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Can You Get a Loan on a Car Accident Settlement?

August 12, 2020

One moment, you’re on the road without any trouble in sight. The next, you’re struck by another driver, and you’re badly hurt. Worse, their insurance company isn’t cooperating, and they’re claiming they weren’t at fault. You may be in for a months- or years-long lawsuit. 

But just because your lawsuit is ongoing doesn’t mean your bills will wait. In fact, you may have already gotten some frustrating calls from debt collectors and lenders who want their payments now. So can you get a loan on a car accident settlement in Las Vegas, Nevada? Here’s what you can expect. 

Pre-Settlement Funding for a Lawsuit

When you’re under such serious financial stress, you may need a lawsuit loan to cover your needs for now. This loan is given on the promise that when you get your settlement, you’ll pay back the loan. The lawsuit loan should cover the financial damages you’ve suffered because of your accident. 

That also gives you some room to focus on your claim and on building a successful lawsuit. It’s hard to focus on your injuries or your Las Vegas car accident claim when you’re experiencing so much pressure from lenders. With pre-settlement funding, you can feel less stressed about your claim. 

Applying for a Lawsuit Loan

Once you’ve decided to proceed with pre-settlement funding, you’ll need to determine whether you’re actually eligible for a loan. Luckily, you typically don’t have to worry about bad credit or other factors when it comes to your claim.

If you have an active lawsuit, you may already be eligible for a lawsuit loan. You and your lawyer can discuss the details of your claim with a lender before you work with them to determine whether that lender is prepared to cover your settlement. 

Paying for Your Pre-Settlement Funding 

Your settlement loan means that you’re getting your settlement money now, not later. Because of this, you’ll have to pay for your Las Vegas pre-settlement funding with your settlement funds once they come through. Typically, this will come off the top with your other costs, like attorney fees and court costs. Since you’ll have already paid for your accident-related losses, you won’t have to worry about repaying all those bills now.

But what about what you’re paying for the pre-settlement funding services, especially interest? In Nevada, the interest rate is capped at 40 percent, but our clients don’t have to worry about that, either. We charge annual fees, so you know what your claim will cost and can discuss it with your lawyer first. 

Seek Out a Loan on a Las Vegas Car Accident Settlement 

When you’re hurt in a car accident, you may be overwhelmed with injuries, expenses, and financial losses that aren’t easy to overcome. That’s where we at Money First Lending can step in. We can offer you a loan on a car accident settlement so you can rest easy knowing you’re financially secure. To learn more about getting a lawsuit loan, call 702-623-3333 or fill out the online contact form below.