Car accident loans, also known as pre-settlement loans, are special types of financial assistance for individuals who have pending car accident claims. This type of funding is designed to help plaintiffs cover immediate needs and expenses while their case is still in progress – essentially providing a lifeline during a stressful period.
The term ‘loan’ can be a little misleading as these funds do not function like traditional loans. One key difference is that they are non-recourse advances. What does that mean? Well, non-recourse simply means that the repayment of the advanced funds depends entirely on the outcome of your case. If you win your lawsuit or reach a verdict in your favor – fantastic! The loan is payable from your settlement. However, if for some reason you do not win your case, you won’t be obliged to pay back the loan.
For example, let’s consider a situation where someone involved in a car accident is unable to work due to injury. The bills are piling up and the strain of financial stress is added to the already existing physical pain. He or she could apply for a car accident loan. This advance would provide much-needed finance to cover living expenses while waiting for their case to be resolved. It’s an invaluable resource in tough times, potentially saving plaintiffs from financial despair.
How Lawsuit Loans Work
Here’s how the lawsuit loan process works in three easy steps. The entire process can be completed within 24 hours with your attorney’s help.
Apply Online or Call Toll-Free
Apply online or call us toll-free at (866) 594-1343. Submitting your application takes minutes.
We Review Your Case
Next, we contact your law firm and collect basic information to review your case. Review only takes a few hours.
You Receive Funds
You and your attorney review and sign our funding contract. Once complete, you can have funds within hours.
Key Information About Car Accident Loans in Texas
This section gives an overview of some important stats about car accident loans in Texas. The details include the average loan amount provided, the highest loan disbursed by LawsuitLoans.io, and more relevant information.
Average car accident loan amount by LawsuitLoans.io in Texas
Largest car accident loan by LawsuitLoans.io in Texas
Average interest rate in Texas
Median personal injury verdict in Texas
Texas statute of limitations
2 Years; Civ. Prac. & Rem Code Title 2 Ch. 16 Section 16.003
Texas fault laws
Texas is an “at-fault” or “tort” state, meaning the driver found to be responsible for the accident is liable for damages.
Get up to $500,000 with rates as low as 2.5% simple, monthly
Getting involved in a car accident can be stressful and financially draining. But, did you know that if you’ve had a car accident in Texas, you might be eligible for a lawsuit loan? This loan is provided to plaintiffs who are awaiting the settlement of their cases.
There are several criteria you need to meet to be eligible for this kind of funding. The first is that you must have a valid legal claim. This claim could be against an insurance company or a self-insured company. In other words, someone else has to be at fault for the accident, and legally responsible for the damage caused.
The second main criterion is that you must have hired an attorney to represent you on a contingency basis. This means that your attorney agrees to be paid their fees only if they win the case for you. They take a percentage of your settlement or judgment as their fee.
Last but not least, you need to be 18 years old. This is because minors cannot legally enter into a contract under Texas law.
If you fit these criteria, then congratulations! You might be one step closer to securing a loan to cover your costs while waiting for your case to settle.
Get an Instant Quote
Input your requested funding amount and the time your case may take to settle here to see your savings and cost when you choose LawsuitLoans.io. While we sometimes offer interest rates as low as 2.5%, our calculator assumes an interest rate of 2.9%. This calculator is illustrative – please contact us for an instant, written quote for your request.
Months Until Settlement:
Pay as little as $2,631 on a lawsuit loan of $10,000 if your case settles within 6 months of your advance.
Save as much as $1,697 on a lawsuit loan of $10,000 if your case settles within 6 months of your advance.
Save as much as 39% on a lawsuit loan of $10,000 if your case settles within 6 months of your advance.
Car Accident Loan Process in Texas
If you are injured in a car accident in Texas and need funds while your legal case is still in process, then a lawsuit loan could be an ideal option. We at LawsuitLoans.io offer auto accident loans to help plaintiffs bear their expenses with ease. The process involved is simple and straightforward. Let’s take a look at the primary steps:
We contact your law firm: After receiving your application, our team will connect with your law firm to discuss additional details of your case.
