People who get injured because of a car accident trying to find the best options they can use to pay for their expenses in the midst of a car accident personal injury case. If you are one of them and are searching for grants for car accident victims, then in this article we will be discussing the types of grants available and how you can use them to your benefit.
Injured victims should always take the necessary actions to get their lives back on track because car accidents are one scenario that can damage multiple things. You may get life-threatening injuries, amputations, and even lose your wages because you become unable to continue with your current job.
Whether you are recovering from serious injuries or just taking care of the usual medical expenses and lost wages, financial help can make all the difference in how quickly you can move forward with your recovery. At best, you might be eligible for compensation from the party at fault, but for that, you need to file a lawsuit against the person and hope to get a fair settlement.
But during this urgent crisis, urgent grants are always needed, so let’s understand what the options are for car accident victims.
Types of Grants For Car Accident Victims
No one wants to be in an accident, but unfortunately, a car accident is something that can happen to anyone, whether they drive or take cabs. Accidents in the United States happen daily due to reckless driving, overspeeding, breaking signals, or drunk driving. There are multiple reasons that can lead to a car accident. But after an accident, real trouble occurs. On the one hand, you have to recover from the injuries, and on the other, you try to get compensated.
When you need help with your medical bills and lost wages from an accident caused by someone else, it can be frustrating to know where to turn for assistance. Fortunately, there are few types of grants for car accident victims. However, many people don’t qualify for these grants, so knowing what grants are offered and how to prepare is important before starting the application process.
There are two main types of grants available for car accident victims:
- Government-based grants
- Pre-settlement funding companies
Which one is better?
Government-based grants (bank loans) may require proof of income as they are equivalent loans, while pre-settlement funding companies typically do not require proof of income as they give funds against the lawsuit.
To apply for government-based grant programs, you will need to complete several steps, including filling out an application form and providing proof of identity (a driver’s license), proof of residence (a utility bill), proof of income (tax returns), and collateral.
Pre-settlement financing companies do not typically require any personal information beyond case details. Still, some may request additional information, such as medical bills and attorney information.
Let’s understand the car accident cash advances that are offered by pre-settlement funding companies.
Grants for Car Accident Victims in form of Pre-settlement Funding
Car accident pre-settlement funding is a cash advance that only car accident victims can use to pay for medical bills, hire a lawyer, and repair or replace damaged vehicles without waiting for a settlement payout. These are non-recourse funds that are only given to people who have an ongoing car accident case where the applicant has no fault.
Do you need funds for your ongoing auto accident lawsuit; you can apply here for car accident loans.
Benefits of Getting Grants From Pre-settlement Funding Company
- They are easy to get
- It comes with very less obligation
- You can use it however you want
- You repay only if you win the case
Qualification Criteria For Car Accident Funding
To qualify for car accident pre-settlement funding, you must have the following:
- Suffered from a car accident
- You are at no fault for the accident
- You have an ongoing settlement case in court
- An attorney is working with you on a contingency fee basis
How Much Time Does It Take To Get Grants For Car Accident Victims?
The actual time completely depends on which option you choose. If you are getting loans from banks, then it will take a fair amount of time, weeks, or even months, because of the lengthy verification check as well as the fact that you need to have a perfect credit score.
But if you’re applying for car accident pre-settlement funding, you just have to wait a couple of days so that the lender can assess the potential of your case and offer you the amount it’s eligible for. And once you get approved and agree to the terms of the pre-settlement funding company, you get your cash advance in the next two days.