A car accident can affect your life in many ways, including causing painful injuries and financial well-being. If you’re involved in a car accident, you can seek monetary compensation from the at-fault party or file an insurance claim.
Such legal claims can take a lot of time and may not help with the current pressing financial needs. In the meantime, you could take a car accident loan to help you settle immediate medical bills.
At High Rise Financial, we have been at the forefront of providing financial help to car accident victims during this difficult period, and we can help you too. Contact our loan specialists today to determine whether you qualify for Tennessee car accident loans.
In This Article
- How Does Pre-Settlement Funding in Tennessee Differ from Other Loans?
- Compensation for Tennessee Car Accident Victims
- What Amount Can You Get After Applying for Legal Funding in Tennessee?
- How Much Do Tennessee Car Accident Loans Cost?
- Should You Go for a Lawsuit Loan in Tennessee?
- How Can You Spend Your Tennessee Car Accident Loan?
- How to Get a Tennessee Lawsuit Loan
- Should You Talk to Your Lawyer Before Applying for a Tennessee Car Accident Loan?
- Get a Car Accident Loan in Tennessee Today
How Does Pre-Settlement Funding in Tennessee Differ from Other Loans?
A car accident loan is different from a typical loan. It is a fund advance on your settlement. Therefore, car accident loans won’t focus on your credit history, unlike other types of loans but on the strength of your claim case for compensation.
A Tennessee legal funding company like High Rise Financial determines a reasonable estimate of your potential award to establish the amount of money to give you for your case. Your settlement becomes the collateral for this cash advance. Therefore, you’ll repay it using the money you get from your accident claim settlement.
Compensation for Tennessee Car Accident Victims
Car accident survivors in Tennessee have the right to compensation for their damages. But you might be surprised to learn of the various losses that you could win. Your injury lawyer will review these damages with you at length to ensure they account for every loss and maximize the amount you recover.
Economic damages are monetary and could include out-of-pocket costs. Examples could include:
- Lost wages
- Lost earning capabilities
- Loss of employee benefits
- Loss of salary increases and bonus pay
- Healthcare costs
- Ongoing medical treatment expenses
- Ambulance bills
- Vehicle repair costs
- The cost of buying a new vehicle
- Diminished value of your car
- Maintenance labor costs
- Personal property damages
Non-economic damages are also awarded. While they do not have a fixed financial worth, your car accident attorney can quantify them so you can win fair compensation. Examples include:
- Loss of enjoyment of life
- Emotional trauma
- Physical pain and suffering
- Psychological distress
- Reputational damages
- Loss of consortium
Courts could also award punitive damages at their discretion. However, this is generally only done when it finds the defendant’s conduct grossly negligent or reprehensible. For example, if a habitual drunk driver struck you, the courts could impair punitive damages to punish the defendant beyond the compensatory damages you deserve.
What Amount Can You Get After Applying for Legal Funding in Tennessee?
The amount of the car accident loan you can get in depends on the following factors:
The extent of your damages determines the amount you can get as a car accident loan. Generally, there are two parts to damages. The first part includes:
- Injuries sustained during the accident
- The medical expenses
- Duration of treatment
- Estimated future medical costs
The other part is wage loss established by multiplying your earnings by the amount of work you missed due to the accident. It could also include wage loss factors such as whether you can return to work in the future.
Another factor determining the amount of fund advance you can receive after a car crash is the responsible party’s liability level and any fault you had in the impact. Sometimes two parties may share responsibility, for instance, in a sideswipe car accident.
Generally, you can only claim for up to what the at-fault party insurance covers. The minimum insurance coverage and limits for drivers in Tennessee include the following:
- A bodily injury liability ($25,000/individual and $50,000/accident)
- Uninsured motorist bodily injury ($25,000/person and $50,000/accident)
- Property damage liability ($15,000/ accident)
How Much Do Tennessee Car Accident Loans Cost?
Car accident cases differ in the costs they impose on the victim. Therefore, it might be difficult to state a specific car accident loan cost estimate. But Tennessee pre-settlement funding companies usually follow some rules of thumb when issuing car accident loans.
First, the company discloses any cost of your lawsuit loan upfront. All those costs are outlined in the agreement you sign when taking the loan. A reputable funding company also ensures the contract is clear and easy to read so you fully understand what you are signing.
Should You Go for a Lawsuit Loan in Tennessee?
Car accident loans offer multiple benefits to the borrower. However, if you are unsure whether you should take a car accident loan, here are situations where it can be of great help:
- If you sustained severe injuries from your accident
- If you have immediate expenses
- If the accident led to the inability to work
- If the accident led to a significant loss of current and future income
- If you are getting a lower settlement than you deserve from the insurer, and you need to continue fighting until you get what you deserve
How Can You Spend Your Tennessee Car Accident Loan?
A lending company will not restrict how you use the car accident loan. You do not have to use it on expenses relating to the injuries and damages you suffered from the crash. However, it is wise to create a budget.
Just like you cannot know when a car crash will occur, you cannot tell when and what financial issues may emerge in the coming months or years. Having cash at your disposal can cushion you from financial difficulties regardless of when you encounter them. The everyday expenses that a car accident loan can help you cover include the following:
- Medical expenses
- Utility bills
- Daily expenses such as food or gas
- Repairs or replacements
- Rent and mortgage payments
How to Get a Tennessee Lawsuit Loan
Getting a car accident loan in Tennessee is a simple process. Once you choose the right legal funding company, you can apply through the following procedure:
Complete the Application
Please fill out the fund advance request form and submit it to the legal funding company for review.
Wait for the Response
The legal funding company will first review your application before making a decision. Therefore, wait to hear whether the company accepts your application.
Receive Your Funds
If the company approves your car accident loan request, you will receive an amount depending on your prospective settlement.
A lawsuit funding specialist from the funding company can respond to any questions regarding your car crash loan.
Should You Talk to Your Lawyer Before Applying for a Tennessee Car Accident Loan?
A legal funding company requires your attorney’s approval to give you a car accident loan. Generally, a lawyer working on a contingency basis is open to accepting legal funding. But sometimes, a lawyer may not want to involve a third party.
If your attorney does not want to approve legal funding, the lending company will not likely offer you the loan. Your alternative would be to work with another attorney who accepts legal funding.
Get a Car Accident Loan in Tennessee Today
Financial difficulties arising after a car accident can be overwhelming. Do not let financial pressures force you to settle lower than you deserve. High Rise Financial can authorize Tennessee car accident loans while you wait for fair compensation.
Contact us today for financial assistance.