We review your case: Our underwriting team thoroughly reviews all provided materials to come to a decision on the funding amount.
You sign a contract: Once approved, we will send you a contract to sign which outlines the loan terms and repayment details.
You get funds: After the contract is agreed upon and signed, we disburse the funds directly to your account.
Here’s an example to better explain it. John, a resident of Texas, suffered injuries in a car accident. He applied for a lawsuit loan from LawsuitLoans.io to cover his medical and other expenses during the legal processing time. He filled out the online application, we contacted his law firm, reviewed the case, sent him a contract to sign after approval, and once we received back the signed contract, transferred the funds to his bank account. Using this lawsuit loan, John was able to comfortably manage his expenses while waiting for his legal proceedings to finalize.
So, victims of car accidents no longer have to worry about financial stress while they await their settlement. Our auto accident loan aims to help you stay financially stable throughout your lawsuit in Texas. If you have any more queries, please feel free to reach us at our toll-free phone number (866) 594-1343 or our website.
Apply today and get funds as soon as the same day you apply!
How Much Money Can I Get From my Car Accident Pre-settlement Loan?
Lawsuit loans from LawsuitLoans.io can range from $500 – $1,000,000+. We are able to advance up to a maximum of 25% of your expected portion of the settlement if your case is currently in progress. For cases that have settled, we can offer 50% of your expected portion of the settlement.
Let’s look at an example. Consider a plaintiff residing in Texas who is involved in a car accident case with an estimated value of $50,000. The case is still progressing and won’t settle for a while. Generally, medical providers receive around 1/3 of the settlement, and the attorney gets another 1/3 of the settlement. As a result, the plaintiff would receive around $17,000. Based on our policy, we can advance approximately 25% of that amount which equates to $4,250.
Get $500 – $100,000 as soon as today
We understand that if you’re applying for funding with us, you needed the funding yesterday. With your attorney’s cooperation, we can provide funding as soon as the same day you apply with us.
At LawsuitLoans.io, we are proud to extend our services to clients nationwide. In the Lone Star State of Texas, we reach out to a multitude of cities, providing pre-settlement funding for personal injury and other legal claims. Here is a list of the top 10 cities we serve in Texas, ordered by population size:
It’s important to note that these are just a few of the cities we serve. If you are a resident of Texas, or any other state, and need litigation funding, do not hesitate to reach out. Contact us at (866) 594-1343 or use our online funding application. We are here to support you through your legal journey.
Texas Car Accident Funding FAQs
We often receive a ton of questions from Texas residents interested in car accident lawsuit loans. Therefore, we’ve decided to provide answers to the most frequently asked ones below:
How much does it cost to get a car accident lawsuit loan?
The cost of obtaining a car accident lawsuit loan can vary based on several factors. These factors include the amount you’re requesting, the expected payout from your lawsuit, and the estimated time it will take for your case to be resolved. You can learn more details by visiting the LawsuitLoans.io website or contacting us at our toll free number, (866) 594-1343.
Do I qualify for a lawsuit loan on my car accident case?
Typically, in order to qualify for a lawsuit loan, you need to have a valid litigation or claim. In the case of car accidents, mostly, you should have a personal injury lawsuit. Furthermore, you should also have an attorney representing you. To check whether you meet the requirements for a lawsuit loan, you can fill up our application form located at LawsuitLoans.io funding application.
Can you get a loan on a car accident settlement?
Yes, it is possible to get a loan against your car accident settlement. LawsuitLoans.io provides pre-settlement funding to plaintiffs awaiting their legal cases to resolve. Essentially, we provide a cash advance based on the estimated settlement amount of your lawsuit. You can learn more by contacting us or visiting our website.
Get up to $500,000 with rates as low as 2.5% simple, monthly