Car Accident Advance Loans
Being injured in a car accident can turn your world upside down in a matter of minutes, causing physical and emotional trauma that you never saw coming. An auto accident can also dramatically impact your finances. Time lost from work, damage to your vehicle, medical expenses, legal fees and more can quickly drain your bank account and plunge you into debt.
An auto accident settlement advance from Cronus Capital Group can be a game-changer, relieving your financial stress so you can focus on recovering and getting your life back on track. Loans for car accidents help injured victims and their families get through the tough times brought on by a negligent driver.
What is an Auto Accident Settlement Advance?
Even though they are called accident loans, an auto accident settlement loan is nothing like a typical bank loan. It is a no-risk cash advance that is repaid from your settlement award, once your lawsuit is settled. With an auto accident cash advance, you never make a monthly payment, and if you lose your case, you walk away owing nothing.
Your total available cash advance is determined by a number of factors:
- The extent of your injuries and other damages
- The entity being sued (insurance company, commercial enterprise, etc.)
- The anticipated amount of your settlement award
- The likelihood of your lawyer winning the case
In the majority of cases, the defendant’s insurance company is involved in the lawsuit, and loans are based on insurance settlements Most reputable companies encourage you to take the absolute lowest cash advance you need to make ends meet while you wait for your case to settle.
All the truth about the pros and cons of car accident loans in Cronus Capital Group
Are Auto Accident Loans only Available for Car Crashes?
While personal vehicle crashes are common, there are many other categories of motor vehicle accidents, and most are eligible for pre-settlement funding.
At Cronus Capital Group, we provide funding for:
- Car accidents
- Motorcycle accidents
- Pedestrian accidents
- Truck accidents
- Bicycle accidents
- Tractor trailer accidents
- Bus and school bus accidents
- Limo and ride share accidents
Regardless of whether you were the driver, a passenger, a pedestrian or a cyclist, if you were injured in a motor vehicle accident you may be eligible for a car accident cash advance.
What are the Prerequisites to Qualify for an Auto Accident Settlement Advance?
Not everyone who was involved in a car accident is eligible for auto accident funding. To qualify, you should be able to meet the following criteria:
- Have serious medically documented injuries or other damages caused by someone else’s negligence
- Have an attorney or legal team working on your case
- Be an adult over age 18, or be the parent of an injured minor
- Have a case filed against an insurance company, a government entity, or a large business entity with substantial assets
Once you submit your application, our attorneys and underwriters will work with your lawyer to assess your case and decide on your available cash advance amount.
What Else Should I Know Before I Apply for an Auto Accident Lawsuit Loan?
If your car accident happened in the state of New York, there are a number of advantageous laws that favor car accident victims.
- The State of New York has a special “No-Fault” law that is not available in most other states. It allows for your own insurance company to cover up to $50,000 of medical bills from your accident. In other words, you will not have to repay medical bills for your injury treatment, up to $50,000. Without this provision, all your medical bills would be deducted and repaid from your settlement money.
- The State of New York mandates that insured drivers carry a minimal amount of insurance, so all auto insurance policies have minimal coverage of $25,000/$50,000. This means the maximum coverage per injured occupant is $25,000 and the total policy coverage for all injured occupants in the crash is $50,000. Insurance policy limits play an important role in establishing the maximum amount of money you can expect to receive in your settlement. Although a 25/50 policy is the New York State minimum, drivers often opt for higher limits.
- Motor vehicle lawsuits in the State of New York must be filed within 3 years from the accident date. If you don’t file before three years have elapsed, the statute of limitations will prohibit you from filing a claim for damages.
How is My Auto Accident Settlement Loan Amount Calculated?
Auto accident settlement loans are based on three primary factors: Damages, Liability and Insurance Coverage. Once we receive your application and gather information from your lawyer, our underwriters will review your case. The amount of pre-settlement funding available to you is typically around 10% of your estimated case value (the total amount you can expect to receive in your settlement).
Bear in mind that you are not obligated to borrow the full amount offered. In most cases, legal expenses, medical expenses and other additional expenses will be deducted from your total settlement as well. You do not want to totally deplete your settlement before it is even awarded.
How Do I Apply for an Auto Accident Loan?
The application process for car accident settlement loans is quick and easy. Simply complete and submit our convenient online form, or contact us by phone. Our friendly staff is standing by to answer your questions and process your application.
When you apply, be ready to provide the following details, to expedite your cash advance:
- Name and contact information of your attorney.
- Insurance company details for yourself and the negligent driver.
- Details about your accident and injuries.
- Your share of liability in the accident, if any.
- Medical, legal and other expenses incurred from the accident.
- Other relevant details.
Once we have the information we need, we will quickly get to work to review your application, get in touch with your lawyer and determine the available amount of your car accident loan. You can rest assured that there is no credit or background check, and you will have no out-of-pocket expenses. In most cases, funds are available to you within 24-48 hours.
Pre-Settlement Loans for Auto Accidents
Cronus Capital Group is one of the premier auto accident loan companies in New York. Our reputation for transparency, trustworthiness and customer service meets and exceeds the standards in our niche. With offices in Brooklyn, Queens, Long Island and Staten Island, Cronus is nearby and ready to serve auto accident victims throughout the greater New York area.
If you have been injured by a negligent driver and need money now, contact Cronus Capital Group today, and let us help relieve your financial pressure while you recover and wait for your case to settle.