Car Accidents Lawsuit Loan Practical Information
Car accidents can leave a person with serious injuries and incapable of working for a while, thus needing a bit of help. This is where lawsuit loans come into the picture. Following an eligible lawsuit filing, getting a lawsuit pre-settlement loan can help greatly with the expenses incurred while waiting for a case to be resolved. Car accidents bring a special set of expenses that need to be covered in order to keep living and thriving while waiting for a settlement to be approved. Lawsuit loans can be granted as pre-settlement or post-settlement loans. Getting this type of loan can really make a difference in the recipient’s life.
Type Of Car Accidents That May Lead To Large Settlements
As there are many types of accidents, there are also many types of car accident-related needs that need to be taken care of, including financial ones. Considering car accidents can include everything from minor dings in parking lots to large pile-ups on the highway, the damage they cause differs from case to case. Of course, not all car accidents will cause bodily harm or huge financial damage, therefore, not all can result in pre-settlement loans. This is why establishing the type of accident one is involved in is the starting point.
One of the main types of car accidents that can lead to large settlements and loans involves bodily injury. When a person involved in an accident gets seriously hurt or maimed, getting a loan is quite easy since a large settlement is almost guaranteed as long as the plaintiff is the victim of the accident and not the cause of it.
Of course, the worse the physical damage, the higher the chance of getting financial compensation. That further means that a loan based on that expected settlement can be obtained more easily. Considering the various medical and other expenses related to the injury that must be covered, a loan before the settlement can be of great help. Depending on the situation as well as the damage done, a no-risk loan may also be a possibility here.
Other types of accidents that can lead to a large settlement include those where one of the victims died. In such cases, the family is expected to receive a rather large settlement. DUI victims can also get these large settlements, as well as victims of car accidents while at work. But this is just the tip of the iceberg when it comes to possible consequences of a car accident, therefore, you should consult with a lawyer or a specialized firm to provide guidance and necessary information.
Why You May Ask For A Pre-Settlement Loan On A Car Accident Lawsuit
There are varying factors that qualify a plaintiff to request a pre-settlement loan for a car accident lawsuit, but in general, the basic, most important factors are: the likelihood of getting a settlement, amount of the expected settlement, the needs of the plaintiff while waiting for the settlement, medical bills, living expenses while out of work, etc.
Having to pay bills is a reality of everyone and car accidents can incur a lot of them. These bills tend to add up and include sizeable medical bills, car repair costs, or potentially having to purchase a new car, replacement of lost wages, etc. All in all, covering these bills often requires exorbitant amounts of money. Even if there are no lost wages, you will likely be faced with a lot more bills than what you’re used to paying every month. Getting a lawsuit loan is an excellent way to cover these bills as well as any added costs until you get your settlement.
If a bodily injury is bad enough to keep one out of work or if a limb has been severed, the settlement can be expected to be quite large. This means that getting a loan should be quite easy. If the injury led to death or a person died during the accident, the family of the victim has a responsibility to secure the funds for the burial and related expenses. In this case, a loan is paid to a family member as they will be the one taking care of everything. This is often before a settlement is reached in the case.
A loan can make a huge difference to the family of the deceased that has to keep on living and covering various expenses. It can take at least some of the burden off of their shoulders as they won’t have to worry about the money.
Same Day Car Accident Loans
There is a particular category regarding car accidents and their related expenses and that is same day loans. With traffic accidents or car accidents, expenses are often immediate and same day loans can be a life-saving option for those without any savings or insurance.
In such a case, a loan can be obtained from different sources and they can be for both parties involved in the accident but at different rates and under different conditions, of course. Same day loans are meant to cover emergency expenses and may not be as sizeable as other lawsuit loans, but the principle they’re based on is the same and depends on the potential for a large award from a potential lawsuit following an accident. The major difference here is that the decision is taken almost immediately so that the money can alleviate the stress of the accident on the very same day.
No matter which type of car accident loan is needed, the requirements will be similar and proving that the lawsuit is risk-free or almost risk-free is the first part of the process. Then, the capacity of repayment, if the lawsuit is not won, is to be considered as well. Once the loan company goes through all the information available, it will decide whether to offer a risk-free loan. It’s all very similar to a regular lawsuit loan, but with the added stress of needing the money right away due to serious injury, death, etc.
Car accident lawsuit loans are similar to other lawsuit loans in that they are awarded based on the needs and the risks associated with a situation. Applying for a loan can help reduce at least some of the stress caused by the accident, pay your bills, and get back on your feet much sooner, all while you wait for the settlement to be reached. Getting this kind of relief can be of immense help in your healing process, but also in seeing the lawsuit through and not giving up before everything is over. It enables you to fight until you get what you’re entitled to. Getting a loan is easier in some cases and harder in others, so taking these on a case by case basis is the best way to get started.
Where To Start Getting A Car Accident Loan
If you are in a position that requires a loan following a car accident, the best place to get started with your application is HERE!