❓ Q: How Much Money Can I Get From a Car Accident Loan?A: TriMark Legal Funding offers pre-settlement loans on auto accidents from $500 up to $1,000,000+. How much your case is approved for will depend on several factors:
❇️ How much you request
❇️ How severely you were injured
❇️ Whether your case is pending or settled
❇️ Total available insurance coverage
❇️ Input from your attorney
❇️ Our underwriters estimated case valuation
Because approved car accident loans are based on the estimated net settlement amount, the more severe your injuries are, the larger the net settlement amount should be.
➡️ Pending cases: we can fund up to 20% of the estimated net settlement.
➡️ Settled cases: we can fund up to 50% of the actual net settlement.
❓ Q: How Much Will An Auto Accident Loan Cost? A: The short answer to how much a car accident loan will cost is “it depends”.
There’s no such thing as a one-size-fits-all auto accident loan rate for every plaintiff, on every case, every time. Our rates start as low as 1.5% simple interest, but not everyone will qualify for that.
There are a number of factors that can affect legal funding rates. Thinks like:
✳️ Is the case still spending or already settled?
✳️ What state is the plaintiff and the case in?
✳️ How well-developed is the case?
✳️ How serious were your injuries?
✳️ How much total insurance coverage is available?
✳️ Will you make a full recovery or are your injuries permanent?
✳️ Is there any prior funding on the case?
To get the absolute best rates for your legal funding advance, complete an application or give us a call at (877) 932-2628.
❓ Q: What Is A Car Accident Loan?A: Well, for starters, it isn’t actually a loan.
The terms “accident loans”, “car accident loans” and “auto accident loans” are used purely out of convenience, but technically, what TriMark provides are not loans and are not subject to lending laws.
They are an outcome-contingent lawsuit cash advance against your potential car accident settlement.
Outcome-contingent means that repayment is not absolute; it depends on a certain outcome. In this case, the successful settlement of your personal injury lawsuit. That means if you lose or your case doesn’t settle, you don’t have to repay a dime.
If you have questions or you’d like to apply, give us a call at (877) 932-2628 and we’ll be happy to answer your questions and walk you through the process.
❓ Q: Does My Case Qualify For A Pre-Settlement Car Accident Loan?A: Generally speaking, most plaintiffs are pre-qualified for a car accident loan if they can check these 3 boxes:
❇️ Been injured in an accident
❇️ Retained a contingent fee attorney
❇️ Filed a lawsuit or legal claim against a sufficiently-insured defendant
Meeting those 3 requirements will qualify most injured plaintiffs for vehicle accident pre-settlement funding. That includes all types of vehicle collisions and virtually all types of significant injuries.
❓ Q: How Do I Know TriMark Legal Funding Is Legitimate?A: 19 years’ worth of satisfied clients and counting can’t all be wrong!
Seriously though, TriMark Legal Funding was founded in 2003 and has been one of America’s foremost lawsuit loan companies ever since.
In addition to glowing Trustpilot and Google reviews, we are also A+ Rated with the Better Business Bureau.
❓ Q: Does Legal Funding Win Bigger Payouts?
DISCLAIMER:
TriMark Legal Funding makes no promise, warranty, or guarantee, explicit or implicit, regarding any particular outcome, positive or negative, that non-recourse litigation funding (aka legal funding), may have on the final value of any negotiated settlement or jury award amount.
A: The aforementioned disclaimer notwithstanding, Jennifer Marshall, an insurance industry ratings department director, cut right to the heart of the matter in a July 12, 2021 Business Insurance article, wherein she confirmed that winning larger awards and settlements is PRECISELY what litigation funding helps plaintiffs do.
Here is an excerpt, “straight from the horse’s mouth”, that reflects the insurance industry’s current thinking:
“Many insurance industry participants are unhappy with the growth of litigation funding. Jennifer Marshall, a director in the property/casualty ratings department at A.M. Best Co. in Oldwick, New Jersey, said it puts upward pressure on claims costs and drives increases in awards and settlements.“
Source: Businessinsurance.com
There’s no question that times are definitely changing for insurance companies, and not so much in their favor.
You can see the larger discussion and learn more here:
➡️ Does Litigation Funding Help Plaintiffs Win Bigger Settlements?
❓ Q: How Long Does The Process Take To Get A Cash Advance On My Car Accident Lawsuit?A: The approval and funding process for car accident settlement funding goes like this:
❇️ Apply online or call (877) 932-2628
❇️ We contact your attorney for case details
❇️ Our underwriter reviews your case and approves it
❇️ Funding agreement is sent to you and your attorney
❇️ Funds are sent via wire transfer, ACH, or FedEx Overnight
We have approved and funded auto accident loans in as quickly as 2 hours. Our typical turnaround time with a responsive attorney is 24 hours or 1 business day.
❓ Q: Does My Car Accident Attorney Have To Be Involved For Me To Get Pre-Settlement Funding?A: Yes.
