You may have probably heard about how injured clients can take out loans against their car accidents but are still unclear as to what it is all about. A car accident loan is the lending of cash for people waiting to receive a settlement from an insurance claim. With this financial transaction, the borrower has the resources to pay monthly expenses and in return promises to compensate the lender when the insurance company settles the personal injury claim.
The most popular feature of a loan against your car accident settlement is that you are under no obligation to make payment should your attorney fail to win the case.
That's what makes pre-settlement funding so special ECO are provided access to some of their settlement money right in the middle of their car accident lawsuit.
Requirements for Pre-Settlement Funding
Car accident pre settlement funding can help you keep your head above water before settlement of your car accident but you first have to qualify for one. Fortunately, the qualifications are determined by the facts of the auto accident rather than the borrower’s credit history.
Here are the five basic requirements of car accident lawsuit loans and pre-settlement funding:
You are at least 18 years old
You live in the United States
You were injured in a wreck or are involved in a wrongful death lawsuit
You have an accident lawyer
You are eligible to receive and personal injury settlement
If you meet the 5 underwriting standards, you qualify for a free pre settlement loan review by one of our legal funding specialists right now. Just fill out the application and we can reach out to you.
How Do Accident Loans Work?
The funding you can receive for your car accident is based on the future settlement you can potentially get from your insurance claim that’s pending.
How that actually works is you first reach out to us to apply for funding. Second, an accident loan specialist will immediately contact your attorney to request some basic information about your case.
Third, after we obtain the necessary case information from your attorney, our loan underwriter will review the facts of claim in order to evaluate its current monetary value.
Fourth, in as little as 24 hours following the evaluation of your car accident file, we will call and update if we can give you a cash advance before the claim is closed. Depending on the extent of your car accident injury and medical treatment, we may be able to provide you with an insurance settlement cash advance.
