Have you been left with painful injuries, mounting medical bills, and lost income because of a serious car accident in Michigan? If you haven’t already, it’s in your best interest to file a personal injury claim to get the compensation you deserve.
But what if you need some of that compensation sooner rather than later? After all, waiting for a case to settle can take a long time. Particularly if you end up with a lengthy litigation process.
Fortunately, there is a way to get pre-settlement funding through a car accident injury loan in Michigan. Doing so can help lighten your financial load while you wait for your case to settle.
The Way a Car Accident Injury Loan Works
You’re not alone in needing a way to bridge the financial gap between your accident and receiving the compensation you need to cover your injuries. A car accident injury loan provides just that. It’s a cash advance against your expected personal injury lawsuit settlement.
The amount of funding you might receive will depend on the type and severity of your injury, evidence supporting your claim, and other circumstances surrounding the accident. In general, most applicants can get around 10% of their expected settlement amount – and within 24 days of being approved.
The money you recover from a car accident injury loan can be used to cover your medical costs, monthly bills, or other expenses that loom while your claim is in progress. And unlike a traditional bank loan or a personal loan, you’re not required proof of assets or employment status. And you won’t be subject to a credit check. You don’t even need a good credit score.
That’s because a car accident injury loan in Michigan is a non-recourse loan. That means the only way the funding company gets paid is through your settlement or award when you win. And if you lose, you won’t be required to pay back the loan.
How to Get a Car Accident Injury Loan and Who Qualifies
Getting a car accident injury loan in Michigan is pretty straightforward. There are two requirements.
First, you must be the victim of a car crash with a pending legal claim. And second, you must be represented by an attorney because the loan money will come from your car accident lawsuit winnings.
If you meet these requirements, you can start the application process by going to the funding company’s website. You’ll need to provide basic information about yourself, the specifics of your accident and injuries, and your attorney. The funding provider will review your case and speak with your lawyer to determine whether you qualify and the amount of funding for which you may be eligible.
Upon approval, a respected funding provider like Motor City Legal Funding will transfer the funds to you through wire, check, or other disbursement method. Then you’ll be able to keep creditors off your back by paying mounting expenses. Even though the loan specifies ‘injury’, the money can be used to cover medical bills, rent/mortgage, utilities, groceries, car payments, or any other relevant expense.
It should be noted, however, that you cannot use the funds to cover any legal costs and expenses.
Other Advantages Over Seeking a Traditional Loan
Of course, you could go with a more traditional loan while waiting for your settlement. But you’ll be required to provide a lot of information to be approved. Plus, it will likely take longer for you to receive funds.
In addition, a funding provider of a car accident injury loan will likely use simple interest rates versus the compound interest you may be charged through the bank with a traditional loan. If your case drags on for a while, you could end up paying far more than expected.
Perhaps one of the biggest benefits of a car accident injury loan over a traditional loan is the fact that you don’t have to pay back the former if you lose your case. The same is not true for a traditional loan. And that could leave you deep in debt and possibly facing bankruptcy.
Don’t Let a Car Accident Injury Financially Destroy You
While you’re waiting for your case to settle, you can find some financial peace of mind by applying for a car accident injury loan through a trusted fund provider.
Motor City Legal Funding has a stellar reputation as one of the most reputable pre-settlement funding companies among attorneys and clients throughout Michigan.
So contact us today, or call (248) 792-8833 for a free case evaluation from one of our highly experienced team members. And let us go over your case to get you the financial help you deserve.
