If you have been injured by another person’s negligence, you have the right to file a personal injury lawsuit against them to be compensated for your losses. This process has several steps involved—and unfortunately, it is not as easy as it sounds. 

The first thing you will need to do is consult with an attorney who practices personal injury law. They will consider the details of your case and determine if you have a viable suit.

Photo of a Car Accident

If the lawyer feels you have a case that can be won, you can hire them to represent you throughout the lawsuit. Your attorney can then gather evidence to be presented in your case. To win the case and receive a judgment against the party responsible for your injuries, there must be sufficient proof of the following:

  • The accident was caused by someone else
  • The responsible party engaged in reckless or careless behavior; and 
  • The accident in question caused you to sustain injuries

The lawsuit process—from your initial consultation with an attorney to the closing of your case when you secure a judgment and are awarded financial compensation—can take several months or possibly years. If you sustain severe injuries and are unable to work, this can place you and your family under significant financial strain.

Fortunately, the majority of personal injury cases never make it to a court trial. Instead, a large number are resolved through negotiations between your lawyer and the other party’s insurance company, resulting in an agreed-upon settlement. Insurance companies, however, are well known for taking their time, and reaching a settlement could still take some time.

In the meantime, lost wages, medical bills, and other daily expenses will continue to add up while you wait for your final compensation. In this case, several companies offer pre-settlement funding to help ease the burden of the expenses that have been incurred while you wait for your settlement.

Does an Accident Affect Credit Score?

According to the National Highway Traffic Safety Administration, there were over 5,250,800 collisions in 2020. These statistics show how common motor vehicle collisions are on roadways throughout the United States.

Car accidents happen for many reasons, including dangerous roadways, distracted driving, speeding, driving while under the influence of alcohol or drugs, as well as inclement weather. These car accidents do not directly impact your credit score. However, the debt you may incur from these accidents could be sent to a collection agency if they go unpaid, hurting your credit score.

Along with car accidents, personal injury lawsuits are also prevalent. When you cannot wait for a lawsuit to reach a settlement, you may need immediate financial funding. 

Pre settlement auto accident legal funding from Pinnacle Legal Funding is fast and easy. Better yet, it does not require a credit check and won’t affect your credit score.

When Should I Consider Getting Car Accident Lawsuit Funding?

If you have suffered injuries caused by another party that acted with negligence, you have the legal right to compensation for financial, emotional, and physical losses related to your injury. In your best interest, seek out an experienced attorney to help you file a claim in state or federal court. 

While most car accident lawsuits are settled outside of court, insurance companies like to drag their feet hoping that you settle for a lower claim. This can often result in claims taking several months to years to come to a settlement. 

While you wait for your auto accident lawsuits to be resolved, you may be out of work due to your injuries, and the bills and expenses do not stop because of your inability to pay for them. 

You will still need to pay your rent or mortgage, feed yourself and your family, and handle day-to-day expenses. Applying for pre settlement loans can ease your financial burden by getting an advance on your settlement. It can cover the medical costs and other financial challenges you may be facing due to your injury. 

Pinnacle Legal Funding can provide relief through personal injury loans and car accident loans.

Photo of a Car Accident

How Do You Apply For an Auto Accident Loan?

At Pinnacle Legal Funding, we make our application process fast and simple for auto accident loans. We can review most applications within 24 hours of receiving them.

More importantly, we do not need to do any background or credit checks, and there is no application fee involved.

Here are the steps of the application process for your car accident case:

  1. Provide information through our online application link or over the phone regarding your automobile accident claim. This information will allow us to understand the details of your case and if a car accident loan would be suitable for your situation.
  2. We contact your car accident attorney to discuss the ins and outs of your lawsuit, including the hypothetical outcome, and then determine if we can extend an offer for a car accident pre-settlement advance.
  3. You’ll receive a response usually within a day or so. If we decide your case is eligible for a pre-settlement cash advance, we will transfer the funds to your bank account in 24 hours or less from the time of approval.

