Tennessee Car Accident Loans

A car accident can affect your life in many ways, including causing painful injuries and affecting your financial wellbeing. If you’re involved in a car accident, you can seek financial compensation from the at-fault party or file an insurance claim. 

Unfortunately, such legal claims can take a lot of time and may not help with the current pressing financial needs. In the meantime, you could take a car accident loan to help you settle immediate bills such as medical bills.

At High Rise Financial, we have been at the forefront of providing financial help to Tennessee car accident victims during the difficult period, and we can help you too.

How does Pre-Settlement Funding in Tennessee Differ from Other Loans?

A car accident loan is different from a typical loan. It is essentially a funds advance on your settlement. Therefore, car accident loans won’t focus on your credit history, unlike other types of loans but on the strength of your claim case for compensation. 

A Tennessee legal funding company determines a reasonable estimate of your potential award to establish the amount of money to give you for your case. Your settlement becomes the collateral for this cash advance. Therefore, you’ll repay it using the money you get from your accident claim settlement.

What Amount Can You Get After Applying for Legal Funding in Tennessee?

The amount of the car accident loan you can get in depends on the following factors:

Damages

The extent of your damages is used to determine the amount you can get as a car accident loan. Generally, there are two parts to damages. The first part includes:

• Injuries sustained during the accident
• The medical expenses
• Duration of treatment
• Estimated future medical costs

The other part is wage loss established by multiplying your earnings by the amount of work you missed due to the accident. It could also include wage loss factors such as whether you’re able to return to work in the future.

Liability

Another factor determining the amount of fund advance you can receive after a car crash is the level of liability of the responsible party and any fault you had in the crash. Sometimes two parties may share fault, for instance, in a sideswipe car accident.  

Insurance

Generally, you can only claim for up to what the at-fault party insurance covers. The minimum insurance coverage and limits for drivers in Tennessee include:

• A bodily injury liability ($25,000/individual and $50,000/accident)
• Uninsured motorist bodily injury ($25,000/person and $50,000/accident)
• Property damage liability ($15,000/ accident)

How Much do Tennessee Car Accident Loans Cost?

Car accident cases differ in the costs they impose on the victim. Therefore, it might be difficult to state a specific car accident loan cost estimate. But Tennessee pre-settlement funding companies usually follow some rules of thumb when issuing car accident loans. 

First, the company discloses any cost of your lawsuit loan upfront. All those costs are outlined in the agreement you sign when taking the loan. A reputable funding company also ensures the contract is clear and easy to read, so you fully understand what you are signing.  

Should You Go for a Lawsuit Loan in Tennessee?

Car accident loans offer multiple benefits to the borrower. However, if you’re unsure whether you should take a car accident loan, here are situations where it can be of great help:

• If you sustained serious injuries from your accident
• If you have immediate expenses
• If the accident led to the inability to work
• If the accident led major loss of current and future income
• If you are getting a lower settlement than you deserve from the insurer and you need to continue fighting until you get what you deserve

How Can You Spend Your Tennessee Car Accident Loan?

A lending company won’t put any restrictions on how you use the car accident loan. You don’t even have to use it on expenses relating to the injuries and damages you suffered from the crash. However, it is wise to create a budget. 

Just like you cannot know when a car crash will occur, you cannot tell when and what financial issues may emerge in the coming months or years. Having some cash at your disposal can cushion you from financial difficulties regardless of when you encounter them. The common expenses that a car accident loan can help you cover include:

• Medical expenses
• Utility bills
• Daily expenses such as food or gas
• Repairs or replacements
• Rent and mortgage payments

How to Get a Tennessee Lawsuit Loan

Getting a car accident loan in Tennessee is not a complex process. Once you choose the right legal funding company, you can apply through the following procedure:

Complete the Application

Fill out the funds advance request form and submit it to the legal funding company for review. 

Wait for the Response

The legal funding company will first review your application before making a decision. Therefore, wait to hear whether the company accepts your application. 

Receive Your Funds

If the company approves your car accident loan request, you’ll receive an amount depending on your prospective settlement. 

A lawsuit funding specialist from the funding company can respond to any questions you might have regarding your car crash loan. 

Should You Talk to Your Lawyer Before Applying for a Tennessee Car Accident Loan?

A legal funding company requires your attorney’s approval to give you a car accident loan. Generally, a lawyer working on a contingency basis is open to accepting legal funding. But sometimes, a lawyer may not want to involve a third party. 

If your attorney does not want to approve legal funding, the lending company is not likely to offer you the loan. Your alternative would be to work with another attorney who accepts legal funding. 

Get a Car Accident Loan in Tennessee Today

Financial difficulties arising after a car accident can be overwhelming. Don’t let financial pressures force you to take a lower settlement than you deserve. High Rise Financial can give you a car accident loan while you wait for fair compensation. 

Contact us today for financial assistance.