How Many Pre-Settlement Loans Can I Get?
When money gets tight, you may find yourself asking: how many pre-settlement loans can I get? Is it possible to get more than one? Here’s what you need to know.
Are you in the middle of a lawsuit and looking to receive the compensation that you are entitled to? Do you worry about the length of time that it will take for the settlement to finish? If so, then you need to look into pre-settlement loans.
Doing so can help you cover the immediate costs of medical expenses, lost wages, and much more. You might be wondering but how many pre-settlement loans can I get?”.
See below for an in-depth guide that answers that question, as well as many other common questions that people have in regards to pre-settlement funding.
1. What Are the Benefits of Pre-Settlement Loans?
First things first, you might be wondering why pre-settlement funding is the right choice for your situation. What makes it a great opportunity? Here are a few of the best benefits of getting a pre-settlement loan for your situation:
- Receive Your Money Fast– Pre-settlement funding can help you get the best and brightest for your case. You can hire the services of the best lawyers. Better yet, that money will come within a day or two after you’ve been approved for it!
- Zero Payback if You Lose– Obviously, the goal is to help you receive the settlement amount that you’re entitled to. However, if you receive pre-settlement funding and end up losing your settlement, you don’t owe the lender a single penny.
- Your Credit Score Isn’t a Factor– Though it is a loan, a pre-settlement loan doesn’t require the lender to check your credit score. The only factors they use to approve or decline your situation is the facts of your case. If they’re credible, you’re likely to be approved!
The first step of pre-settlement funding is always the same. Find a reputable lender and apply to receive a loan online. Be sure to read up on the type of cases they deem eligible for legal funding.
2. How Many Pre-Settlement Loans Can I Get?
In a perfect world, you would receive a one lump sum from a pre-settlement loan provider, then not need a penny more throughout the settlement process.
However, that’s not always how these things work. Settlement cases can take as long as 2 years—if not longer—before the two sides reach a desired level of compensation.
If the settlement drags out longer than you’d anticipated when you applied for the original loan, you might need extra funding to see the case through to the end.
That begs the question: how many pre-settlement loans can you get? You can apply for as many pre-settlement loans as you need. Be sure to reach out to your pre-settlement provider for more information.
One thing to consider: if you took out the maximum available loan the first time, you might not be able to qualify for additional funding. However, it never hurts to apply!
Reach out to your provider and ask for more information. We try to accommodate our clients however we can. Whether you’re an attorney or a consumer, let us help you with your situation.
3. What Do Pre-Settlement Loans Cover?
Before you apply for pre-settlement funding, you should conduct some research to see if your case is covered. It all depends on the type of cases that the provider deems eligible for legal funding.
Here are the types of cases that are eligible for pre-settlement funding:
- Auto accidents
- Dog Bites
- Breach of Contract
- Civil Rights
- Class Action
- Commercial Litigation
- Construction Accident
- Maritime Jones Act
- Labor Law
- Personal Injury & More
If you have any questions on which types that your case falls under, please feel free to give us a call. We can walk you through your options and hear out your side of the story.
If you’ve already hired a lawyer to represent you, we’ll be happy to discuss pre-settlement options with you both. If you’ve yet to hire one or are a lawyer, then can us individually to get the funding you need for your case right out the gate.
4. Will the Opposition Know I’ve Filed for Pre-Settlement Funding?
Understandably, you would worry about the defendant’s insurance company catching wind of your pre-settlement funding.
Have no fear, they will never know. In fact, the only people that will know is yourself, the plaintiff, and your attorney.
Pre-settlement funding can help you gear up for the long haul. Many times, insurance companies will try to slow play the settlement process or get you to settle for less than you deserve. If you have funding right away, you and your lawyer can wait it out as long as you need.
5. Is There Any Chance My Case Would be Declined?
If you have a credible case for your settlement, then you have nothing to worry about. However, if you do find out that your application has been declined, there might be a few common reasons why:
- We don’t fund the type of case that you’re pursuing a settlement for
- Your application was incomplete or missing critical information
- Your attorney never got back to us
If your application gets declined, then be sure to reach out to us. We can shed some light on why it was declined so that you can attempt to apply again.
Find the Right Pre-Settlement Loan Provider Today
Now that you have seen an in-depth guide that answers some of the most common questions, such as “how many pre-settlement loans can I get?”, be sure to use this information wisely.
Be sure to read this article for more information on the benefits of a cash advance on lawsuits.
For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.