Car accidents can turn your life upside down in an instant. Beyond the physical and emotional toll, the financial strain is often too much to handle. Medical bills, lost wages, and daily expenses don’t stop piling up, even when you’re not able to work. So, you might be wondering: Can you get a loan on a car accident settlement? The answer is yes—you can obtain a loan, known as pre-settlement funding, based on your pending car accident settlement.

What is a Car Accident Pre-Settlement Loan?

Pre-settlement funding, also known as a lawsuit loan or legal funding, is a type of non-recourse cash advance based on the future compensation from your car accident settlement. If you’re wondering whether you can get a loan on a car accident settlement, this is exactly how it’s done. Unlike traditional loans, pre-settlement funding allows you to access a portion of your future settlement now, helping you cover your costs while you wait for your case to resolve.

Additionally, this funding is risk-free—you only repay it if you win your case. It’s a way to access funds quickly without the burden of monthly payments or the fear of accumulating debt if your case doesn’t end in your favor.

How Does Pre-Settlement Funding Work?

Getting pre-settlement funding with Baker Street Funding is a straightforward process:

Consult Your Attorney: Before applying for funding, discuss this option with your attorney. He or she must agree to assist you with the advance, and provide the required case documentation.
Application: Fill out an application form online, detailing your car accident case.
Case Review: Once your application is submitted, our experienced underwriters will review your case within 24 hours. We’ll work closely with your attorney to gather all relevant information and determine if your case qualifies for funding.
Approval and Offer: If your case is approved, a settlement funding agreement will be prepared for you and your attorney to sign. After the contract is executed, your loan funds will be deposited into your account within hours.

With Baker Street Funding, there’s no need for credit checks, and the entire process is designed to get you the money you need fast. We also allow plaintiffs to receive up to 10% of their pending settlement’s estimated value, with loans ranging from $1,500 to $2,000,000+, depending on the specifics of the claim.

Advantages of Pre-Settlement Funding

Immediate Access to Funds: Quickly cover medical bills, rent, utilities, and other essential expenses while you wait for your case to settle.
No Repayment If You Lose: If your case doesn’t result in a settlement, you owe nothing—no repayment of the loan or interest.
No Pressure to Settle Early: Having funds on hand reduces the pressure to accept a lowball offer just to cover urgent expenses.

Eligibility for a Car Accident Pre-Settlement Loan

To qualify for pre-settlement funding, your case must meet certain criteria:

Active Personal Injury Case: You must be involved in a car accident lawsuit with a valid claim.
Strong Liability: The other party must clearly be at fault in the auto accident.
Insurance Coverage: The defendant should have adequate insurance coverage to pay for your damages.
Attorney Representation: You must have an attorney representing your case on a contingency fee basis.

Baker Street Funding provides loans for a wide range of car accident cases, including:

The Takeaway

So, can you get a loan on a car accident settlement? Absolutely. Pre-settlement funding offers a lifeline for those struggling to make ends meet after a car accident. It provides quick access to funds without the burden of credit checks or repayment if your case isn’t successful.

Baker Street Funding provides a fast, risk-free way to get the money you need, with no hidden fees or surprises. Our rates are competitive, starting at just 2.95% per month, non-compounding, with a cap after three years to protect you from escalating costs.

Explore your pre-settlement funding options with us today and take control of your financial situation. Apply now for a loan on a car accident settlement case to see how much you can receive.

FAQ

Why can’t my attorney provide a loan?

Attorneys are prohibited from lending money to their clients due to ethical guidelines. However, they can advance funds for specific expenses related to your case, like court fees.

How soon can I get funding?

Once your application is approved, funds are usually deposited into your account within hours.

Can I get a loan if my case is weak?

Pre-settlement funding is typically reserved for cases with strong liability and clear damages. If your car accident case is weak, it may not qualify for funding.