Car accident settlement loan is a cash advance where repayment is dependent upon the plaintiff receiving a settlement. If your case is settled or you prevail in court, your attorney will pay back the funds directly to the funding company. The cash advance accrues interest until the date it is repaid.
However, if your case is unsuccessful for any reason, you are not required to repay the auto accident loan. Both principal and interest are entirely forgiven and you will not be “on the hook” for any amount of money. If you lose your case, the advance is yours to keep for free.
A lawsuit loan isn’t really a loan at all. It’s a bit of a misnomer. Auto accident loan companies instead purchase a portion of your future settlement. Pre settlement loans for auto accidents from ECO all come with no-win/no-pay guarantees.
In the meantime, the cash upfront can help you pay for living and medical expenses if you’re injured and out of work, or just short on cash. This means that your lawyer will be able to take their time getting you a fair auto accident settlement.
Car accident loans come with a cost – interest accrues from when you take out the advance until when your case settles. Some lawsuit lending companies also charge fees that roll into the cost of your advance.
At ECO Pre-settlement Funding, we exclusively charge simple, non-compounding rates. We never charge any upfront fees and there are no monthly payments.
If (and only if) your case resolves in your favor, your attorney will pay us back from your portion of your claims’ settlement proceeds.
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