How Can I Use My Car Accident Settlement Loans?

The sad fact of the matter is that when you are injured and out of work, you likely have lost a significant portion of your income. 

By applying for pre-settlement car accident funding, you have the ability to use those funds however you need. Once you are approved and the money is sent your way, you can do what you like with it. It’s your money. 

Common Expenses Your Car Accident Settlement Funding Can Cover

With pre-settlement legal funding, you can take care of your day-to-day expenses as well as any accident-related costs that you have incurred since you have been injured. Some of the more common ways to use your pre-settlement legal funding may include:

  • Paying for medical treatment and prescriptions
  • Covering rent or mortgage payments
  • Paying utility bills
  • Buying groceries
  • Covering car payments
  • Premiums for insurance coverage
  • Replacing or repairing damaged property from the motor vehicle accident
  • Providing for daily needs such as gas for transportation and clothing for family members

Am I Responsible For Repaying my Auto Accident Settlement Loan If I Lose My Case?

Pre-settlement lawsuit funding is different from a typical bank loan. This type of car accident settlement advance financing is a “non-recourse” loan, meaning the funding company is merely giving you an advance on your future settlement amount, not lending you money that will need to be paid back. 

Pre-settlement lawsuit funding may also be called auto accident settlement loans or a lawsuit loan, but these two are not the same. When an injured victim takes out a settlement loan, they agree to a “recourse” loan, which requires them to pay back the loan entirely. 

In many unfortunate circumstances, they are required to pay back two to three times the original amount borrowed, even if they do not get the total compensation they expected—or worse, any compensation at all.

With pre-settlement legal funding, however, you have no responsibility for repayment. The attorney handling your lawsuit would receive payment from the at-fault party in your claim and then send Pinnacle Legal Funding a repayment check for the agreed-upon amount.

These types of lawsuit settlement loans are risk-free to you because there are limits to how the lender can pursue repayment with non-recourse debt. Lawsuit loan companies, legal funding companies, or funding companies are not subject to lending laws and are prevented from attempting to be made whole if you do not win your settlement.

Photo of a T-bone Car Crash

Car Accident Legal Funding & Settlement FAQs

Here are the most important things you should know about the auto accident claims process.

How much will a car accident advance cost me?

When you have been the victim of a motor vehicle accident, it can be a smart financial step to pursue pre-settlement legal funding while you wait for a settlement. This is especially true if you are struggling to pay your bills and any medical treatments not covered by insurance.

The fees and interest can vary significantly with a car accident cash advance, but when you work with Pinnacle Legal Funding, we ensure you understand the risk involved and what fees and interest will be before you accept any funds. You are only required to pay back the funding if you receive a settlement or win your legal case.

Is my eligibility for a car accident lawsuit loan based on my credit score?

Your eligibility for funding has nothing to do with your credit score and will only depend on the circumstances of your lawsuit. 

A funding company’s representative will evaluate your car accident claims and make an assessment of the likelihood that your case will be successful, as well as the risk that is involved. This could affect the cost of the funding you are offered. In addition, your credit score will not be affected by applying for or accepting your risk-free cash advance.

What will determine the amount of funding I will qualify for?

When we receive your application for pre-settlement funding, we will contact your lawyer to discuss the details of your case. He or she will inform us of the particulars of your lawsuit, along with their evaluation of the likelihood that your case will be successful and the projected value of your settlement. We do not, however, look at your income, tax records, bank statements, credit history, or credit score.

The amount of funding you will qualify for depends on the strength of your case. Your pre-settlement car accident funding is based on the potential settlement of your case. You will qualify for a larger payment the more significant your settlement potential is. Pinnacle Legal Funding can advance you anywhere from $500 to $100,000. These funds can be available in your bank account within 24 hours of approval.

Woman Inspecting Car Accident Damage

Is there any regulation on car accident loans or funding?

