Can I Get a Loan on a Pending Car Accident Settlement?

Car accidents can hinder your life, and you will suffer more losses than you can track. The financial hit victims must face can lead to bankruptcy, low credit scores, and more. While you know that a settlement is imminent, you have few options. 

Some car accident victims will take a lower settlement to get their money fast and get creditors off their backs. Do not make this grave mistake. Contact High Rise Financial and get a loan on a pending settlement.

How Do Car Accident Loans Work?

Unlike a loan, we give you pre-settlement financing, a portion of your future settlement. You pay the loan back through your settlement. You do not come out of pocket to pay back the loan, and your other assets are off-limits. 

Since we only get payment from your settlement, you do not risk anything by borrowing from us. 

To apply for free, call (877) 735-0016

What Happens if I Lose My Case? 

Pre-settlement funding is non-recourse, meaning you are not responsible for repayment if you lose. One caveat is you must sign a contract stating what happens if you lose your case. The contract will also outline what happens if you get less in your settlement than initially expected. 

Since these agreements vary, you might get a lower compensation or have to work out another arrangement. Read through the contract and speak to your lawyer to ensure you understand what will happen with your case. 

How Long Does It Take to Get a Car Accident Loan? 

You will receive funding soon after your approval. Since there is no credit check and we must review your application and speak to your lawyer, the process is short. Once you apply, we will review your case with your attorney and reach a decision. 

Sometimes, this can take only 24 hours, and if you qualify, we will begin processing your loan. 

Are These Loans Safe?

Yes, these loans are safe. There are regulations and business practices that ensure you are safe. When you take out a settlement loan, you are only responsible for paying the loan once you win your settlement. 

Since there is no risk, you can be sure you are not left on the hook for a payment when you did not receive your money. Your personal information is secure because we do not need your credit or employment history. Licensed lenders are the only parties to provide these loans and regulations will vary by state. 

Complete a Free Application form now

Can Accident Funding Get Me a Larger Settlement? 

Since we only take a portion of your potential settlement, you can still get a large payout. Insurance companies and their lawyers count on the financial struggle you are experiencing to get you to accept a lower settlement. When you use pre-settlement funding, you remove some financial strain and buy yourself and your lawyer more time. 

Lower stress levels mean the insurance company cannot pressure you into a quick settlement, and you will have a larger payment. 

Will a Loan Cost Me?

Sometimes we must charge interest on your loan, and your settlement will be impacted if you take out a substantial amount. While you do not pay anything upfront or out of pocket, your costs will incur later. Interest rates will vary, and you must assess these rates when you apply for a loan. 

High Rise Financial will explain your expected costs and ensure you understand before you agree. Our goal is to help you during difficult times, not prevent you from getting compensation. 

Can I Get a Loan without a Job?

When processing your pre-settlement financing, we do not ask questions about your employment, credit score, or bank account. There are no credit checks either. You can qualify for a pre-settlement loan if you were in a car accident with injuries and have a lawyer working on your case. 

Legal representation is vital because your lawyer must agree to pre-settlement financing and provide information about your case’s value and potential outcome. 

What Can I Use the Loan Money on?

Since we offer you a cash advance, you can use the pre-settlement money on anything you deem necessary. We suggest that clients use the cash on accident-related expenses like medical treatment or to catch up on bills that are behind from their inability to work. If you use the money for investments, you will suffer tax consequences. 

Retain all receipts of payment should any issues arise in the future. 

How Much Funding Can I Get? 

The amount of funding you can get depends on your case. Some cases allow you to take out two loans within a certain period. Your lawyer will determine your case’s worth by looking at injuries, losses, and more. 

Two advances are often seen in cases involving commercial vehicles like a semi-truck. Loans range from $10,000 to over $100,000, but these numbers do not indicate your circumstances. 

How Do I Pay Back the Loan? 

You do nothing to pay us back because your attorney will ensure we are paid. When they get the settlement, they will have a few payments to make, including your doctors, expert witnesses, and anyone who worked on your case. When you take out a car accident settlement loan, we are also on the list of people lawyers will pay. 

Is a Car Accident Loan Better than a Traditional Loan?

Yes, a personal loan has high-interest rates and is contingent on your current financial picture. If you have late payments, it is challenging to get a loan. However, a car accident loan works differently and has low-interest rates. 

There are no credit or income checks and you get quick access to the funds you need. 

Apply for a Loan Today 

You have the legal right to file for compensation through a car accident claim. Unfortunately, insurance companies will delay your claim as long as possible to wear you down and make you settle for less. They can drag your case out for months or years, and you will face financial struggles while you wait. 

High Rise Financial is here to help by offering no-risk financing options. Call us to find the best option for you.

Call or text (877) 735-0016 or fill out our form to apply today for free.