How many pre settlement loans can I get? Can you get two pre settlement loans? If you have already received a pre settlement loan from a legal finance company, you can even get a second or several pre settlement loans. It all depends on your injury claim. Considering that resolving personal injury cases can take months, if not years, it is quite common for legal financial clients to require an additional down payment.
This is especially true if you are uninsured or unemployed due to your injury. Without a salary, it is difficult to pay the bills. A pre-settlement loan, or more than one, can help you reduce your financial stress and give your attorney time to negotiate a strong settlement.
So, the straightforward answer to your question “Can you get two pre settlement loans?” is YES. There is no fixed limit to the number of pre-settlement loans you can receive. Again, we handle legal funding requests on a case-by-case basis. In general, the higher your expected settlement, the more money you can receive.
What is pre-settlement financing?
Pre-settlement financing is a cash advance on your pending auto accident claim or lawsuit. If you were injured in an accident and forced to miss work but now need money to cover living expenses or housing, an advance payment (also known as a “court loan”) may be right for you. Although pre-settlement financing is sometimes referred to as a court loan, it is not a loan, but a non-recourse advance. If you get an advance and your case doesn’t succeed for whatever reason, you don’t owe anything back.
Can You Get Two Pre Settlement Loans – Apply For Multiple Pre-Settlement Loans?
Some people want to know if they can apply for more than one pre-settlement loan with a Legal funding company. In reality, this question “Can you get two pre settlement loans?” is less about the number of loans you can take out than about the maximum amount you can receive on a pre-repayment loan.
At this time, you can receive up to $500,000 in pre-financing from our company to help you pay for things like your mortgage, rent, tuition, food, or anything else you see fit.
In that sense, it doesn’t matter whether you take out one or two loans, as long as your maximum does not exceed your current limit.
Let’s explore a hypothesis. Personal Injury Plaintiff A will receive $200,000 in pre-settlement funding based on his or her current needs. He later finds out that his medical needs have changed and he now needs more money. So he applies for a second loan from the court and receives up to $300,000 more than he originally received.
How Many Pre Settlement Loans Can I Get?
How many pre settlement loans can I get? There is no set limit to the number of pre-settlement loans you can get. In fact, claimants often apply for a second or third loan in their case. This is normal and understandable: it is very difficult to predict exactly how much pre-settlement funds you and your family will need.
In some cases, resolving personal injury claims takes much longer than originally anticipated. In other cases, a person’s daily expenses may turn out to be higher than expected.
It could be because their medical bills are higher, because they missed more time at work than they initially thought, or simply because they ran into unexpected bills.
Either way, if you borrowed less than the maximum available the first time, you may be eligible for additional pre-settlement funds.
And if I’ve already made an advance, can I make another one?
It’s a math question. Assuming that the amount you owe on your initial advance does not exceed 10-20% of the value of your case, you will normally be eligible for an additional advance. Since the typical personal injury case lasts 1 to 3 years, it is quite common for customers to require additional deposits. If you need an additional deposit, please call a legal finance company in your area or send us an email.
What if the finance company I used refuses to take an additional advance? What is a purchase?
If you received an advance from a finance company and they turned it down for more funding, you can still request more money from another finance company. If the finance company believes there is room for another down payment in your business, they simply need to purchase or pay the finance company owed and can provide the additional financing. Virtually all pre-financing contracts have a clause that prevents claimants from receiving multiple advances from multiple finance companies at the same time. This significantly reduces the risk of the business being overfinanced afterward.
Conclusion – Can You Get Two Pre Settlement Loans?
This post has answered the question How many pre settlement loans can I get? ‘Can you get two pre settlement loans’ and also discuss how to apply for more than one pre-settlement loan. You can collect as many as possible pre settlement loans from funding companies so far you’ve met the requirement.
