Should Injured Victims Get Car Accident Loans?

After motor vehicle accidents, car accident loans can help victims pay for immediate medical expenses and get much-needed financial relief. Pre-settlement legal funding is a type of financing that carries no risk to the borrower. It can get you early access to your future compensation and ultimately help you fight for its full value.

Infographic detailing car accident lawsuit loans

With legal funding, you can avoid many of the financial pressures that could force you to accept a lower settlement. Car accident settlement loans are easy to obtain, especially if you’re already involved in an injury lawsuit. Find out if a car accident loan is the best option for you to get the money you deserve.

What’s In This Guide:

What is a Car Accident Lawsuit Loan?

One of the most common forms of personal injury lawsuits is a car accident claim. While most car accidents are settled long before seeing the inside of a courtroom, that doesn’t mean the case is resolved quickly. You might end up waiting months or even years before you receive the money you are owed by the driver, driver’s insurance company, government entity, or other liable parties.

A car accident loan is a way to dip into your future compensation to cover your present expenses. A car accident lawsuit funding company will take a look at the facts of your case and estimate the size of your eventual settlement. They can then lend you a cash advance forming a portion of this projected amount, to be repaid later only if you win your personal injury lawsuit.

image of man considering an accident loan

Is a Car Accident Lawsuit Loan a Real Loan?

Yes. A car accident settlement loan is a real loan. However, it’s not a loan type that most people are used to. This money is basically a risk-free cash advance for your finances because it’s structured as a non-recourse loan.

A non-recourse loan strictly limits the legal sources of money to repay the loan. Reimbursement for this type of loan can come only from the loan’s specific collateral — in this case, the future settlement for your car accident claims. This means that you have no obligation to repay the loan with your own money. It also means that the lender can’t file a case to force your income, assets, insurance coverage, or property to be used to repay the loaned cash advance.

A pre-settlement loan for an auto accident is essentially a cash advance on your future settlement. The settlement is used as collateral for your auto accident loan, which means if you lose your case, you repay nothing. So, you can safely take out litigation funding for your expected settlement at no risk to your own finances.

That’s where auto lawsuit funding loans differ from a conventional loan. In the case of conventional loan or recourse debts, you would still owe a credit card company, bank, or other lending institution even if you lost your claim.

Because we don’t get repaid through your income and assets, our car accident cash advance application has the following perks:

  • NO credit check
  • NO asset evaluation
  • NO employment verification
  • NO income threshold

A car accident settlement advance will give you peace of mind about your finances because it helps you to make ends meet while you await your settlement. But an auto accident cash advance can also help you get better compensation from your personal injury cases!

How Can a Car Accident Loan Help You Win a Larger Settlement?

When you have been in a car accident, your debts can multiply, with medical bills, car repairs, and living expenses quickly adding up. All too aware of this, an at-fault driver, the defendant’s insurance company, or an opposing accident attorney may deliberately stall auto accident lawsuits for as long as possible.

They know that you likely have overdue bills and legal fees to pay. They wait it out in the hope that the building financial pressure will be enough to force you to accept a lowball lawsuit settlement. Many auto accident victims cave, resulting in getting a mere fraction of the value of any personal injury cases.

Money in your bank account from a pre-settlement cash advance can help you win a larger settlement. By relieving the financial pressures that would force you to accept pennies on the dollar, injured plaintiffs and defendants can successfully wait out their lawsuit settlement.

With an auto accident loan, you won’t have to consider taking a lower settlement now just to pay your bills. You’ll also buy your car accident lawyer more time to build a stronger case that can help you win a much larger settlement.

At Tribeca Lawsuit Loans, we’re invested in the successful outcome of the auto accident claims we fund. We may provide additional case funding for accident victims so their chosen car accident attorney can hire expert witnesses. Auto accident loans also help fund other steep legal fees for processes that can bolster your case.

How Much Do Car Accident Lawsuit Loans Cost?

Every motor vehicle accident case is different and imposes its own set of costs on car accident victims. As a result, we cannot provide a specific estimate as to how much car accident loans will cost. However, reputable lawsuit loan companies tend to follow a few rules of thumb when offering pre-settlement loans for car accidents.

For one, there shouldn’t be any added fees associated with your accident loan. Any and all costs of your car accident settlement loan should be clearly disclosed to you upfront by trustworthy funding companies. These will be in the contract that you sign once you take on the loan for car accident funding. Your contract should also be easy to understand and written so you know exactly what pre-settlement funding terms you’re agreeing to.

Additionally, auto accident settlement loans should come with a low, simple interest rate. High or compounding interest rates can quickly add up over the course of a lengthy lawsuit, even if they don’t seem like much right now.

The majority of claims can take a year or more to settle, so it’s important to find legal funding companies with a low-interest rate. This keeps the repayment smaller and helps you save more of your settlement for covering living expenses. When you apply for an accident lawsuit loan, we will examine your case details and produce specific numbers on the interest rate and loan amount once approved.

