According to the National Highway Traffic Safety Administration (NHTSA), motorcycle accidents are a major cause of death and disability in the U.S., with more than 5,000 riders killed each year and many thousands more left to cope with serious or even debilitating injuries. In fact, an estimated 80 percent of all motorcycle accidents result in injury.
Motorcycle accident victims can seek compensation for the expenses and impacts of their injury through the civil court system. However, these lawsuits can take months or even years to resolve. While a victim is waiting for a resolution to their motorcycle accident lawsuit, the expenses of life aren’t waiting. A motorcycle accident lawsuit loan from Silver Dollar Financial can provide the financial peace of mind needed during this time.
How Expensive Are Motorcycle Accidents?
Depending on the severity of injuries, a motorcycle accident can result in a few thousand dollars worth of expenses or expenses can range far in excess of $1 million. Some of the factors that influence the cost of any specific accident include:
- The amount of insurance the liable party has
- The severity of injuries
- How much money the victim was earning before the accident
- Whether the victim has permanent disabilities from the accident that will impact their future earning capacity
- The amount of psychological impacts that were incurred as a result of the accident
All told, motorcycle accidents in the U.S. result in an annual economic burden of around $12 billion, according to the Centers for Disease Control and Prevention (CDC). This burden includes public funds used for the emergency response and emergency room costs, as well as impacts to insurance premiums, medical care costs, and productivity.
What Is a Motorcycle Accident Loan?
A motorcycle accident loan, commonly referred to as pre-settlement funds, is a type of loan that an individual can receive while they are waiting for a settlement after a motorcycle accident. This loan is made during the settlement negotiation process and is repaid after the plaintiff receives their settlement.
What the Money Can Be Used for
At Silver Dollar Financial, you can obtain a motorcycle accident lawsuit loan of up to $100,000. Unlike other types of loans, the funds provided through a motorcycle accident loan are not earmarked for any specific expense but are instead provided for you to use as you see fit. Some expenses that individuals often use their motorcycle accident loan to cover include:
- Medical bills
- Rent and other living expenses
- Child support
- College tuition
In short: Recipients can use the money for whatever expenses they face, without having to justify these expenses to us.
What Are the Qualifications for a Motorcycle Accident Loan?
In order to obtain a motorcycle loan, some of the qualifications include:
- The applicant was involved in an accident in which someone else was at fault.
- The applicant suffered injuries in the accident that resulted in a personal injury claim.
- The applicant has hired an attorney who is in the process of negotiating a settlement on their behalf. An attorney is required in order to repay the loan upon receipt of the settlement as well as to provide us with documentation about the settlement.
How to Show Someone Else Is at Fault
In order to obtain a settlement in your case, a plaintiff must show that someone else was at fault for causing the accident and is liable for the expenses and impacts of their injury. In most motorcycle accident cases, the at-fault party is another motor vehicle operator – such as the driver of a car. Ways that the careless or reckless actions of a driver can result in a motorcycle accident include:
- Alcohol impairment
- Distracted driving
- Failure to yield the right-of-way
- Fatigued driving
- Aggressive driving or road rage
The plaintiff’s attorney will spend a lot of time investigating the claim and gathering the evidence necessary to prove liability. In order to obtain a motorcycle accident lawsuit loan, however, an applicant only needs to show proof of fault by submitting a police report indicating another party was at fault or verification from an attorney that the insurance adjuster has accepted liability and that the process of negotiating a fair settlement has begun.
Structured Settlement Options
What happens if a motorcycle rider who was injured in an accident receives a settlement, but the settlement is broken into smaller payments and they need more money right away? In addition to pre-settlement funding, Silver Dollar Financial is pleased to offer structured settlement options. These loans can provide a larger sum of money quickly for those emergency expenses that won’t wait until the next settlement payment arrives.
We Help Attorneys Help their Clients
With potentially hundreds of thousands of dollars of medical treatment and other costly impacts that a motorcycle accident often creates, hiring an attorney is one of the most important things an injured rider can do in order to protect their financial future. Attorneys have the task of proving your claim and negotiating a fair settlement on behalf of their clients.
Silver Dollar Financial happily assists attorneys in helping their clients manage expenses while waiting for a fair settlement to be offered. We have a secure portal in which our attorney partners can easily verify the claims of their clients and submit information and necessary documentation as needed to process the loan. Attorneys can even use the online portal to request more funds or to submit payments on their clients’ behalf.
If You Need a Motorcycle Accident Lawsuit Loan, Contact Silver Dollar Financial Today
Silver Dollar Financial’s entire business was designed to meet the needs of plaintiffs as they wait for their personal injury settlement. If you are the plaintiff in a motorcycle accident lawsuit, or you are an attorney with a client who needs funds while you work on a negotiated settlement, contact Silver Dollar Financial for more information.