If a car accident has left you with injuries, the impact on your life can be widespread. In many cases, you will begin to suffer from the financial effects of the accident before you can even seek legal action against the at-fault driver. Knowing this, the financial industry has come up with a plan to lend money to accident victims. Read on to learn more about lawsuit loans.
The Accident Will Impact Your Wallet
While being physically injured is bad enough, the monetary effects of an accident are nearly as bad. Here are just a few negative financial issues you can expect after an accident with injuries:
- Lost wages – You may not have the luxury of paid time-off and most people cannot afford to miss days, weeks or even months of work while dealing with injuries.
- Medical expenses – Insurance is supposed to cover your medical expenses, but you may have trouble getting the insurance company to cover everything you need without taking them to court.
- Lost personal property – If your vehicle is damaged or totaled, there may be a delay in getting your transportation needs covered. This can mean using public transportation or renting a car. You may have to bear those costs on your on until you can take legal action and be reimbursed.
To help bridge the gap, lawsuit lenders provide loans to accident victims while they are waiting for a settlement or court judgment. Personal injury cases can drag on for some time, so this sort of loan allows victims to pay their bills and stay afloat financially for a few months. These loans also offer victims another bonus – there is no need to repay the loan if you don't win your case.
Understand the Value of Your Case
These loan companies are not in the business of throwing away money, so they must have some assurance that you will win your case. While no one is capable of providing a guarantee of that sort, these companies use the facts of your case to make a determination of the potential risk of you winning or losing. They take a look at your case and evaluate your chances of winning based on:
- The other driver being 100% at fault for the wreck.
- The insurance resources of the other side.
- The dollar amount of your damages.
Speak to Your Attorney
Never agree to a lawsuit loan without consulting with an attorney, like those at Steeg & Glista PC. You should also know that these lenders usually charge interest and sometimes fees for their services. This option may provide you with a valuable benefit, but it is not for everyone. Speak to your attorney to learn more.