We also encourage you to check out the ultimate guide to lawsuit loans. This is the most comprehensive resource of its kind and will help you fully understand the pre-settlement financing process and industry.
Or, keep reading this article for more information about getting a “loan” against your car accident settlement.
Are car accident loans actually loans?
No. A car accident loan is actually a cash advance against any potential settlement from the case. This means that they are contingent upon the existence of a settlement—if you don’t receive a legal settlement, then you are not required to repay any of the amount borrowed. The word loan is used for convenience, but because these funds are not actually loans, they are not subject to lending laws.