Utah Payday Loan Alternatives for Utah Car Accident Victims

posted December 8, 2009 | by

If you have ever looked into getting a loan at one of those Utah payday loan places, you know the super-high interest that these Utah payday loan places charge. Some places even charge in excess of 600% interest! It’s nuts! And they require that you start making payments soon after you get the loan, when many are simply not in a financial position to do so.

If you have been involved in a car accident in Utah, there is an alternative to the payday loan store that you should be aware of. If you were not at fault and you have a pending claim against the insurance company of the driver that was at fault, then you very well could qualify for an “advance” on your case. There are companies that basically loan you money in “advance” of your settlement or future resolution of your case. They do want to be repaid (of course), but the interest in much, much lower. In many instances, it never exceeds 60 percent, with some places as low as 30-40 percent. Of course, the interest paid will be more than getting an advance on a credit card or some other type of consumer loan. And we only recommend this if you are in an emergency financial situation. But when you are in a position that you are considering these loan-shark Utah payday loan places, you may not be in a position to be too selective.

To qualify, you first need an injury case that has some value and has not yet been resolved. The amount you can get as an advance depends on the estimated value of your case. You then need an attorney who will countersign the paperwork and agree to pay the advance company the money loaned-plus interest, when the case is completed. That is about it.

At the Kramer Law Group, we are happy to facilitate these lawsuit or settlement advances. (Some law firms refuse to do them because it takes up their time.) And we don’t charge anything additional for facilitating these advances. (Some firms actually charge for reviewing and signing the paperwork.) Since attorneys in Utah are not allowed to loan money to their clients, these advances are done through other, third-party lending companies, that we would be happy to refer you to (even if you don’t have a case with us). Give us a call to see if we can help you out in your situation.

Please note that the Kramer Law Group has no interest in any of these advances and does not get kick-backs from referring their clients to such a lending company. We facilitate these advances as an additional service to our clients.

Ron Kramer is a Utah personal injury and accident lawyer practicing throughout the state. Call the Kramer Law Group today at 801-666-3959 for a free consultation if you are in need of a Utah car accident attorney.

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