TriMark will request case details from your attorney and will work with them to determine if you qualify for car accident pre-settlement funding. And after you are approved, you and your attorney will both sign the funding agreement.
❓ Q: Are There Any Limits Or Restrictions On How I Can Use The Money From An Auto Accident Loan?A: No.
Pre-settlement or post-settlement car accident loans are YOUR money from YOUR future potential accident settlement so you are free to use it however you see fit.
Plus, no one knows your financial circumstances better than you. You can use the money to get caught up on past-due bills or pay monthly expenses like rent, co-pays and medical expenses, car payments, insurance, groceries, prescriptions, utility bills or anything else you need.
❓ Q: Will It Show Up On My Credit Reports If I Get A Loan Against My Car Accident Settlement?A: No.
Car accident loans against a pending settlement are not the same as an extension of credit like a credit card or car loan is. There are no credit checks and no monthly payment requirements either, so there is no credit bureau reporting ever.
This is also true in the event that you lose your case and don’t have to repay the cash advance.
As an added bonus, because taking a cash advance against your accident settlement isn’t reported to the credit bureaus, it won’t affect your eligibility for home loans, car loans, or other credit products.
❓ Q: Isn’t A Car Accident Loan A Lot Riskier Than A Bank Loan?A: Not even close; car accident settlement funding is 100% risk-free.
❇️ Good credit required? No
❇️ Is there a credit check? No
❇️ On-time monthly payments every month? No
❇️ Real estate collateral required? No
❇️ Co-signor required? No
❇️ Late payment penalties? No
❇️ Income verification? No
❇️ Employment requirements? No
❇️ Monthly credit bureau reporting? No
❇️ Is full repayment an absolute requirement? No
A bank loan, on the other hand, is loaded with risks and potential penalties that can continue haunting you for up to seven years AFTER the loan has been repaid in full.
❇️ Good credit required? Yes
❇️ Is there a credit check? Yes
❇️ On-time monthly payments every month? Yes
❇️ Real estate collateral required? Usually
❇️ Co-signor required? Sometimes
❇️ Late payment penalties? Yes
❇️ Income verification? Yes
❇️ Employment requirements? Yes
❇️ Monthly credit bureau reporting? Yes
❇️ Is full repayment an absolute requirement? Yes
❓ Q: Will My Lawyer Have To Give Up Control Or Management Of My Case If I Get A Car Accident Cash Advance?A: No, not at all.
When you get a pre-settlement cash advance on your auto accident case, your attorney will remain 100% in charge of all case management decisions, just like they are now.
Nothing changes with the attorney/client relationship.
❓ Q: What If It Takes Longer Than We Expected To Settle My Car Accident Lawsuit?A: No one has a crystal ball, so it’s anyone’s guess how long it will take to settle your case.
TriMark takes steps to protect you from this eventuality, however, before you ever even sign your funding agreement.
First, TriMark offers some of the lowest and most competitive rates in the legal funding industry, backed by our Lowest Rate Guarantee.
And second, almost all of our rates are capped at either 2X or 3X for your safety. Many of our competitors do not offer this built-in safety feature.
Capped Rates; Your Safety Net
“Un-capped rates” means interest accrues unabated until the advance is repaid. If your case runs longer than expected, especially with compounding interest, it could easily consume most or even all of your settlement award, leaving you with nothing after your case is resolved.
“2X or 3X capped rates”, on the other hand, means once the cap is reached (two times (2X) or three times (3X) the funded amount) interest stops accruing. Regardless of how long after that point it takes to settle your case, you will never have to repay one penny more than the capped amount.
It normally takes about 2 to 2.5 years to reach the cap so it is a moot point if your case settles before then. But it can be a comfort knowing the “worst-case scenario” going in, and knowing that even if you reach that point, you and your settlement money are protected and you will still receive the lion’s share of your money if your case runs long.
❓ Q: Can I Get More Than One Auto Accident Loan? I Got One Elsewhere Already, But Can I Get Another Once From TriMark?A: Generally speaking, yes you can, but it will depend on a couple of factors.
We would need to buy out the prior advance from the previous legal funding company. Then we just include the buyout amount in your new funding agreement.
On pending cases, we can fund up to 20% of the estimated net value of your potential car accident lawsuit settlement. On settled cases, we can fund up to 50% of the actual net value of your settlement award.
The amount of the new car accident loan you get from TriMark would need to fit within those percentages with some room to spare. As long as it does, getting additional funding shouldn’t be a problem.
An exception is that we don’t buy out prior vehicle accident settlement advances on cases where soft tissue injuries are the only, or most serious, injury.
❓ Q: Are There Any Kinds Of Vehicle Accidents That TriMark Does Not Offer Legal Funding On?A: As long as a person satisfies the 3 basic requirements of having received significant injuries, is represented by a contingent fee attorney, and has clear liability against a sufficiently insured defendant, TriMark can usually offer pre-settlement funding on it.
Cases with insufficient injuries or only mild soft tissue injuries are not fundable.
If you’re ever not sure, just give us a call at (877) 932-2628.