How do I get a Loan from my Car Accident Settlement?

Jul 14, 2021 09:07 AM EDT | Staff Reporter

How do I get a Loan from my Car Accident Settlement?

(Photo : Pixabay)

Being hurt in a car accident is not something anyone looks forward to. On the contrary, it is a very dangerous and disruptive experience that may carry long-term consequences depending on the severity of the injuries. If you are dealing with injuries, overwhelmed by the upheaval in your life, and worried about your financial situation, which has been affected by your inability to work, you should make an appointment for a consultation with an accident attorney. As you talk about your case, your lawyer will explain the options available to recover compensation for your injuries and losses.

After appraising the situation, your accident attorney may recommend that you file a claim against the party responsible for your injuries. To build a strong case, it will be necessary to gather as much evidence as possible on your behalf. Medical records will be collected, a copy of the police report, witness testimonies, and pictures taken at the accident scene can all play a role in building your case. All this can take time.

Also, once the case is filed, it may take a long time to settle, and all this time, you are dealing with the pile of medical bills, and your finances are far from healthy as well. Your lawyer may engage in negotiations with the other party to get you a settlement faster, but you know you will not accept an amount that would be insufficient to cover your damages. This is when a loan from your car accident settlement might come in quite handy. The question is, how do you go about getting one, and how much can you expect to get in this loan? Read on to find out more.

Getting a Loan from your Car Accident

The process of qualifying for this type of loan is very straightforward. To obtain the funds, you must meet two basic requirements. To begin with, you must be the victim of a car accident and have a pending legal claim. Also, you must be represented by an accident lawyer. If those two criteria are met, you must fill the application form to supply information regarding the accident, the injuries you suffered, your attorney's contact information, and your own.

Your application will be looked into to determine whether you qualify for the loan. If so, how much funding you can expect to get. With the help of an experienced accident attorney, you should have a strong case on which this loan process will be based. The funding company will look at your case, and if there is a reasonable probability that it will result in a successful outcome, you will receive the loan.

What happens if I lose my case?

This is an important concern since you do not want to end up with further debt when you are already dealing with so much. Uber accident loans or car accident loans are defined as non-recourse, and this means that should you lose, you are not responsible for repaying them. In any case, you should always read the fine print to understand if you have any obligations before signing on the dotted line.

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