Have you suffered injuries from a car accident? If so, there’s a good chance you’re entitled to a settlement.
Unfortunately, large claims can often take a long time to finalize. If you’ve suffered severe injuries from a crash, you might be left in a dire financial position until your claim comes through.
That’s where car accident loans come in! A car accident settlement loan can help you remain financially healthy, pay your bills, and meet any medical costs while you wait for your settlement to pay out. Keep reading to find out everything you need to know about car accident settlement loans.
What Are Car Accident Loans?
Car accident loans aren’t typical loans; instead, they are advances on the money you will receive in your settlement. However, this advance doesn’t come through the court or the opposing party’s insurance. Instead, it comes from an independent car accident settlement loan provider like Legal-Bay.
Advances in car accident settlements are also called pre-settlement funding. As we said above, being injured in a car accident could leave you unable to work or cover your medical bills. Car accident settlements can often take months or even years to finalize. In the meantime, you might be stuck in a difficult position. Car settlement loans are there to get you the cash you need, when you need it, not after months or years of hardship.
Once your case finalizes, your attorney will repay the advance from the settlement money.
Now you might be wondering, “But what if I don’t end up winning the case?” One of the best parts of most car wreck settlement loans is that if you lose your case, you won’t have to pay back the advance you received. Most providers like Legal-Bay operate on a no-win-no-pay basis. Instead of assuming any risk, they shoulder the loss should your car wreck case end up unsuccessful.
Types of Car Accident Loans
Car accidents are a common type of case for which you can get a settlement loan. However, there are also many other types of settlement loans available. At Legal-Bay, we fund over 30 different types of cases, including car accident cases, pedestrian accident cases, and truck, trailer, and semi accidents.
We can also fund product liability cases if your vehicle failed while driving due to a manufacturer error.
When Does It Make Sense to Get a Car Accident Loan?
If a car wreck has left you struggling to pay your bills and cover your medical costs, a car accident settlement advancement is a fast, effective solution.
Being injured in a car accident can be very traumatic, with 25%-33% of drivers displaying PTSD symptoms. Dealing with the trauma, physical injuries, and administrative side of your claim is a lot for anyone to handle. If you’ve also been plunged into financial stress, this could delay your recovery and influence your decision-making.
Insurance companies are often fully aware that claimants are under financial strain. This is good for them because it might drive you to accept a lowball offer in desperation, simply because you can’t afford to have the case timeline drawn out. If you get a car accident settlement loan, this will put you back in the driver’s seat of your case. Instead of being forced to accept a ridiculously low offer because your back’s against the wall, you can continue negotiations and hold out for just compensation.
Getting Approved for a Car Accident Loan
The approval process for a car accident settlement loan can vary between providers. Here at Legal-Bay, our goal is to make the application process as simple and fast as possible.
To apply for a settlement advance through us, simply:
- Click the Apply Now button on our website
- Fill in the short online application
After this, one of our friendly representatives will contact you. Our sales team will then request applicable case documents from your law firm and evaluate your case. If your application is approved, you will be funded in record time. We pride ourselves on our fast turnarounds. As soon as our underwriting department gets your case documents, your funding amount will be ready in 24 hours.
We understand how critical your needs might be, which is why we don’t waste time processing applications and getting your case documents to underwriting.
Tips for Finding the Best Car Accident Loan Options
If you require a car accident settlement loan, here’s what to look for:
- Competitive fees and interest rates
- Friendly service
- A simple application process
- Fast approval
- Fast funding
We’re proud to say that Legal-Bay meets all of these criteria. Besides efficient, friendly service and streamlined applications, we also pay individualized attention to every case that comes to us.
- A car accident settlement loan can help you remain financially healthy, pay your bills, and meet any medical costs while you wait for your settlement to pay out.
- Car settlement loans through Legal-Bay are there to help get you the cash you need, when you need it, not after months or years of hardship.
Do You Need a Car Accident Settlement Loan?
If you’re looking for a settlement loan, we’re the people to talk to! Here at Legal-Bay, we strive to provide the best customer service in the industry. Our teams work tirelessly to get applicants like you, approved in record time. Instead of stressing about how to cover your living expenses while waiting on a lawsuit, take control and apply now for a car wreck settlement loan through us or give us a call at (866) 928-3911 for more information.