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When you need financial relief, look no further than our Massachusetts car accident loans from High Rise Financial. Contact our loan specialists today to find out how much you could be approved for, how lawsuit loans work, and the steps you will take to regain control of your life.
How Car Accident Loans in Massachusetts Work
After being involved in a motor vehicle crash, you might be looking into your options for financial relief. Learning about car accident lawsuit loans may seem like this opportunity is too good to be true. However, this is different when you go with High Rise Financial.
Car accident loans are in advance on the settlement you expect to win when you file a claim with the insurance company or bring your case to court. Instead of taking out a cash advance with extra high-interest rates or pursuing a bank loan, you can request legal funding and obtain a portion of your settlement funds ahead of time.
With our car accident loans in Massachusetts, you can get out of debt, cover your costs, and rebuild your life before your legal case resolves.
Why You Should Not Get a Bank Loan After a Car Accident
You might be wondering why you should choose a Massachusetts car accident loan instead of contacting your financial institution with which you have an existing relationship.
There are many reasons why you should never attempt to obtain a bank loan after being involved in a motor vehicle accident. Here are some of the most important explanations you should not apply for a traditional loan:
Your Credit Score Matters
Your credit score will matter when you apply for a personal loan through your financial institution or bank. When you apply, the financial institution will run your credit. This will automatically place an inquiry on your credit report, temporarily reducing your credit score.
The bank may be less likely to approve your application if you do not have good credit. With poor credit, you are more likely to be taken advantage of by predatory lenders. You might have poor credit, but this particular bank might be willing to approve your application if you agree to a 25% interest rate.
If this happens, you could pay more interest than you take out in the loan. You do not need to worry about your credit score by going with legal funding. We do not run your credit or put an increase on your record. High Rise Financial does not care what your credit score is as part of our application process.
You Need to Provide Proof of Income
When you apply for a traditional bank loan, you must be prepared to provide proof of income. This is because as soon as your loan is dispersed, the bank needs to know you will start repaying the loan within 30 days. Without proof of income, the bank is unlikely to approve your application.
The same cannot be said for our Massachusetts car accident loans. Here, we never require income verification as part of our approval process. We recognize that your injuries or legal issues may prevent you from earning a living.
Furthermore, we do not require our applicants to begin repaying their loans within days of approval. Our loans are non-recourse, so you only have to pay them back if your attorney when’s your case. Your car accident loan can only be paid back with your settlement funds, which means your income source is irrelevant.
Laws Influencing Your Car Accident Loan Payout
There are several Massachusetts laws that could have an impact on the amount our loan specialists can authorize in legal funding. Some of the most notable include the following:
Statute of Limitations
According to Ch. 260, §2A, Massachusetts has a strict three-year statute of limitations in place for personal injury and car accident claims. If your lawsuit is not filed before time expires, the court system will refuse to hear your case.
When you need access to a car accident loan, you must have your lawsuit filed before this deadline. Otherwise, you could lose the chance to recover the compensation you deserve.
Shared Fault Laws in MA
Sharing liability for the accident could also impact how much compensation you win and the amount you can be authorized in legal funding. Massachusetts follows a modified comparative negligence system with a 51% threshold. As long as your portion of liability does not exceed 51%, you can still recover compensation for your damages at a reduced rate.
The shared fault deduction will be based on your percentage of the blame. For instance, if you did not wear your seatbelt when a drunk driver subsequently hit you, the judge could find you 5% liable for your injuries. If the jury awarded you $300,000, you could expect a 5% reduction, leaving you with $291,000.
How Insurance Works
Massachusetts follows no-fault insurance laws. You must carry personal injury protection coverage as part of your auto insurance policy.
Then, when you are in an accident, you file a claim against your insurance policy to recoup certain types and amounts of damages. This means the amount of compensation you win through an insurance claim is tied to your policy limits.
Apply for Your Car Accident Loans in Massachusetts Today
Massachusetts car accident loans from High Rise Financial could be the answer to your immediate financial worries. With a quick approval process and access to your settlement fines in a matter of hours, our loan specialists are here to help you get through some of the most challenging times in your life.
Get your costs covered in as few as 24 hours when you call our office, complete our confidential contact form, or submit our online application.