What Happens If You Default on a Loan?
When you take out a loan, the expectation is that you will repay the loan, plus agreed-upon interest. However, sometimes people may become unable to pay back a loan, leading to a “default.” For example, the Consumer Financial Protection Bureau (CFPB) notes that student loans are typically considered to be in default if you fail to make payments for 270 days. At that point, you may face consequences for failing to repay the loan.
With a recourse loan, you are held personally liable for the full value of the loan. On the opposite end of the spectrum, a non-recourse loan only allows the lender to take from you whatever collateral is put up against the loan. The Internal Revenue Service (IRS) uses the example of a home loan. If it is non-recourse, the bank could take your home but would be unable to take anything else after that (like a portion of your earnings or money out of your account). That’s because the house serves as collateral for the home loan. However, if you had taken out a recourse loan, the bank could pursue more payment if the value of the house failed to cover the totality of your debt.
Loans from Silver Dollar Financial
Considering the alternative, non-recourse loans are the safest loans for a borrower. They protect you from the lender dogging your heels if you become unable to repay what you owe and wind up defaulting on that loan. At Silver Dollar Financial, we provide injured people with low-risk, non-recourse loans that help them through the difficult period after their injury but before they get compensation from the at-fault party.
By keeping our loans non-recourse, we give you peace of mind. We cannot hold you personally liable even if we wanted to!
When You Do Not Win Your Case
We understand that not all personal injury cases end positively for the injured person. There is always some amount of uncertainty, even in the most seemingly airtight claims. For example, you and your attorney may be unable to reach a proper settlement agreement with the opposing side, only for the resulting court case to be decided in the other side’s favor.
Silver Dollar Financial does not want to add to the woes of injured people. We want to help you recover as comfortably as possible. Our policy is simple: if you don’t recover compensation in your case, you do not owe us back.
Loans Available from Silver Dollar Financial
Pre-settlement loans are our bread and butter, but we offer a few other types of loans and funding. Remember, all of these options are non-recourse loans, so you are not held personally liable if you default on them.
Often, a considerable part of the stress an injured person feels after an accident comes down to anxiety over medical bills. Surgeries, rehabilitation, therapy, doctor’s visits all cost money, and they can come with hefty price tags if your injury is severe. Insurance companies for at-fault parties know this, and they routinely use stall tactics in settlement negotiations in the hopes that you will become desperate enough to settle for an offer much lower than you deserve. Medical funding can be applied directly to your healthcare costs so that you can breathe more easily.
Structured Settlement Funding
Structured settlements are designed to help the at-fault party if they do not have enough money to pay you the full lump-sum that you are awarded. For example, you may structure a settlement to receive payments every month or every fiscal quarter. But what about you and your financial needs? You may be left out to dry, with bills that don’t wait for your settlement payments to trickle in. Silver Dollar Financial can help you by providing up to $100,000 now, and you simply pay us back as the structured settlement dictates.
Getting Your Loan From Silver Dollar Financial Today
If you are injured and need money now, you can get a safe, non-recourse loan from Silver Dollar Financial. Simply fill in your information on our Apply Now page to begin the process. Our experts will take a look at your claim and financial need before approving your loan. Sometimes, your approval can come within 24 hours!
Your credit score is not part of our approval process, and applying for pre-settlement funding should not affect your credit score. Hit the apply now button and start working toward getting your money today.