What Expenses Do Car Accident Settlement Loans Cover?

Legal funding can be used to cover any expense you might face during your lawsuit. There are no restrictions on how you can spend the money from legal funding for auto accidents. You don’t even have to spend your pre-settlement funding on expenses related to the damages you suffered from the accident. Some of the common expenses that injured plaintiffs cover with lawsuit loans include the following:

  • Medical bills
  • Repairs or replacement for your damaged vehicle and property
  • Wages lost due to missed work
  • Rent and mortgage payments
  • Utility bills
  • Other daily expenses, like food or gas

Negligent drivers and their lawyers count on the financial burden of car accident damages to force you into a low early settlement. Getting a pre-settlement auto accident loan means that you can outlast these pressure tactics and win a just award.

How to Qualify for a Car Accident Settlement Loan

It’s easier to qualify for a car accident loan than you might think. There are just a few conditions you need to meet to obtain legal funding for your case:

  • You must be at least 18 years old
  • You must have a pending settlement or be ready to file a lawsuit
  • You must be represented by a contingency-based lawyer
  • The defending party must be insured

If you fulfill these criteria, it’s likely that you qualify for a car accident loan. There’s no credit check required to receive pre-settlement car accident lawsuit funding since your credit and personal finances won’t be used to repay the loan. All that matters when it comes to getting legal funding is the quality of your case and meeting the conditions above.

Infographic explaining how often a car accident occurs

We require that our clients be represented by legal counsel to protect their interests and our own. Litigation attorneys consistently outperform individuals representing themselves, both in winning motor vehicle accident lawsuits and in the size of the awards.

How Much Money Can You Get With Car Accident Lawsuit Funding?

Every auto accident is unique, with a different fact pattern from every other. Car accidents can cause immense financial damage to victims and lifelong injuries. You could face immediate and ongoing expenses related to the loss of your vehicle, other property, or income. This can entitle you to a large award and substantial legal funding for an auto accident. The amount of legal funding you can qualify for after an accident is determined by several factors:

  • The severity of your injuries
  • Your medical bills and the cost of ongoing treatment
  • Any lost income (current or future)
  • Any property damage you sustained
  • Any pain and suffering you may have suffered

Depending on the size of your potential accident claim, we can offer you anywhere from $500 to $2 million in legal funding. With a large potential settlement, we’ll be able to offer you a larger loan. However, we also cover many smaller cases and can offer you an auto accident loan regardless of the size of your car accident case. Once you apply for the loan and we can delve into the specifics of your case, we’ll be able to give you a definitive dollar amount.

infographic describing most common causes of death on the road

How Car Accident Settlement Loans Get Repaid

A primary consideration for most people when they take out auto accident loans is how they will make the loan payments. Pre-settlement loans for auto accidents are quite different. Because they are non-recourse loans, there are no monthly loan payments.

When your lawsuit finally settles, your attorney or law firm will receive a check for the total amount of compensation that has been negotiated. Next, your car accident attorney cuts us a check for the agreed-upon portion of the settlement, then deducts their contingency fees. Finally, all the money that remains is sent to you.

Again, if you should lose your case, there is no debt — you don’t have to repay your auto accident settlement loan!

How to Apply for Car Accident Loans

infographic explains how to apply for a car accident loan

If you are in the middle of a car accident lawsuit, you likely qualify for an auto accident settlement advance from Tribeca Lawsuit Loans. Here’s how the process works:

  1. You apply for car accident lawsuit funding. Head over to our Apply Now page and provide us with information about your case, including the damages you have suffered, the state you live in, how much money you’d like to receive, and contact information for you in addition to your attorney or law firm.
  2. We evaluate how much car accident lawsuit funding we can give in your circumstances. Our team of underwriters will go over the documents and events, then assess how much we can provide for your specific case and fact pattern. We’ve helped clients with car accident loans ranging anywhere from $500 to $2,000,000 in the past.
  3. We grant your car accident loans. The lawsuit funding will be given to you as quickly as possible. All you’ll have to do is wait for your car accident loan application to be approved and for the necessary paperwork to be signed. In some cases, you can have car accident lawsuit funding in as little as a single day!

We know how important it is for you to get your car accident loan fast, especially if you have bills that need to be paid right now. We’ve streamlined our application process for auto accident loans so you get your money as soon as possible, with as little work as needed.

How Do You Know if a Car Accident Loan Is Right for You?

While car accident loans offer numerous benefits and carry no risks for borrowers, they’re not a good move for everyone. Here are some signs that indicate legal funding could be the right financing option for you:

  • You have immediate expenses
  • You’ve suffered serious injuries from your accident
  • You’re unable to work or suffered a major loss of current or future income
  • Insurance companies are offering a lower settlement than you think you deserve

Car accident lawsuit loans aren’t free, and you will walk away with less money from your settlement if you take one or several out. Even with a low-interest rate, an auto accident loan can become expensive with a long case. If you can afford your living expenses and aren’t facing any major bills that are coming due, you may be better off without a car accident loan.

graphic detailing whether or not auto accident funding is a wise choice

Additionally, if you’ve already received a fair settlement offer for your damages, further negotiations may not be a good idea. You may end up with a lower amount in court if things don’t go your way. Generally, if you haven’t suffered a loss of income, a lawsuit loan might not be desirable.

