According to the World Health Organization, up to 50 million people incur road traffic injuries each year and auto accidents are the ninth leading cause of death in the world. Car accidents are projected to be the fifth leading cause of death by the year 2030. One out of every 25 drivers has reported falling asleep behind the wheel in the past 30 days. Road traffic accidents are a tragically common occurrence. 

If you’re involved in a car accident due to the negligence of others you will experience damages. Economic and non-economic damages will affect your livelihood.  Being in an accident is already stress-inducing but when you add the financial burden of recuperating your life on top of that, the problems could be unbearable. If you’ve been involved in an accident at no fault of your own contact a lawyer and seek justice for your case. Luckily, in less than 24 hours, you can apply for a pre-settlement loan and begin rebuilding your life. 

Car Accident

What Is A Car Accident Loan?

A car accident loan isn’t a loan but a cash-advance on any potential settlement from your case. This advance is non-recourse and contingent upon a legal settlement. If you don’t receive a legal settlement, then you are not responsible for repaying any amount of the loan borrowed. If you need money to cover your medical expenses, bills, car repairs, or other damages incurred because of your accident, then apply for a pre-settlement loan.  

How Can I Get a Car Accident Settlement Loan?

Getting a settlement loan is really easy and can be done from the privacy of your own home following these simple steps:

  1. Submit your application online or by phone.
  2. Your lender reviews the details of your case with your attorney.
  3. The lender normally gets back to you as soon as possible and sometimes within 24 hours.
  4. If you qualify, your lender sends an agreement to your attorney. 
  5. You and your lawyer approve the agreement together.
  6. Your lender cuts you a check. 

Settlement loans can reduce the stress and hassle you experience because of your accident. Just because your life has had to come to a halt due to your accident, doesn’t mean your expenses will. Working with caring professionals who have dealt with cases just like yours and securing a pre-settlement loan can help reduce the financial setbacks you experience. 

Should I Apply For a Pre Settlement Loan for an Auto Accident?

According to a comprehensive study involving data compiled from the National Highway Traffic Safety Administration (NHTSA), the Centers for Disease Control and Prevention (CDC), and the Federal Motor Carrier Safety Administration (FMCSA) each day there are more than 140 million people commuting the roads in the U.S. and a fifth of them are likely to be involved in a car accident over the next five years. Car accident claims cost Americans lots of dollars and from the year 2007 to 2012, medical expenses and lost wages increased by eight percent and four percent for those claiming a bodily injury. 

Health care costs are expected to rise by an average of five percent each year over the next decade. Bear in mind that increasing medical costs, inflationary cost of living expenses, and the pain and suffering of being involved in a car accident provide a few reasons to apply for a pre-settlement loan today. 

Have you suffered an injury as a result of an accident and hired an attorney? If so, then you qualify for a pre-settlement loan. Most car accidents are covered including common accidents like bicycle, motorcycle, Uber and ride-sharing, commercial vehicles, buses, and other accidents resulting in fractures, broken bones, loss of limbs, head injuries, tissue damages, etc. Each accident case is special but there are significant benefits to applying for an accident loan. 

You should apply for a pre-settlement loan if you need help covering medical, legal, and daily expenses, need more time to negotiate a favorable settlement and to prevent yourself from going into debt while your case status is still pending.

Can I get a loan while my car accident settlement is pending?

Yes, pre-settlement funding provides you with a cash advance on the money you expect to receive from a settlement. Car accident loans won’t hurt your credit score because you only have to pay if you win meaning it is risk-free.  

Frequently Asked Questions about Car Accident Loans

Here are some commonly asked questions about car accident loans from other accident victims and law firms. 

How much is my settlement worth?

No two injuries are the same so it’s important to establish that your settlement will be based on the severity of your injuries. The lawyers and the insurance company must consider all the intricacies of your case before determining what your settlement may be.

How do you determine the amount that I qualify for?

The amount that your loan qualifies for depends on the severity of your injury. Your pre-settlement loan is based on your settlement’s potential. How the injury looks, whether you need surgery, and how you’ve adjusted to life after the accident all play a role in the amount of your settlement. If you’ve been involved in an accident be sure to see an attorney to maximize your chances of getting the care you deserve. 

Will my attorney be involved in my loan processing?

Yes, the lending agency works closely with your attorney to obtain documentation and vital information about your case. Initially, we will work with your attorney to determine the validity of your case. You will also sign your lending agreement with your attorney so that you can be sure that you are obtaining your loan risk-free. Insurance companies tend to undervalue cases so it’s important to have legal representation diligently pursuing your best interests.

How long can it take to get my cash advance when I am approved?

Funding can be approved and delivered within 24 hours once the lender has spoken with your attorney and the funding company determines your case warrants a cash advance but there are no guarantees.

What can I use my car accident settlement loans to pay for?

You can use the loan however you like—there are no requirements that determine what you can use the money for. Other victims who have received car accident loans have used their money for living expenses, legal fees, medical bills, and covering the various expenses involved in maintaining and recuperating their livelihood.

How risky is it to get a loan against my pending accident settlement and will it hurt my credit?

Accident settlements are risk-free because you only pay if you recover compensation and if not, then you don’t have to pay. Applying for a loan does not hurt your credit score and could be better for your pending settlement. Insurance companies use time as leverage and a pre-settlement loan will help you to combat that leverage through patience.

What happens if my accident claim gets resolved longer after I anticipated it?

Accident cases vary and some of them settle rather quickly and others take months or years. Each case is unique and some legal battles can drag on quite long. It’s important when securing a pre-settlement loan to work with a lender that has competitive rates to avoid accruing larger amounts of interest.

How can a car accident loan help me win a larger settlement?

To maximize the return on your case your attorney will need all the time he/she can to argue your case. Some auto claims can last years and without a loan, but most people can’t wait that long. A car accident loan will foster the patience needed to win against those billion-dollar insurance companies.

Why Pinnacle Legal Funding?

When you’ve been involved in an accident, simple things like paying your rent, taking care of your children, and all of the other responsibilities you normally handle aren’t as easy. Not to mention the stress and lifestyle changes that come along with having an injury. Once you’ve been injured in an accident your life is never the same. Many who are in similar situations as you have turned to Pinnacle Legal Funding for financial support during their most difficult times. People have been able to keep their lives afloat while working closely with their attorneys to litigate their cases. 

Insurance companies understand that many plaintiffs give up and settle for lower payouts because they feel the external pressure of bills and expenses creeping upon them. Insurance companies have one goal and that’s to pay you the least amount that they can. 

If you’ve decided that a car accident settlement loan is right for you, then make sure you contact the expert professionals at Pinnacle Legal Funding. Pinnacle provides a risk-free, no upfront costs, transparent loan service, that’s quick and easy. They will cooperate with your legal team to give you the financial support that you need.