There are no federal legal funding laws that are applicable nationwide. Each state can create its own guidelines for lawsuit financing. These laws are put in place to protect the consumer and may include the following regulations:

  • The interest amount you may be charged
  • The maximum amount of money you may receive
  • Your ability to rescind the agreement
  • Funding contract fee transparency
  • How a company can advertise to the consumer

Do I Need to Have an Attorney to Apply For Car Accident Loans?

Pinnacle Legal Funding works directly with your attorney to maximize the funds that can be made available to you. Your attorney will handle all financial repayments at the conclusion of your settlement. After they retain their portion for legal representation and court fees, they will send us a check for the agreed-upon amount and then forward everything that is left over to you. 

Because you will have no responsibility for handling the financial aspect, it is imperative that you work with an attorney throughout your car accident claim. 

In addition to handling the financial aspect of your case, your attorney is there to represent you and what is in your best interest. They will thoroughly review the car accident lawsuit advance agreement and inform you of the pros and cons of receiving the funds. They can answer all your questions so that you fully understand what the fees and interest are and the potential remaining funds of the settlement that would be yours.

Could Getting an Auto Accident Settlement Advance Help My Attorney Get Me a Bigger Settlement?

Many car accident cases can take months or sometimes years to reach a fair settlement. The longer you give your car accident attorney to litigate the case on your behalf, the larger your settlement offer could potentially be.

When you receive an auto accident cash advance, you are taking away the financial pressure you may have, therefore taking pressure off your lawyer to settle quickly.

Insurance companies will typically take as long as possible during the negotiation phase and through the trial. The reason behind this is they know auto accident victims dealing with serious injuries like yourself will tend to become desperate as their bills stack up, and they are hoping that this pressures you into accepting a much lower settlement than you deserve.

When that pressure is removed, their stall tactics will no longer have any bearing on the case, encouraging them to come to a auto accident lawsuit loan settlement more quickly. If, for any reason, they do not work quickly to come to a settlement, your attorney can take as much time as they need to work at getting you the compensation you rightfully deserve. If the trial goes on, you will have the car accident settlement loan you need to get you through that additional time period.

What Happens If I Need More Funding for my Auto Accidents Before the Lawsuit Has Been Settled?

Our underwriters at Pinnacle Legal Funding do everything they can to work up a financial agreement that will help you receive the correct amount of lawsuit loans you need to get you through until your car accident lawsuit is settled. 

If there are any changes in your case, such as your car accident lawyer believing there to be an increase in your settlement amount, you can apply for another pre-settlement loan if needed.

The maximum amount that a legal funding company can offer to their clients is 20% of the potential compensation from a motor vehicle accident claim. In most cases, this advance falls under the 20% threshold. If you feel that you require additional funding, you can submit another application with the possibility of getting additional pre-settlement funding. As always, applying is free, and there is no obligation to accept an offer.

Are Our Customers Happy With Our Service?

It brings us immense pleasure to help those who have been car accident victims attain financial relief through our pre-settlement funding while they await their motor vehicle accidents settlement. Check out what people have to say in their testimonials.

Choose Pinnacle Legal Funding For a Pre-Settlement Loan Regardless of Your Credit Score

If you need financial help and are ready to apply for pre-settlement funding, it is crucial that you look for a company that is reliable and honest. You want a lawsuit lending company that offers cost-effective and fair car accident loans.

At Pinnacle Legal Funding, we understand that applying for pre-settlement funding can be puzzling or even intimidating. Our friendly team of car accident loan specialists is available to help answer all of your questions. We want you to feel confident in the decision you are making to seek the financial funding you need. 

Depending on the details of your case, Pinnacle Legal Funding can between a $500 to $100,000 settlement advance directly into your account in as little as 24 hours after you submit your application.

You can add the details of your motor vehicle accident case, including your law firm information and the amount you are requesting, right on the Apply Now page. Do not hesitate to call us with any questions. Injured plaintiffs can reach us at 1-877-4-FUNDING.