Don’t Wait – Reach Out to Tribeca Lawsuit Loans Today!

At Tribeca Lawsuit Loans, we can offer you up to $2 million in legal funding that you can receive in your bank account within 24-48 hours of your approval. Our car accident cash advance application takes just minutes to complete and doesn’t require a credit check or any evaluation of your personal assets. We’ve disbursed over $45 million in car accident settlement loans for our clients and have the financial resources you need.

For any questions or concerns regarding car accident loans, contact us and one of our friendly team members will be happy to answer them. We value our relationships with our clients and are always there to help them fight for the full measure of justice they deserve. Get in touch with us today and you could receive the pre-settlement funding you need to take your fight for justice to the next level.

Car Accident Loans – Frequently Asked Questions

Are car accident settlement loans the same as conventional loans?

No. A car accident settlement loan differs from a conventional loan in that your personal finances are not at risk. The loan is structured as a non-recourse loan, so if you lose your case you don’t have to repay the loan! A car accident loan acts like a cash advance on your future settlement. It gives you access today to the compensation you will win in the future.

How long does a car accident lawsuit take to settle?

Car accident lawsuits can take from several months to years to settle. More serious cases and larger settlements take longer. A national survey reports that it takes nearly 11 months to receive your settlement for a car accident, but that includes the many plaintiffs who settle early for a tiny fraction of their case’s value.

How long does it take to get a car accident cash advance?

While a car accident lawsuit can drag on for years, getting pre-settlement funding happens in just days. We can deposit the funds for your car accident loan into your checking account within 24-48 hours of signing the loan documents.

Can a car accident loan help me get a better settlement?

Yes! Getting auto accident loans can help victims like you get better compensation for your lawsuit! Car accident lawsuits can take years to finally settle. But many plaintiffs need their money sooner. Even if they have insurance coverage, it takes time and documentation to file an insurance claim. As a result, many victims settle for a fraction of the value of their car accident settlement.

With a car accident loan, you have the money you need to pay your bills. Your car accident cash advance gives you resources to allow a law firm the time they need to build your case and negotiate the best settlement possible.

How can a pre-settlement auto accident loan help my case?

Getting a car accident pre-settlement loan can benefit your case in two ways. First, as described above, pre-settlement auto accident loans give you enough ready funds so you can wait for your attorney to negotiate better compensation. Second, because your legal lender is invested in the successful outcome of your case, they may provide your attorney with additional case funding. This money can be used to pay for expert witnesses or other litigation expenses that can strengthen your case.

Can I get car accident lawsuit funding without an attorney?

No reputable legal funding company can lend you a car accident advance without your attorney’s signed acknowledgment. Steer clear of any car accident funding company that offers lawsuit settlement loans without a hired attorney. Besides, studies consistently show that an attorney is far more likely to win an accident claim and get a larger settlement than an individual representing themselves.

Can my lawyer deny me from getting auto accident pre-settlement funding?

The short answer is no. Your attorney cannot prevent you from applying for or receiving a pre-settlement loan for your car accident lawsuit. However, it is essential to understand that you will need an attorney representing you to qualify for car accident loans. While most attorneys welcome the benefits of a car accident lawsuit loan, some may prefer not to deal with funding from a third party.

If your attorney advises against legal funding, listen carefully to their concerns. Regardless, the bottom line is that if you believe car accident loans are in your best interest, you can always hire another attorney who supports the car lawsuit funding. The decision to seek car accident lawsuit funding is always yours.

What types of accidents qualify me for a pre-settlement car accident loan?

Tribeca Lawsuit Loans offers auto accident pre-settlement advances for a variety of auto accidents. These include the following:

  • Pedestrian accidents
  • Bike accidents
  • Motorcycle accidents
  • Drunk driving accidents
  • Semi-truck or RV accidents
  • Bus accidents
  • Accidents involving Uber, Lyft, and other ride-sharing services
  • Taxi accidents

Not sure if your claim and its circumstances qualify? Reach out to us online or by calling 866-388-2288 and we’ll get back to you ASAP. With our help, you’ll get the lawsuit funding you need to weather your motor accident case!

Client Testimonial

“I was in a bind to get caught up on my rent and car note/insurance, and Tribeca Lawsuit Loans came through with the funding I needed without a worry or a hitch in the process. I love the customer service care and how attentive they are to details. Thank you Tribeca.”

Rating: 5/5 ⭐⭐⭐⭐⭐
Stephen A. Triplett, Jr.
December 2020
Read more reviews on Trust Pilot!

Press Release: A Tribeca Lawsuit Loan Can Help When Life Takes an Unexpected Detour

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