Car accidents happen all the time across Louisiana, and it is challenging for victims to handle the financial repercussions of these incidents. Many victims are financially destroyed after an accident, making it impossible to focus on their physical recovery. Car accidents are expensive, and your savings often become depleted faster than expected.
Waiting for a settlement means you must dip into your pocket, but you have another option. Before settling for less, speak to High Rise Financial for a Louisiana car accident loan.
Car Accident Expenses
The costs that come after a car accident bankrupt many victims, leading to them taking smaller settlements to stay afloat. A disabling injury can cost $101,000 in medical expenses and out-of-pocket costs on average.
Additionally, other losses associated with a disabling injury increase the total by well over $1 million. Families often face these financial costs as they come and fail to realize that future costs will continue to incur.
Pre-Settlement Funding in Louisiana
One way to circumvent some of the many expenses of car accidents is through legal funding. High Rise Financial offers different pre-settlement funding options for car accident victims.
Through a Louisiana car accident loan, we pay victims a portion of the estimated future settlement in advance. You can use this money to cover expenses from the car accident and to help you get the compensation you deserve.
Upon your case resolution, you pay High Rise Financial back. Payment can only be made from a settlement, and we cannot obtain payment from your other assets or income. The way our Louisiana car accident loans work makes them accessible for victims.
Qualifying for a Car Accident Loan
Qualifying for a car accident loan is a straightforward process. When you submit an application, you include information about yourself, your law firm, and your car accident. Our applications do not require employment or credit history.
Being in a car accident and seeking compensation are the essential elements to qualify for a Louisiana car accident loan. You must also have an attorney retained and represent your best interests. To assess risk factors, legal funding companies like High Rise Financial will discuss the merits of your case with a lawyer.
While you can file claims independently, having a lawyer is necessary for legal funding. You cannot obtain a car accident loan if you do not have legal representation. One final requirement for legal funding is your lawyer agreeing to pre-settlement financing. Since the lawyer must pay back your loan and provide information about the case, they must cooperate.
Spending Your Pre-Settlement Funds
Think of pre-settlement funding as a cash advance on your future settlement. There are few limits on what car accident victims in Louisiana can spend the funds on. Victims come to us for different reasons, many need money to pay for medical treatment, and others need money to pay daily expenses because they cannot work.
The best use of the funds is alleviating the financial pressure of a car accident. Budget your pre-settlement loan correctly and extend your lawyer’s time to work on your case. The less pressure you have, the more time you can give your car accident lawyer to negotiate with the insurance company for a fair settlement.
One caveat to consider is you will pay taxes on pre-settlement loans if you use the funds for investments. It is best to avoid using the money for investment purposes, but you can speak to a CPA for advice.
Repaying Your Louisiana Car Accident Loan
Car accident victims do not handle the repayment process – their lawyer does. Unlike other loans or cash advances, borrowers do not call us to make payments or set up payment plans. There is no bill in the mail or additional correspondence hounding you for payment.
When your lawyer receives your settlement funds from the insurance company, they will pay any pending accounts, including Louisiana car accident loans. Car accident loans incur interest, but it is simple interest, so it is easy to calculate and add to your final payment. You can get the payout you deserve, pay your medical bills, lawyer, and High Rise Financial.
Additionally, our loans are only a portion of your estimated settlement. Taking too much can lead to victims getting lower payments, which is unfair.
Most Dangerous Roads in Louisiana
Louisiana has 134,115 miles of road, and with so many miles to travel, it is no surprise that many car accidents result in injury and death. An analysis of 826 roads by MoneyGeek had shocking findings between 2018 and 2020.
During those years, 13 fatal accidents occurred on the deadliest stretch of road: I-10 E from Exit 231A to 239B. The most deadly county to drive in was East Baton Rouge, with 29 accidents happening on US-61.
Regarding deadly months, October is the lead, with September and May not far behind. The deadliest roads in Louisiana include:
- Blues Highway from Hanks Dr. to Delcourt Ave
- I-12 W Exit 7 to Exit 4
- US-190 from Lobdell Ave to Rushmore Dr.
- US-61 from Briarwood Pl to Ascension parish Rd
- US-165 from Center St to S. Park Dr.
Car accidents are prevalent in Louisiana, and the costs are immeasurable. Drunk driving resulted in 30% of speeding in 18%, and distracted driving in 17% of fatal collisions. While deadly accidents are common, many car accidents result in injuries ranging from minor to debilitating. Medical costs are the highest after an accident leading many victims to look for alternatives.
Need a Louisiana Car Accident Loan? Contact High Rise Financial Today
High Rise Financial understands victims’ financial implications after a car accident, and we want to help alleviate some burdens. Pre-settlement loans offer financial security and options for accident victims. Lawsuit loans are reliable, affordable, and accessible.
An application takes minutes, and you can receive an answer within hours, depending on the cooperation of your lawyer. Contact High Rise Financial to find out more about legal funding in Louisiana. Our team will review your situation and help you find the best option for you.
Call for a Louisiana car accident loan today.