Can I Take a 2nd Settlement Advance on My Case?

When you’re involved in a legal case, the process can be long and overwhelming. If you are facing financial hardship while your case is ongoing, you can apply for a risk-free lawsuit loan. The settlement advance or legal funding will provide you with the immediate funds you need to cover your living expenses, pay bills, and achieve financial stability. But what if the initial cash advance isn’t enough?

Applying for a second settlement advance can be a viable option if you are still experiencing financial distress before your case concludes. This can be particularly helpful if you’re facing mounting bills or have exhausted your initial advance. However, it’s important to understand the implications and considerations for seeking additional legal funding as you navigate your ongoing legal battle.

Why You May Need a 2nd Settlement Advance on Your Case

There are several reasons why you may need to apply for a second settlement advance. These include:

Ongoing Medical Expenses: If your injuries or medical condition require ongoing treatment, the costs can quickly add up. A second advance can help cover these ongoing medical expenses.

Lost Wages: If your injuries have forced you to take time off work, a second advance can help replace part of your lost income.

Unexpected Costs: Lawsuits are usually unpredictable. While your case is ongoing, you may encounter unexpected expenses. A second advance can help you stay afloat.

Extended Case Duration: However, if your case is taking longer than expected to resolve, a second advance can provide financial support while you wait for a court verdict.

Urgent Bills: Personal expenses, such as rent, utilities, or car payments, may require additional funding.

Debt Repayment: Also, you may need to seek additional settlement advances to pay off your existing debts in order to avoid accumulating more debts.

Improve Your Quality of Life: A second cash advance can help you maintain your standard of living and cope with the stress of the legal process. This will also help you achieve financial relief and peace of mind.

Negotiating Power: Access to additional funds can help strengthen your negotiating position during settlement discussions with the insurance provider or other party.

Can I Take a 2nd Settlement Advance on My Case?

Yes, there are no limitations on the number of times you can apply for lawsuit loans. If your case is still ongoing and you need more funds, you can apply for a second settlement advance. As long as you continue to meet the requirements of the lawsuit funding provider, you may be eligible for multiple cash advances on your case. 

However, it’s important to note that each application for a settlement advance will be evaluated independently and on its own merits. The provider will reassess your case’s status, the potential settlement amount, and your current financial situation. They may also consider how you’ve managed previous advances, if any. Also, you should know that each advance comes with its own terms and costs.

Factors Considered Before You May Be Approved for Additional Legal Funding

As mentioned earlier, lawsuit funding providers carefully evaluate each application for additional funding before they are approved. Their primary goal is to ensure that providing more money is beneficial for both the plaintiff and the company. Here are the key factors that the provider will consider before you are approved for additional legal funding:

 

Your Current Financial Situation and Need

Before approving you for a second settlement, the provider will review your current financial situation and needs, including your living expenses and any outstanding debts. They want to ensure that you will use the additional funding responsibly and won’t put you in further financial distress. They may ask for some additional documentation, such as a list of your monthly expenses, to get a better picture of your financial health and needs.

The Progress of Your Case

Also, the lawsuit funding company will evaluate the current status of your case, including the strength of your claims, the estimated settlement value, and when you are likely to reach a resolution. They will use this to assess the risk and potential returns. The company can also ask for updates from your attorney about recent developments in your case. This can include new evidence or expert testimonies that strengthen your case. The closer your case is to reaching a settlement, the more likely they will approve your application for additional funding.

Your Previous Advance(s)

If you’ve received a previous settlement advance, the company will review how you used those funds. They want to see that you’ve managed the money responsibly and that the additional funding is necessary. They may ask you to explain how you used the previous advance and why you need more funds. The provider may also review the amount and terms of the previous advances. Showing that you used the initial advance judiciously for essential living costs and legal fees can work in your favor.

The Provider’s Internal Policies

However, each legal funding company has its own internal policies and guidelines that it uses to evaluate applications for additional settlement advances. These policies may vary. Hence, it’s important to discuss your specific situation with the provider. Once you understand the company’s policies, you can know your chances of getting approved.

Attorney’s Opinion

Finally, your attorney’s assessment of your case and their support for additional funding can influence the provider’s decision. The lawsuit loan provider often consults with your attorney to understand the merits of your case and the necessity of the additional settlement funding. A positive endorsement from your attorney can be beneficial.

Final Thoughts

Applying for a second settlement advance on your case can be a feasible option if you find yourself in need of additional financial support. However, before applying for a second advance, you should carefully consider your financial needs, the strength of your case, and the potential long-term impact on your settlement. By understanding the factors considered by lenders and the process involved, you can make an informed decision about whether a second cash advance is the right choice for your situation.

Contact Us to Apply for Risk-Free Pre-Settlement Funding 

Contact us at High Rise Financial today to learn more about our lawsuit loans. Our experienced pre-settlement funding experts will be happy to meet with you and enlighten you about your eligibility for a first, second, or subsequent settlement advance. Call our toll-free at (866) 407-6404 to apply.