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.
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.
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:
- 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.
- 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.
- 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.
Car Accident Legal Funding & Settlement FAQs
Here are the most important things you should know about the auto accident claims process.
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.