14 Feb Car Accident Settlement Loans: Top 3 Reasons to Apply
Car Accident Settlement Loans: Top 3 Reasons to Apply
You just got into an accident and are short on funds, so you consider applying for car accident settlement loans to relieve your financial pressures. Unfortunately, getting back on your feet after a car accident is tough. This is especially true if your injuries restrict your ability to work and earn a wage.
Not knowing what to do, you call your attorney and he reassures you that your case is strong and will likely settle for a lot of money in the distant future. This is music to your ears, but what about your bills that are due in a few days or weeks from now? While your case might be worth a lot of money, the only way to extract the full value of the case is to let the litigation ride for at least a year or more.
The problem is that your bills don’t wait for anyone or anything, so what can you do while you wait for your auto accident case to settle? The solution might be to apply for a car accident settlement loan.
Are auto accident settlement loans right for you?
Before you commit to auto accident settlement loans, make sure it makes economic sense to do so. Figuring out if you truly are in need the emergency cash is the most crucial part of the process.
So, how do you figure out if it obtaining car accident settlement advance will be helpful to your overall situation? The answer is simple: if your bills are pilling up and waiting for your case to settle is not a feasible option, a car accident settlement loan is right for you.
Here are the top-3 reasons to apply for car accident settlement loans:
1) You’re seriously injured and can’t work
If your injuries are not serious and your financials are in order, auto accident settlement loans are probably not for you. Remember that getting an advance on your future compensation is not free. Once your case is settled, you will pay a fee on whatever money you had advanced to you in the beginning. To know more about the processes and how it works, read this.
You should consider car accident settlement loans as a last-resort option. If you are able to afford food, rent, gas, and other basic and fundamental necessities you are better off waiting for your case to settle.
Though, if your injuries are so bad that surgery and other treatments made it impossible to support your family, applying for an advance on your settlement is a no-brainer. Lawsuits take a long time to settle, and the bills that pile up in the interim will wait for no one.
2) Insurance companies are low-balling your case value
The insurance companies have only one goal when dealing with your case: pay you as little money as possible. The longer you are willing to sit on your case, the more you convince the adjuster that you and your attorney mean business.
Car accident lawsuits are a game of patience. The longer you are willing to stay in the game, the lager the settlement offers from the insurance companies will be as time goes on.
When you give your attorney the time he needs to properly fight for your just compensation, the outcome is that your case will increase in value. To learn more about how car accident settlement loans can increase the value of your case, read this article.
3) Obtaining a car accident settlement loan is easy and risk free
Unlike other avenues that provide monetary support, getting an auto accident settlement loan is extremely simple. The only factors for approval have to do with the facts of your case. Your credit score and earning power will have zero effect on your chances to get approved.
Best of all, car accident settlement loans are completely risk-free. You only pay the money back if you win the case. Also known as non-recourse funding, this type of financing places 100% of the risk on the lender, not the consumer.