If another driver leaves you injured in a car accident, you are in the precarious position of needing to tend to your physical health and well-being, handle mounting medical bills, and potentially cope with diminished income. It’s a lot, and if you’re wondering how you will manage, you’re not the first. Fortunately, auto accident loans and other forms of lawsuit settlement funding were created with accident victims like you in mind, and if you’re interested in learning more about how a lawsuit loan can help you, reach out to a well-established lawsuit loan company for the help you need today.
What are Car Accident Loans?
What are car accident loans, you ask – well, they aren’t loans in the traditional sense of the word. Instead, car accident loans are a form of what is known as non-recourse funding, which is a fancy way of saying that if you do not ultimately settle with the insurance company (or receive a court award if your case goes to trial), you won’t owe anything.
With a loan, you are required to pay back the amount you borrowed (according to the terms that apply), but with a car accident loan, you will owe a predetermined percentage (according to the terms that apply) of your settlement or court award.
In other words, the company that provided you with the loan carefully considered the circumstances of your case and concluded that it would very likely lead to a specific settlement or court award (which is what your car accident loan was based upon). Car accident loans are based on the strength of your car accident claim and not on your credit score, which can be immensely helpful in this moment of need.
Benefits to You
The benefits of a car accident loan to you, as the injury victim, are considerable.
Taking the Financial Edge Off
Someone else’s negligence has injured you, and you’re very likely facing considerable medical expenses that can include:
- Emergency transportation from the accident scene
- Surgery and follow-up care
- Hospital stays
- Treatment and care from doctors and specialists
- Medical treatments, tests, and procedures
- Prescription medications
- Physical and/or occupational therapy
- Adaptive devices
If your auto accident injuries are quite serious, you may need ongoing medical care. Further, while you focus on recovering physically, you will almost certainly experience a decrease in earnings, which can extend to an overall loss in your ability to earn into the future and to an altered career trajectory. You are facing considerable financial hardship while attempting to regain your health, and it is a lot all the way around. With a car accident loan, you can help take the edge off by allowing you to address your difficult financial situation head-on and move forward with increased confidence and hope.
Holding out for a Just Claim
Another benefit of a car accident loan is that it allows you the space to fight for your claim’s best possible resolution. After a serious car accident, you can find yourself drowning in bills, and any settlement offer from the car accident company may feel like a lifeline. Your claim and recovery are too important to settle for an amount that fails to cover your complete physical, financial, and emotional damages. The insurance company recognizes this fact and may swoop in with a woefully low settlement offer in an attempt to take advantage of your desperation. Without a car accident loan on your side, you might feel as if you have no recourse other than to accept the insurance company’s scraps and to attempt to muddle through financially as best you can.
With the financial backing of your car accident loan, you can base your decisions on the strength of your claim – rather than on financial distress.
Jared Stern is the founder and owner of Provident Legal Funding, and he takes great pride in his ability to help clients like you obtain the funding you need to face your accident-related challenges. Get to know Jared better at LinkedIn.