Pre-Settlement Car Accident Loans

A: Pre-settlement loans on auto accidents are available from $1,000 up to $250,000+. Several factors affect the final approved amount of any funding request, including:

^{❇️ Extent, severity, and permanence of injuries
❇️ Accepted or contested liability
❇️ Case status: pending or settled
❇️ Total available insurance coverage}

A: We process funding requests very quickly. In fact, under ideal circumstances, we have moved from initial intake to wire transfer disbursement in just under 2 hours. That is not typical, however.

Normally our processing, approval, and funding can occur within 8 to 48 hours (1 to 2 business days).

Several factors, which directly affect processing speed, are beyond our ability to control. These factors include but are not limited to the receipt of accurate, complete information from applicants, attorney participation, attorney responsiveness, timeliness of document receipt and execution, and receipt of accurate bank account numbers, routing numbers, etc.

A: Short answer: Our auto accident settlement loans don’t have a “maximum,” per se.

Long answer: Our “typical” car accident litigation funding amounts range anywhere from $1,000 up to $250,000+. But unlike most other legal funding companies, TriMark does not set arbitrary, pre-set funding limits for high-value cases.

The maximum approval amount for any case is determined during our case evaluation. Factors that can affect our decision include:

^{❇️ Extent, severity, and permanence of injuries
❇️ Total available insurance coverage
❇️ Case status: pending or settled
❇️ Our underwriter’s case value estimate
❇️ Amount of current settlement offer from the defendant
❇️ Legitimate financial need of the requestor}

Like all legal funding requests, a car accident settlement loan utilizes our underwriter’s net settlement value estimate calculated against a maximum of 20% or 50% for pending or settled cases, respectively.

^{➡️ Pending cases: We can fund up to 20% of the anticipated net settlement.
➡️ Settled cases: We can fund up to 50% of the actual net settlement}.

That being said, any time a requestor’s legitimate financial need exceeds $250,000, the severity and permanence of injuries, total available insurance coverage, input from the attorney, our underwriter’s case value estimate, and other factors are all considerations that can be used to increase the maximum approved amount.

A: A one-size-fits-all auto accident settlement funding rate that applies to every case, every time, simply does not exist.

Our car accident pre-settlement funding rates start around 2% monthly, non-compounding (simple interest). Not every case will qualify for the 2% rate, however.

For the lowest, most accurate rate quote for your car accident case, complete an application or call (877) 932-2628.

Rates on car accident loans are a function of relative risk, case quality, and market conditions. A car accident cash advance rate will directly reflect the relative risk inherent to any given case.

Funding rates are also impacted by certain market conditions, such as skyrocketing inflation and fluctuations in the prime rate.

Many other factors can affect legal funding rates too. Things like:

^{✳️ Is the case pending or settled?
✳️ Is liability accepted or being contested?
✳️ What state is the plaintiff and case located in?
✳️ How developed is the case?
✳️ How serious and permanent are the injuries?
✳️ How much total insurance coverage is available?
✳️ Is there any prior funding on the case?}

A: The only types of injuries we cannot consider are when the incurred injuries are very minor (if that is the chief complaint). We also cannot consider any self-inflicted i.e., where the plaintiff’s negligence caused their own injuries.

The minimum level of fundable injury for soft tissue injuries that we can consider for car accident lawsuit funding is diagnosed bulging or herniated discs in the back or neck, torn muscles, tendons, or ligaments, torn meniscus, torn ACL, diagnosed traumatic brain injury, significant burn injuries, etc.

We cannot consider very minor injuries like scuffs, scrapes, abrasions, scratches, bleeding, road rash, bruising, rashes, hives, minor lacerations, pain, headaches, migraines, dizziness, swelling, pulled muscles, sprains, concussions, overextensions, chiropractic, physical therapy, injections, minor burns or blistering, etc.

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 car accident pre-settlement funding. That includes all types of motor vehicle collisions and virtually all types of significant injuries.

To see how much you could qualify for, complete an application or call us at (877) 932-2628.

A: Our car accident litigation funding rates start as low as 2% per month non-compounding (simple interest) and increase from there as risk increases and case quality declines. Not every case will qualify for the 2% rate.

To get the rates on your car accident settlement loan, complete our brief application or give us a call at (877) 932-2628.

A: Auto accident pre-settlement funding is a non-recourse, outcome-contingent cash advance against a small portion of the anticipated future value of a pending or settled auto accident lawsuit 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 you don’t have to repay the cash advance if you lose or your case doesn’t settle.

A: 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 by the Better Business Bureau.

A: Jennifer Marshall, an insurance industry ratings department director, in a July 12, 2021, Business Insurance article, confirmed that winning larger awards and settlements is precisely what litigation funding helps plaintiffs do.

Her words: “it [litigation funding] puts upward pressure on claims costs and drives increases in awards and settlements.”

That kind of says it all.
<sub>^{Source: Businessinsurance.com}

➡️ Does Litigation Funding Help Plaintiffs Win Bigger Settlements?</sub>

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 12 to 24 hours or 1 business day.

A: Yes. At least minimally. 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.

A: No. All non-recourse legal funding requires a plaintiff to be represented by a contingent fee attorney. If your case is new, you can find a lawyer near you, or you may also consider utilizing one or more of our alternative funding options, which do not require attorney representation.

A: No. Car accident loans represent a small portion of the future anticipated settlement proceeds of your pending or settled litigation. It is YOUR money, 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, medical expenses, car payments, insurance, groceries, prescriptions, utility bills, or anything else you need.

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 from a bank. There are no credit checks or monthly payments, so there is no credit bureau reporting or involvement.

This is also true if you lose your case and don’t have to repay the cash advance.

And 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 in the future.

No. Car accident lawsuit funding entails fewer risks and less financial exposure than bank loans.

Car accident lawsuit funding:

❇️ 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 report? No
❇️ Is full repayment an absolute requirement? No

On the other hand, bank loans are loaded with risks and potential exposure that can continue haunting you for up to seven years AFTER the loan has been repaid in full.

Bank loans:

^{❇️ 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 report? Yes
❇️ Is full repayment an absolute requirement? Yes}

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.

A: Generally speaking, yes you can, but it will depend on several factors.

If TriMark has already given you a car accident cash advance and you need another, give us a call or text us.

We frequently approve the first advance for more than is requested. If that’s the case, the second advance can happen on the same day.

Otherwise, our underwriter will speak to your attorney to get an update on the case’s progress before approving an additional advance.

An exception is that we do not typically advance additional funds on cases where soft tissue injuries are the only, or most serious, injury.

A: Yes, you can, but we must buy out the prior funding and include it in the new car accident lawsuit funding amount.

Some exceptions exist. We don’t do buyouts on workers comp settlement loans, on many types of mass tort funding, and on cases where soft tissue injuries are the only, or most serious, injury.

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 before you 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, most 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 and leave you with little or 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.

A: If a case satisfies these 3 basic requirements:

1. Received significant injuries
2. Plaintiff is represented by a contingent fee attorney, and
3. Clear liability exists against a sufficiently insured defendant

Then TriMark can usually offer pre-settlement funding on it.

There are, however, several things that can make a case ineligible for funding.