South Dakota law entitles anyone injured in a car accident caused by a negligent driver to pursue compensation by filing a personal injury claim. However, settling an injury lawsuit can take several months, and bills can accumulate, causing serious financial difficulties.
At High Rise Financial, we understand how challenging it can be to recover from an auto accident injury without funds to sustain you while expecting your compensation. Our loans enable claimants to receive a risk-free, non-recourse, and immediate cash advance to meet their basic needs and expenses.
In This Article
- Understanding South Dakota Legal Funding
- How to Qualify for a Pre-Settlement Funding in South Dakota
- What Determines the Amount of Lawsuit Loan in South Dakota You May Qualify for?
- How a South Dakota Lawsuit Loan Company Can Help You
- What Happens If You Lose Your Case?
- Do You Need a Lawyer’s Approval to Receive a Car Accident Loan?
- Contact High Rise Financial for Your Car Accident Loan Needs Today
Understanding South Dakota Legal Funding
Most car accident claims involve personal injury lawsuits that might be solved fast without heading to court. However, victims may wait for several months or even years before receiving compensation owed from the at-fault party. Car accident loans provide an option for victims of auto misfortunes to access funding to cover current expenses.
If you need a South Dakota car accident loan, a legal funding company can analyze the facts of your case and estimate the value of your claim. They can lend a portion of your compensation amount to be settled later after receiving your compensation. Unlike a typical loan, car accident loans are no-risk and non-recourse loans where you do repay them, but only when you win.
How to Qualify for a Pre-Settlement Funding in South Dakota
South Dakota pre-settlement funding is easier to qualify for than most loans since it requires a few conditions. Here are some criteria you must meet to be eligible for a car accident loan in South Dakota.
- You must be at least 18 years old.
- You must be ready to file a lawsuit or have a pending car accident lawsuit.
- The at-fault party must be insured.
- You must have legal representation from a contingency-based lawyer.
Once you fulfill these conditions, you are likely to qualify for legal funding from High Rise Financial. In addition, South Dakota car accident loans do not require the borrower’s credit report to be eligible for a pre-settlement car accident loan. This is because your credit score and personal finances will not be used to repay the loan.How Much Does Legal Funding in South Dakota Cost?
Car accident loan costs differ between lenders because the industry is essentially unregulated. Typically, most legal funding companies charge higher interest rates that can deplete your entire settlement package. At High Rise Financial, we use a reasonable interest rate to help you remain with more money once you win your case.
What Determines the Amount of Lawsuit Loan in South Dakota You May Qualify for?
Serious car accidents can result in significant financial damage to the victims and life-changing injuries that may require immediate and ongoing expenses to cover property damage, loss of income, treatment, and more. Filing a car accident claim in such crashes may entitle you to a large settlement and substantial car accident lawsuit loan. However, the amount of legal funding you might qualify for may depend on the below elements.
- The severity of your injuries
- Cost of your medical expenses and ongoing treatment
- Any lost income
- Pain and suffering you may have suffered
- The extent of property damage you sustained
The size of your potential settlement often determines the amount of car loan you might qualify for in legal funding. For example, a substantial possible award may be eligible for a higher car collision loan, while smaller settlements may result in a lower amount.
How a South Dakota Lawsuit Loan Company Can Help You
South Dakota car accident loans cover financial difficulties you might face during your lawsuit. Once you receive legal funding, you can use it to cover any expenses, including those not related to the collision. Some ordinary expenses you can cover with a settlement loan in South Dakota include:
- Medical costs
- Utility bills
- Lost wages you missed
- Repairs or replacements for damaged property and vehicles
- Rent and mortgage payment
- Other expenses, such as food and gas
A car accident loan can reduce some financial burden of damages most victims experience when counting on compensation that might take longer to settle. In addition, obtaining pre-settlement funding may enable you to outlast pressure tactics insurance companies use to force victims to accept less compensation than what you deserve.
What Happens If You Lose Your Case?
Since car accident loans are non-recourse, you are not entitled to repay the loan if you lose the case. In addition, your personal assets are never at risk, including your credit score and employment history, which will remain intact. Generally, the lender often offers the loan against your car accident settlement, meaning you are not held personally liable for the debt.
Suppose you apply and get approved for several car accident loans, your settlement will be used to settle the amount borrowed. You do not have to provide collateral, since your settlement is used as security or an amount to pay the debt.
Do You Need a Lawyer’s Approval to Receive a Car Accident Loan?
If you are applying for a car accident legal funding, you need your car accident lawyer’s approval before getting approved. However, most lenders work with lawyers who operate on a contingency basis before approving your application. Suppose your car accident lawyer fails to approve your request, most lenders would allow you to bring in another lawyer to ratify your request.
Contact High Rise Financial for Your Car Accident Loan Needs Today
If you reside in South Dakota and need car accident legal funding, High Rise Financial can help you with a reliable, no-risk, and non-recourse pre-settlement loan at reasonable rates. Our experienced team will assess your claim and determine the value of your claim. For more information or to find out if you qualify for a car accident loan in South Dakota, contact us to speak with our team member today.