When Should You Apply for An Auto Accident Lawsuit Loan?

lowest rates

loans within 24 hours

no monthly payment

no credit check

According to the National Highway Traffic Administration, vehicular collisions happen almost every 60 seconds in the United States. Some of these accidents cause minor property or personal injuries, but others can cause severe or permanent damage. If you’ve been involved in an auto accident with claims of liability against another party, the chances are that you know how taxing it is. Here is where auto accident lawsuit loans come in.

An auto accident lawsuit loan is given to plaintiffs who have been victims of or are involved in auto accidents. It usually takes eight to 16 months for a plaintiff to receive a settlement, and it can drag on up to several years, especially if the damages sustained are considered severe. In some situations, victims become unable to work or tend to daily needs and chores because of injuries. That is why many choose to apply for lawsuit loans to cushion litigation, medical, and other general living expenses.

What Are the Benefits of Having An Auto Accident Lawsuit Loan?

Auto accident lawsuit loans are meant to assist with your financial needs while waiting for settlement. They are easy to apply for, and the loan size largely depends on the claims and projected settlement amount. It also comes with several benefits.

The Funding Can Afford You More Time to Fight for Fairer Settlement

Plaintiffs who find themselves strapped for cash after vehicular accidents often agree to mediocre settlements. It mainly happens when insurance companies, defendants, and opposing lawyers attempt to stall the process. They know that the longer it takes to close the case, the more money the plaintiff needs to stay afloat, forcing a quick and low settlement to bounce back from financial pressures. Proper funding through auto accident lawsuit loans will allow you and your lawyer time and resources to build a stronger case and win a more significant settlement amount.

The Loans Are Non-Recourse and Pose No Risk to Your Assets

Auto accident lawsuit loans are considered pre-settlement legal funding, so they cannot affect your existing assets or money. Think of it as an advance to your settlement cash. It is non-recourse, meaning should you lose the case, you are under no obligation to repay the loan to the funding company. Additionally, these types of loans do not look at your credit rating and cannot affect your credit score. Your employment also won’t affect the application process since no monthly deposits are involved. The funding company will take the entirety of your payment out of the settlement you acquire.

The Application Process Is Easy, and You Can Get the Cash Within 24 Hours

It’s easy to apply for an auto accident lawsuit loan as long as you qualify and meet the requirements. You only have to choose a funding company and fill out an application form. The funding company will then reach out to your lawyer to process the necessary documents and vet your case. Once your application is verified and granted, your attorney will sign the contract, and you can receive the cash within 24 hours. With Direct Legal Funding, we can wire the money via bank transfer, an overnight check, or through Western Union.

How Much Will An Auto Accident Lawsuit Loan Cost You?

Lawsuit loans do not charge you anything upfront. You will pay only if you win the settlement case, and the terms of your repayment are always outlined in the contract you and your lawyer will sign with the funding company. At Direct Legal Funding, we offer as low as a 2% interest rate – the lowest anywhere in the country. We also structure interest rates per client, depending on what suits your needs the best. As a rule of thumb, you should thoroughly discuss the terms of your loan with your attorney and take out no more than what you need so that you can avoid future financial problems.

How Can You Use An Auto Accident Lawsuit Loan?

Victims of vehicular accidents can often sustain minor to severe personal injuries or damages to property. That alone can cause significant financial setbacks, on top of the legal fees you would have to settle. Auto accident lawsuit loans have broad coverage that can help you get back on your feet. Some of the ways you can use your funding are:

  • Hospital bills and medication
  • Vehicle repairs or replacement
  • Compensation for wages lost
  • Mortgage or rent payment
  • Child support or school payments
  • Daily living expenses and utility bills

Are You Eligible for An Auto Accident Lawsuit Loan?

It is vital to discuss your settlement claims and the terms of your auto accident lawsuit loan with your attorney before application and processing. Once you’ve done that, the requirements and qualifications are straightforward. If you’re over 18 years old with a legal attorney hired on a contingency basis, have an ongoing settlement case or a case waiting to be filed, and can present a valid claim against a self-insured entity or insurance company, you’re eligible for a lawsuit loan.

The only verification a funding company will need is liability and damages. Are there property damages or mental or physical injuries sustained? Did you experience a loss of wages due to the accident? Is there proof that the defendant (with insurance coverage) can be held accountable for the said damages? If the answer to these questions is yes, you can immediately qualify for a lawsuit loan. The amount of the loan you can take out will also depend on several factors, including the gravity of injuries or damages sustained and the current or total cost of medical bills related to the accident.

An auto accident lawsuit loan can cover several types of accidents. Here are some:

Semi-truck and commercial vehicle accidents. Since commercial vehicles almost always carry liability coverage of $100,000 or more, applying for an accident cash advance on claims against these entities is easier.

Bus accidents. In claims where the defendant is a bus operator, the liability is apparent, reducing the need for thorough proof of accountability.

Taxi, limousine, or ride service accidents. Big-name private taxi services like Uber and Lyft have $1 million in uninsured motorist and bodily injury coverage, assuring you of unconditional claims.

Bike or pedestrian accidents. Lawsuit loans are tremendously valuable for bicycle or pedestrian accidents since these cases can take years to close due to the large settlement major injuries usually come with.

Private vehicle accidents. If an auto collision with a private vehicle happens, wherein the defendant is insured, you’re eligible for an auto accident lawsuit loan.

What Is the Process for Applying for An Auto Accident Lawsuit Loan?

Taking out an auto accident lawsuit loan with Direct Legal Funding is easy. You only need to fill out an application, and then our team will reach out to your lawyer for verification. Make sure to have your attorney prepare all the necessary documents and information before your application to speed up the approval process. It helps to have all the details of the lawsuit ready, as well as the name of your attorney’s law firm and other contact details. The more we know about the circumstances surrounding your accident and the status of the case, the faster it is for us to assess your claims.

Apply for An Auto Accident Lawsuit Loan and Get Your Cash in 24 Hours!

Vehicular accident cases can be expensive because insurance companies and self-insured entities will likely do their best to lowball your settlement claim or stall the proceedings. Without any financial cushion, you might be tempted to accept low offers and get the process over with to return to your routine. However, that might prove difficult, especially if you’ve sustained significant injuries or damages to property.

Direct Legal Funding can help you fight for fair and proper settlement through our auto accident lawsuit loans with easy application and quick turnaround time! We offer the lowest rates in the country, and our process is built to fit your needs and help you win your case. Apply for an auto accident lawsuit loan now!