Anyone injured in an accident that wasn’t their fault is entitled to compensation, but it can take a lot of time before your insurer will allow you claim your money. They’ll want to do their own investigation, but you can’t wait while the bills pile up.
That’s why we offer legal funding through Michigan car accident loans. While you’re waiting on your lawyer to settle your case, you can continue to pay for rent, food, and medical care. These risk-free loans do not need to be repaid if you lose your lawsuit.
In This Article
Why Use Legal Funding for a Michigan Car Accident?
Despite Michigan’s no-fault system, your insurer may try to drag out the process. Whether for good reasons or not, this puts pressure on you to settle sooner before your debts get too high. With High Rise Financial, you don’t have to worry about that.
Changes to Michigan’s no-fault system may also make it harder for you to get compensation, like if you opt out of the no-fault system or if you don’t meet certain requirements. Your lawyer will fight for what you’re owed, but that will take time.
Our car accident loans are an advance on your future settlement. We get paid back when you win your case, and you get to use a portion of your compensation early. With our help, you and your lawyer can continue the fight for the full value of your case.
What You Need to Apply for a Loan
In order to qualify for a Michigan car accident loan, you need to have a car accident claim or lawsuit, and you need a retained lawyer. You also need to be a Michigan resident. If you got into an accident out-of-state, we may still be able to help you depending on what state you’re from.
Your attorney has information we need to make our funding decisions, and they must also agree to receive the funding from us. If they agree, you can have the cash in your account in just 24 hours.
Unlike traditional loans, you do not have to give us anything like your employment status, credit checks, or proof of assets. Nor do you need a good credit score. This is because we only offer non-recourse loans. The only way we get paid back is through your settlement or award.
How Can I Spend My Car Accident Loan Money?
After you’ve received your money, it’s treated just like settlement money. There are zero restrictions on how you spend it. The responsible thing to do is to use it to pay for things like:
- Pay bills that you can’t pay because you’re out of work.
- Buy food, groceries, and other essentials.
- Pay back creditors
You also do not need to pay taxes on this money. Settlement money is not considered income. However, if you choose to invest the money, you may need to pay capital gains taxes at some point. Speak with a qualified CPA about this.
Why Not Get a Traditional Loan?
There are banks that will offer traditional loans while you wait on a settlement, but they put you at a significant disadvantage. You’ll have to give them a lot of information and it may take longer for you to get your money.
High Rise Financial uses simple interest rates, but a traditional bank loan will probably use compound interest. This means you could pay far more than you expect if your case takes a long time.
You’ll also have to pay them back even if you lose. In a car accident situation, you could become unable to work for a long time, or lose the capacity to earn as much as you did. You could face bankruptcy if you lose your case and have a traditional loan. We offer a better solution.
High Rise Financial Can Help You
If you’ve been in a car accident and can’t take the financial pressure, don’t turn to a traditional lender or take an early settlement. Contact High Rise Financial and see if you qualify for pre-settlement financing for a car accident loan in Michigan.