After an auto collision, a car accident loan can help you pay for immediate medical expenses and get back on your feet. 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.
With legal funding, you can avoid many of the financial pressures that could force you to accept a lower settlement. A car accident settlement loan is easy to obtain, especially if you’re already involved in a lawsuit. Find out if this is the right option for you to get the money you deserve from your accident.
What is a Car Accident Lawsuit Loan?
One of the most common forms of personal injury lawsuits is a car accident claim. While most settle long before seeing the inside of a courtroom, that doesn’t mean the case resolves quickly. You might end up waiting months or even years before you receive the money you are owed from the driver, government entity, trucking company, or other at-fault parties to your accident.
A car accident loan is a way to dip into your future compensation package to pay for your present expenses. A legal 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 portion of this projected amount, to be repaid later, but only if you win your case.
Is a Car Accident Lawsuit Loan a Real Loan?
A car accident settlement loan is a very different type of loan than what you’re probably used to. This money is available to you at no risk to your own finances because we structure it as a non-recourse loan. This means that you have no obligation to repay the loan with your own money.
A non-recourse loan strictly limits the legal sources of money to repay the loan. Reimbursement for the loan can come only from the loan’s collateral — your future settlement, in this case. The lender has no recourse to attach your income, assets, or property to repay the loan.
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 legal funding for your expected settlement at no risk to your own finances. In the case of conventional recourse debt, you would still owe whatever you charged on your credit card or took out from a personal loan if you lost.
Because we will never see any of your own money, our car accident settlement loan application includes:
- NO credit check
- NO asset evaluation
- NO employment verification
- NO income threshold
Not only can a car accident lawsuit loan help you to make ends meet while you await your settlement, but it can help you to get a better compensation!
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 costs, car repairs, and lost wages quickly adding up. Well aware of this, many at-fault drivers, insurance companies, and opposing lawyers will deliberately stall proceedings as long as possible. They know that you likely have overdue bills to pay and hope that the building financial pressure will be enough to force you to accept a lowball settlement offer at a mere fraction of your case’s value.
Money in your bank account from a car accident loan can help you win a larger settlement by relieving the financial pressures that could otherwise force you to accept just pennies on the dollar.
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 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 lawsuits we fund, so may provide additional case funding so your attorney can hire expert witnesses or pay for other steep litigation costs that can bolster your case.
I contacted Tribeca after my auto…
“I contacted Tribeca after my auto accident Ligation was delayed from March until September because of Covid-19. It’s already been 3 years and I am fully disabled from the accident. Rory was the man when it came to my case. Diligent, calm and persistent when it came to dealing with my attorneys and getting things done. A job well done.”
~ Testimonial by client Joseph Capaldi
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How Much Do Car Accident Lawsuit Loans Cost?
Every car accident case is different and imposes its own set of costs on plaintiffs. As a result, we cannot provide a specific estimate as to how much your car accident loan will cost. However, reputable legal funding companies tend to follow a few rules of thumb when offering pre-settlement loans for auto accidents.
For one, there shouldn’t be any added fees associated with your auto accident loan. Any and all costs of your lawsuit loan should be clearly disclosed to you upfront. These will be in the contract that you sign once you take on the loan. Your contract should also be easy to understand and written so you know exactly what you are agreeing to.
Additionally, car accident 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. As many claims can take a year or more to settle, a low-interest rate is critical to protecting as much of your settlement as possible. When you apply for a car 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 the money on expenses related to the damages you suffered from the accident. Some of the common expenses that plaintiffs cover with lawsuit loans include the following:
- Medical costs
- 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
A car accident loan can lessen some of the financial burden of your damages, which the defense is counting on to force you into an early settlement. Getting a pre-settlement auto accident loan means that you can outlast these pressure tactics that can force you to settle for less than you deserve.
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
Once you fulfill the above criteria, it’s likely that you qualify for legal funding. There’s no credit check required to receive a pre-settlement car accident lawsuit loan since your credit and personal finances won’t be used to repay the loan. All that matters when it comes to getting funding is the quality of your case.
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 cases and in the size of the awards they win.
How Much Money Can You Get With a Car Accident Lawsuit Loan?
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 settlement, 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 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.
How Car Accident Settlement Loans Get Repaid
A primary consideration for most people when they take out a loan 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 will receive a check for the total amount of compensation that has been negotiated. Next, your 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 the loan!
How to Apply for Car Accident Loans
If you are in the middle of a car accident lawsuit, you likely qualify for a cash advance from Tribeca Lawsuit Loans. Here’s how the process works:
- You apply: 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.
- We evaluate: Our team of underwriters will go over this data and assess how much we can provide for your specific circumstances and fact pattern. We’ve helped clients by loaning out anywhere from $500 to $2,000,000 in the past.
- You get your money: The funds will be given to you as quickly as possible after your car accident loan application is approved and all the necessary paperwork is signed. In some cases, you can have the money 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 to get your money as soon as possible and with as little work on your part as necessary.
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.
Additionally, if you’ve received a fair settlement offer for your damages, further negotiations could be counterproductive to your interests. If you haven’t suffered a loss of income, a lawsuit loan might not be desirable, either.
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 auto accident loan 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 to our clients and have the financial resources to assist you.
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 funding you need to take your fight for justice to the next level.