Accident Settlement Loans: Take Control of Your Financial Situation Now!

Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects.

Injury accidents can be painful, upsetting, and expensive. When an insurance claim isn’t enough to cover your expenses, you may file a lawsuit against the at-fault party. While a lawsuit offers hope for compensation, it could take weeks, months, or even years to resolve. How do you pay your bills in the meantime?

Rather than going into debt or accepting a hasty settlement offer, accident settlement funding provides an alternative. In this post, we discuss what accident settlement loans are, how you can qualify, and how they can help make ends meet until the resolution of your case.

What Are Accident Settlement Loans?

First, a little terminology: accident settlement loans are cash advances on future lawsuit compensation. You may also hear them referred to as “lawsuit loans,” “legal loans,” and “accident loans.” In reality, they are not loans at all because you don’t have to pay them back if you lose.

This type of funding is called “non-recourse funding” or a “non-recourse loan.” It also goes by “litigation funding,” “legal funding,” and “plaintiff funding.” No matter the name, this type of funding provides financial relief to plaintiffs waiting for the litigation process to conclude.

What Are the Benefits of Accident Settlement Loans?

The following are among the top benefits of accident settlement loans:

• Financial control: After your injury, you may face hefty medical expenses and lost time at work. Accident settlement loans help you take control of your financial situation.
• Non-recourse funding: Unlike a traditional bank loan or credit card, you’re not on the hook for repayment if your settlement doesn’t come through.
• No credit check: Unlike traditional credit applications, legal funding companies do not check your credit score or require collateral to approve your financing.
• Peace of mind: When you know you can afford rent and groceries, you can focus on healing. You and your attorney also won’t feel pressured to give in to a quick settlement amount that doesn’t meet your needs.

What Can I Use Accident Settlement Funding for?

Accidents are costly, and if you’re not working because of an injury, your financial situation may become overwhelming quickly. Another advantage of accident settlement loans is that you can use them on just about anything you need.

Household Expenses

You can use your litigation funding to make rent or mortgage payments, buy groceries, pay utility bills, and repair or replace your car. You can also use it for additional household expenses such as school supplies, college tuition, pet food, in-home care, or even a much-needed vacation.

Medical Costs

If you’ve already filed a lawsuit, the chances are you have serious injuries. Accident settlement loans can help you pay previous medical bills, such as ambulance transportation, emergency room visits, and medication costs. It can also enable you to seek necessary continuing medical treatment, including further testing, surgery, or physical therapy.

Debt Management

You may have already maxed out your credit card, borrowed from family, or taken out a bank loan since your injury occurred. Accident settlement loans can help you manage your debts, allowing you to regain financial control and perhaps even improve your credit score.

Which Cases Qualify for Accident Settlement Loans?

You must have a qualifying case type to be eligible for accident settlement loans. These commonly include the following:

• Motor vehicle accidents: Car crashes, motorcycle collisions, and truck accidents are common personal injury cases in the United States. You may also qualify for funding if you were injured as a bicyclist, pedestrian, or passenger on public transportation.
• Slip/Trip and fall: These accidents often occur because of negligent maintenance. Property owners may be responsible for your injuries if you slip in an icy parking lot, trip down broken stairs, or are injured when a ceiling or balcony collapses.
• Catastrophic injury: If you sustained a catastrophic injury, you may no longer be able to work and may even suffer permanent immobility. These include life-altering injuries such as traumatic brain injuries (TBIs), spinal cord damage, and limb amputation.
• Wrongful death: Finally, you may qualify for accident settlement loans if you are involved in a wrongful death lawsuit. These are legal actions brought by a close family member of someone who died from someone else’s negligence.

How Do Accident Settlement Loans Work?

To qualify for accident settlement loans, you must have an active lawsuit with an attorney representing you. The rest of the process typically works like this:

• Application: You apply for funding by providing basic information about your legal case and your attorney.
• Review: The legal funding provider evaluates your case to understand who was at fault, the nature of the damages, and your chances of winning.
• Approval: If the funding company believes you have a strong case, they may offer you a cash advance.
• Agreement: You sign a contract specifying the terms and conditions, including fees, interest rates, and repayment terms.
• Payment: The funding provider sends you the approved amount, often in as little as 24 hours.
• Repayment: If you win your lawsuit or settle your case out of court, you repay the funding company from your compensation amount. If you don’t win your case, you don’t need to repay the advance.

Request Your Non-Recourse Loan Today!

If your finances are spiraling out of control — or you want to take action before they do — contact Rockpoint Legal Funding today. We offer accident settlement loans, pre-settlement funding, and post-settlement funding to qualified applicants.

Call us at (855) 626-3214 or apply online now.