Personal injury lawsuits are often an effective way for a victim involved in an accident to receive compensation from the at-fault party. But a typical lawsuit can take months or years to conclude and even longer for the defendant to pay what they owe.
If you’ve already received lawsuit financing (sometimes called a pre-settlement loan), you already know how beneficial it is to gain early access to your settlement money. However, one cash infusion is not always enough. Thankfully, there is no limit to the number of times you can apply for and receive legal financing for your case.
In This Article
Are There Any Limits on Pre-Settlement Financing?
Although you aren’t limited in terms of the number of times you can seek pre-settlement funding, there are other restrictions that you need to be aware of before you consider re-applying.
For example, most companies will only advance up to 20% of what they expect a plaintiff to receive in compensation. This limit applies to the total of all outstanding funding, not to each contract. In other words, if you max out the cap with your first round of funding, subsequent applications may be denied.
Additionally, many contracts state that you can’t seek additional financing from a different company. In this case, if you need more money, you must either request it from the funder you worked with before or ask another to buy out your existing contract.
To apply for free, call (877) 735-0016
Why You Might Need to Seek Additional Lawsuit Funding
It is not uncommon for someone to need additional funds while waiting for compensation. For example, when you received your initial deposit, it may have seemed like it would last as long as necessary.
However, lost wages, mounting medical bills, and other expenses have used up most of it before you could receive your settlement. Here are other unfortunate events that could occur to disrupt your financial circumstances:
- Your expenses are higher than you anticipated. For example, your medical costs for treatment might fluctuate after switching to a health care plan with a higher deductible.
- You thought you’d be able to return to work, but your injuries prevent you from doing so. This income loss can drastically affect your bill-paying abilities.
- Your case is dragging on much longer than expected. Defense attorneys often stall as part of their strategy, hoping the financial pressure will force you to take a lower settlement than what you deserve.
- You have a lawsuit loan with another company that is charging exorbitant interest fees. A second round of pre-settlement funding may be an option to buy out your contract at a lower rate.
Determining If You’re Eligible for Another Lawsuit Loan
The eligibility criteria for a second or third funding request are similar to the initial qualification requirements. The primary consideration will be the strength of your case and how likely you are to receive compensation. Additionally, you will need a lawyer who is representing you on contingency.
You may be eligible for additional funds if:
- You only took a portion of what was offered to you in the first round. You are not obligated to accept the entire amount of any pre-settlement loan offer. If you did not already max out your 20% cap, there is a strong possibility you can obtain more.
- There were developments in your case to raise your expected compensation. For example, you may have discovered that your injuries are more severe than you previously thought. As a result, you and your attorney are seeking more in damages now than when you first filed your lawsuit.
How to Apply for Additional Legal Funding
Requesting more money in advance of your pending personal injury lawsuit is easy, especially when you choose High Rise Financial. Even if you’re not sure whether you’ll qualify for additional funds, it costs nothing to apply with us and find out. Follow these steps to see if you’re eligible:
- Submit your request: If you worked with us in the past for your initial pre-settlement funding, applying again could not be easier. We already have your information, so all you need to do is call to request a reevaluation. To request a buy-out from a different lender, fill out our online application to provide us with the pertinent details.
- Confirm your information and wait for our decision: We may call you and your attorney to confirm your information and collect supporting documents. Once we have everything we need to evaluate your request, we can authorize your funding and draw up your contract in a matter of hours.
- Receive your funds: After you’ve signed the contract, we’ll release the funds to you and, if applicable, to your previous funding company. No matter how many times you receive pre-settlement funds, you can always choose to spend them on any of your day-to-day living expenses.
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Find Out If You Can Access More Cash From Your Lawsuit
The compensation from your lawsuit is your money, and you shouldn’t have to wait years for it if you need it today. That’s why you have a right to access these funds immediately, even if you have pre-existing financing on your claim.
Remember, there is no legal limit to the number of pre-settlement loans you can receive. So, if your conditions change and you need additional money, contact High Rise Financial today to discuss your circumstances.
We are determined to help you remain on a firm financial footing throughout the lawsuit process, no matter how long it takes.