What are Accident Loans and Why They Are Helpful?
If you have been in an accident, you have probably gone to court or received a settlement from the person who hurt you. However, many times, these people are very slow to pay you what you deserve, which can hinder you from getting back to your normal life. Accident loans may be able to help.
Whenever you are in a lawsuit because of an accident, you may have an option of using accident loans, also called settlement or lawsuit advances, which is a way to borrow money against the future settlement. These types of ‘loans’ aren’t truly loans in a legal sense. Whenever you receive money on a future case award, you will be expected to repay the amount of your loan plus any fees that were agreed upon and that are in the contract you signed. However, if you lose the case and don’t get a cash settlement, you are not required to pay back the advance.
Accident loans are a great way for you to solve your money problems without a risk to yourself. If you win the settlement, then you will already have the money to pay the advance off. If you don’t win, you don’t have to pay anything.
You can use the money from the loan for anything you need. This can include medical bills, rent or mortgage payments, car payments, pay off credit cards, buy groceries or for any other purpose you require.
These loans can be given for many personal injury cases, including auto accidents, product defect cases, construction accidents, medical malpractice, slip and fall cases and even dog bites. There are many of these companies available; each company may have its own types of cases they will provide loans for, so it is important to do your research on each one to ensure you find the best.
Once you find a company to work with, make sure they will not charge you for the loan if you don’t win your case. You will also want to make sure the application process is fairly easy and straightforward. It is also important to ensure the loan doesn’t require monthly payments until you win your settlement. Most applications don’t require a credit check or employment verification, which is also helpful.
Accident Loans are financial products aimed at providing assistance to people when needing help during settlement stages. Contact Resolution Funding today for further help.