7 Tips for Getting an Advance on an Auto Accident Settlement
Auto accident settlements can take a lot of time and while plaintiffs can wait, bills won’t. A settlement advance will provide peace of mind until payday.
One of the first challenges people face when settling a car accident is determining fault for the collision. After the parties settle this matter, it still takes time to receive your compensation from a claim.
Trying to live your life while waiting for an auto accident settlement is not always easy. Your bills might start piling up, and you might not have any income coming in. So, what do you do in this situation?
Many people turn to lawsuit loans. A lawsuit loan provides cash today for a settlement you expect in the future. If you need some money during this time, follow these seven tips to improve your odds of getting approved for a lawsuit settlement loan.
1. Hire an Attorney
If you want to get approved for auto accident settlement funding, you need a lawyer. Your lawyer will help you with your settlement funding, which is a bonus, but this is not the only reason to hire a lawyer.
Having a lawyer is a requirement for getting approved for a settlement loan. In other words, you can’t get approved for a lawsuit loan without having a lawyer working with you on your case.
Therefore, if you haven’t hired a car accident lawyer yet, start there. Look for a lawyer with experience and a good reputation, and interview a few attorneys if necessary.
2. Provide Your Lawyer With All the Evidence
Next, if you want to get approved for a loan, you will need a solid case. Lawsuit lenders review cases before approving loans, and they generally only offer loans when they have confidence that a person will win their case.
By providing your lawyer with all the accident evidence, your lawyer can begin working through it. Your lawyer can give the details of the case to the lawsuit lender, and the lender will use it when processing your application.
One reason it takes so long to work through a car accident case is from the injuries the person experienced from it. When you have significant injuries, your lawyer might suggest waiting to settle until you know your injuries.
Most lawyers tell victims to wait until they reach their maximum medical improvement (MMI). MMI refers to the point in your recovery when you are as good as you can be after suffering major injuries.
It takes time to reach MMI. As a result, car accident cases can drag on for years.
3. Keep a Thorough Record of Your Losses
Another essential thing you can do is keep a record of your losses. Keeping a journal is something your lawyer might recommend anyhow. A journal helps you track your pain, problems, and losses after an accident.
When you keep a journal after an accident, you have written documentation to back up your injuries and issues from the collision. You can use this to prove your case when fighting your lawsuit, and you can use it to get a lawsuit settlement loan.
4. Pursue Your Options
If you want to get lawsuit funding, you’ll have to pursue your options. You can talk to your lawyer about the options you have, and you can also look around yourself.
When you find a company that offers lawsuit settlement funding, you can ask questions to learn more about their services. For example, you can ask about the fees. You can also ask about the length of time it takes to get the money.
If you can find a company soon, you can begin the process right away. The result of this is you will have some cash in your pocket faster. If you need cash, start the process now.
5. Let Your Lawyer Do the Talking
As mentioned, you need a lawyer to get lawsuit settlement funding, but did you know that your lawyer can help you get approved for a lawsuit loan? It might help to let your lawyer talk to the lender about your case.
When your lawyer talks to the lender, he or she can tell them everything they need to know. Your lawyer can probably answer the questions more thoroughly than you can, so consider asking your lawyer to talk to the lender on your behalf.
6. Provide the Lender With Everything They Request
Lawsuit lenders do not approve every loan application they receive, but they will approve yours if you meet the guidelines and criteria. One thing they will ask for is documentation. If they ask for anything, make sure you give it to them.
For example, they might need a copy of your driver’s license to approve the loan. They might also ask you for your bank account information, as they might place the funds directly in the account.
They will also have a contract you must sign. You can’t receive your funds until you sign it and provide them with the things they ask you to give them.
7. Determine How Much You Need
The last tip to help you get a lawsuit settlement is to determine how much you need. You can’t borrow 100% of the settlement amount you expect. Instead, the lender will use an auto accident settlement formula to determine the amount.
When they tell you the amount you can borrow, you can take this amount or less. You don’t have to borrow the full amount. Auto accident lawsuit settlement amounts vary, so the amount they offer will be unique for your case.
Get an Auto Accident Settlement in 24 Hours
Getting the auto accident settlement you’re entitled to takes time. It can take months in many cases, but it can even take years.
If you’re struggling to get by during this time, lawsuit funding is an ideal solution. You don’t have to repay this money, even if you lose your case.
If you need money while you’re waiting for your settlement, contact us. We offer lawsuit funding loans, and you can have your money within 24 hours. You can learn more about the application process by visiting our website.