval within 24 hours of your application. Other times, we may need to seek additional information from your attorneys. We will always work to get your money to you as quickly as we can while ensuring that we perform due diligence.
Step Three: Get Your Money
Once you are approved, up to $100,000 will be deposited into your bank account. Use this money on whatever you need: supplementing lost income, paying medical bills, daily expenses like groceries, rent or mortgage payments, etc.
Apply for a Non-Recourse Pre-Settlement Loan Today
If you are injured, and the opposing side in your personal injury claim is stalling for time, consider getting pre-settlement funding from Silver Dollar Financial. Remember: your credit score is not a factor in our decision to supply you with a non-recourse loan, and you don’t have to pay us back if your case resolves without you getting compensation. Call today for more information or fill in the form on our Apply Now page to start taking control of your claim.