Sometimes people are driven to unfortunate events like car or truck accidents. Such accidents are not uncommon in many states in America. If you happen to be one of the victims of car accidents, you are eligible to apply for a car accident loan against your future lawsuit settlements. In a simple sense, these accident loans are disbursed to the victims or their family members as a cash advance which can be adjusted towards the final settlement after winning the case in the court of law. On the other hand, if you lose your case, you owe nothing! The link http://time.com/5059457/stop-texting-and-driving/discusses one of the main causes of accidents, the increasing tendency of people to text messages while driving! This irresponsible behavior of drivers alone has resulted in many accidents, and some were even fatal!Hence, it is high time we realize the importance of concentrating on the road and not on cellphones while driving.
What Are Accident Loans?
In general, car accident loans are offered only to the accident victims or the family members of the deceased victims. This type loan is different from the traditional loans that are disbursed for personal or commercial purposes. Victims or the family members who are waiting for a settlement in the court of law or from insurance firms can only apply for this car accident loan. This loan is primarily issued to meet the immediate expenses of the victims such as hospital bills and other emergency payments.
With the disbursement of this car accident loan, the victim can get away from the financial burden caused by accident. Since there is no recurring repayment system involved in this car accident loan, victims need not undergo any economic pressure till the lawsuit is settled in his or her favor. In the event of the case being lost, the entire repayment of the cash advance becomes void. This seems to be real USP of this car accident loan.
You should not forget the fact that car accident loans are not to be considered under the purview of normal cash loans. These loans are the cash advances issued to you against the potential lawsuit settlement. These loans are arranged by the attorneys who represent the victims in the court. These legal experts guide you in identifying the banker who issues car accident loans. Your lawyer will offer no guarantee for these loans. Also, the bankers issue these car accident loans only after getting concurrence from your lawyer about the merits of your lawsuit. Unless the bankers are convinced with your legal claim, this car accident loan will not be granted to you.
In fact, bankers take a risk in making you avail this car accident loan. More importantly, they will not harass you till you get your claim in full. Even when you lose the case, they have no right to have their money back. Because of this risk element, they carefully check the merits of your lawsuit as well as the capability of your attorney who handles your case. Car accident loans offer innumerable benefits to the victims. In a finding, it has been reported that majority of the victims who have availed this unique loan use the fund to settle mortgages or rent. Some use the fund for medical expenses incurred for treating the victims.