In an ideal world, there would be no car accidents at all. Yet, the truth is that we do not live in one. Research shows that 1.3 million people die due to car crashes every single year. This translates to about 3,287 fatalities every day. And up to 50 million people face injuries or disabilities due to the same.
The implications of car accidents are wide-reaching. If you survive a fatality, you may not be so lucky regarding injuries. The most obvious result will be high medical bills. Loss of income can be due to having to take time off work to recover.
There is the option of pursuing litigation for personal injury. But, the lawsuit process can be expensive and time-consuming. Indeed you could find yourself in the court corridors for years.
Yet the daily financial obligations are very much present. You must keep up with bills, debt repayments, and much more. Before you know it, you drain your cash reserves and can no longer borrow from family or friends. It helps to find a way to navigate the financial constraints during such times.
You can find some relief by applying for lawsuit loans or pre-settlement funding. Read on to learn how to get a loan after a catastrophic accident. The article provides a solution if you decide to sue for personal injury.
Find Relief with Lawsuit Loans
As a plaintiff in financial constraints, you can apply for lawsuit loans. The lenders avail cash advances, which you offset once you get your settlement.
So why would lawsuits be attractive options? The answer is quite simple. Despite the name, the money you get is not a loan. You only pay back the amount if you win the litigation. That has made pre-settlement funding or lawsuit loans a very attractive option.
It will give you some financial help as you go through the litigation. You can use the money to cover daily financial obligations without incurring debt.
Please do take the time to understand what you are signing up for. Pre-settlement loans can sound pretty attractive.
They cover a broad scope of claims. These include personal injury, car accident loans, slip-and-fall lawsuit loans, and premise liability. But, before appending your signature on any documents, please follow these steps.
Carry Out Research on the Lender and Terms
Different lenders have different pre-settlement funding offerings. One of the most critical areas is the fees or billing structures.
Many will charge an upfront fee to cover some of their costs. But, anything beyond 10% is prohibitive. A good option is Provident lawsuit loans. They will not take up more than 5% in processing and review fees.
The amount the lender takes will determine how much of the settlement is yours to keep. Also, check how they apply the interest on the loan amount. Simple interest is a cheaper and better option than compound interest. Lenders who charge the latter will take a bigger part of your settlement.
Be wary of any lawsuit loan company unwilling to be upfront about their fees. Less reputable ones will have some hidden fees. You only get to know about them the day the settlement comes through. Please take enough time to research the lender. Read customer reviews and compare the rates.
Understand the Lawsuit Options in Catastrophic Accidents
A catastrophic accident results in severe life-changing injuries. You may suffer permanent damage. Such may need ongoing treatment or medication for the rest of your life.
The injured can lose their livelihood due to an inability to work. Any dependents will also suffer due to the income shortfall. The range of litigation funding options depends on the reason for the accident. These include:-
- Personal injury loan
- Car accident settlement loans for truck, car, and bike injuries
- Slip and fall lawsuit loans under premise liability claims
- Pedestrian lawsuit funding
- Passenger lawsuit funding
- Medical malpractice funding
- Police brutality funding
- Intentional lawsuit funding
Hire the Right Auto and Car Injury Lawyer
The best way to get fast lawsuit settlement funding is through a lawyer. The lending companies will work with the attorney. Only then can they determine whether they give the loans.
Remember, the case outcome will determine whether they get back their money. They will want to ensure that the lawyer representing you can get the best outcome for the case. Indeed, working with the best catastrophic injury lawyer is in your interest.
You could also enjoy the connections of the injury attorney. From their networks, they can tell you the best lenders to go with.
Applying For the Lawsuit Loan
The digital space has made it easy to apply for loans. You don’t need to line up in a banking hall while waiting your turn to speak to the loan agent. Getting Provident lawsuit loans is as simple as:-
- Log onto the lender’s online portal. Go back to our point on carrying out proper due diligence. You can also go with the option your lawyer provides
- Supplying your details which should include name and contact details
- Availing contact information of the attorney. The lender will get in touch for more information on the ongoing litigation.
- Wait for approval and contract signing. Same-day accident loans ensure you have the money in your account within 24 hours. Further, no credit checks mean the approval process can happen faster.
And, please, don’t worry about the negative impacts of such loans on your credit score. The lenders receive their cash at the end of the litigation. This is unlike other debts that you must take care of every month. So, there is nothing like defaulting or skipping payments.
Final Thoughts
A catastrophic accident can take you out of commission for a long time. You have to deal with the physical injuries. But the inevitable aspect of the financial challenges will come up. Dealing with the medical and day-to-day living will drain your savings or cash reserves.
The inability to earn an income during the recovery will further exacerbate the problem. Lawsuit loans provide a fantastic solution by availing of cash advances. But, before applying, do proper research on the lender.
Understand the different lawsuit funding options available. And finally, get a good injury lawyer who can guide you through the process.
