Car accidents are a common thing, but if you sustain injuries, it could have a devastating effect on you, both physically and financially. If you have been injured in a car accident caused by someone else, you have the right to sue for a compensation claim. The recovery process can take a long time, from negotiation with the insurance company to the litigation of the suit in court. During this time, your financial needs may be on the rise.
However, you can get a pre-settlement loan for a car accident injury as you wait for your case to end. If you are suing for a car accident and need a loan, you can apply for a pre-settlement loan. You can use the money to pay for your medical bills and other bills.
Here are a few things you should note when applying for a pre-settlement loan for a car accident injury.
Assessment of the Case
The lawsuit lending company will first assess your case and examine all the details. The lending company representative will first look at the injuries sustained from the car accident. If the injuries are severe, the settlement for the case could be very high.
The representative will also assess the level of liability in the case you have. If your liability level is too high, for example, 60%, the company might decline to give you a loan.
Application of the Pre-Settlement Loan
You will be required to fill an application form to provide all the details regarding the lawsuit. You will also give your attorney’s contacts to the company; the company will contact them for confirmation and further information about the case.
Once the lending company has all the information, it will review and decide if they want to lend you money. If your application is successful, the company will let you know when to collect the money.
Who Is Eligible for a Loan?
Pre-settlement funding is not given based on credit, but rather on the strength of your case. You’re eligible for a loan if you have a strong case and your chances of winning a settlement are high. The lending company will conduct its due diligence to evaluate the strength of your case.
In Nevada, you need an attorney representing you in the case before you can apply for a pre-settlement loan. The case should also be valid and still active in court. The company will inform you if you’re eligible for the loan.
Use of the Pre-Settlement Loan
You can use the loan in any way you want. After instituting legal proceedings to recover the damages, you can wait a very long time before getting compensation from the liable party. It is not a guarantee that the insurance will immediately make the payment; you may have to wait a few months. You can use the pre-settlement loan for anything you’d like including the following:
- Medical bills
- Mortgage or rent payments
- Household expenses, such as groceries
- Car payments
- Tuitions fees for the kids
Find a Lawsuit Lending Company
If you have urgent expenses and you do not have money, you can apply for a pre-settlement loan as you wait for payment from your car accident claim. Do not wait for too long; contact a litigation lending company as soon as you can.