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If you have already received a settlement loan from High Rise Financial or another legal funding company, you can indeed get a second or multiple pre-settlement loans. It all depends on your individual personal injury claim. Given the fact that personal injury cases can take months, if not years, to resolve, it’s pretty common for legal funding clients to need an additional advance.
This is especially the case if you are uninsured or unemployed due to your injuries. With no paycheck, it’s hard to pay the bills. A pre-settlement loan, or more than one, can help reduce your financial stress and allow your lawyer the time they need to negotiate a strong settlement.
There is no set limit on the number of pre-settlement loans you can receive. Again, we handle legal funding requests on a case-by-case basis. In general, the larger your predicted settlement, the more money you might be able to receive.
If You Received Your Initial Pre-Settlement Loan from Us
If you have already received a pre-settlement loan from High Rise Financial for personal injury, applying for additional funding is relatively straightforward. What you would do is contact your case manager. They are most familiar with your case. You do not need to start the application process from scratch.
After an updated review of your claim and where it stands, as well as your financial needs, we will determine if we can provide you with another pre-settlement loan. Industry best practices are for us to fund 5-10% of the estimated value of your case. This helps ensure that you receive a meaningful amount of money from your settlement, even after you pay legal fees and court costs.
We have provided clients with anywhere from $500-$250,000 in legal funding. According to the Alliance for Responsible Consumer Legal Funding (ARC), the average funding amount for our industry is $2,000. But again, how much you receive depends on the specifics of your case and how many times you apply for funds.
To apply for free, call (877) 735-0016
If You Received a Pre-Settlement Loan Elsewhere
If you received a pre-settlement loan from another legal funding company and they have rejected you for more money, you can still apply with High Rise Financial. If our underwriters believe your case has room for additional funding, we just need to pay off the initial funding amount to the first company.
This helps reduce the risk of your case being “overfunded” when it actually settles. We want you to be able to pay off everything you owe on your pre-settlement loans in Portland or wherever else you borrow from and still have plenty of money left to handle your medical expenses.
Legal Funding Is Not Really a Loan at All
We should also make clear that legal funding is not really a loan at all. That’s because your ability to receive funding depends on you being involved in a personal injury case. As long as you’re represented by a lawyer, you can apply and likely be approved, whether you need lawsuit funding in Miami or in the other states we serve.
Approval then depends on the strength of your case and the severity of your injuries rather than what your credit report says. And rather than make monthly payments as you would with a bank loan, you pay us back in full when you win your case.
The repayment amount would include all rounds of legal funding plus our fees. We do not charge interest, so you will always know what you owe. Contrast that with lawsuit loans, which can have interest rates of up to 40%!
If You Lose Your Case
It’s also important to note the biggest difference between pre-settlement legal funding and a bank loan. If you lose your case, you do not have to pay us back. Even if you still have legal funding left over, we don’t collect a dime.
We also won’t go after you in court or attempt to garnish your wages. Much like your personal injury lawyer, our getting paid back is contingent on a positive outcome in your case. So, you can see that legal funding really is a no-risk option to help you make ends meet while you wait for your personal injury settlements.
The Benefits of a Second Pre-Settlement Loan
The decision to access your settlement to use for your needs is always a personal one, based on your circumstances. Remember that these funds are yours, and as such, you have the right to obtain access to them early on if that is in your best interest. If you do not need the funds, avoid using pre-settlement funding to reduce your costs.
However, if you do need them, you can consider a second pre-settlement loan. Doing so can present itself with numerous benefits, including:
- Continuing your medical care. If you cannot afford to continue the medical care you need, such as paying people to help you in your home or care in a nursing home facility, pre-settlement funding can help to provide more support for you in doing this.
- Delays are costing you. The legal system can move very slowly, and as it does, it costs people dearly, especially when it comes to simply maintaining their quality of life or keeping the bills paid.
- There is an emergency cost you need help with now. In some situations, you may need money quickly, and that may be due to any number of reasons. If there is an emergency need, consider using a second pre-settlement loan to help you.
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How Much Can You Borrow?
There are many factors that play a role in obtaining pre-settlement funding for your claim. If you are facing a personal injury lawsuit worth millions of dollars, you may be able to borrow more than someone with a dog bite claim and a few thousand dollars in medical bills.
We can help you determine how much you can obtain from a second pre-settlement loan. You do not have to apply a second time if you have already obtained your first loan from us. Just contact us for more insight.
Typically, it only takes a few minutes for our team to provide you with more insight into how much more you can obtain. This is dependent on factors such as:
- The type of personal injury claim you are waiting for
- The status of your lawsuit
- The amount you already received
No Worries About Credit Score
Just like the first pre-settlement funding, you do not have to worry about your credit score, providing proof of employment, or any other financial data. None of this is applicable since the payment to cover the cost of your pre-settlement funding comes directly from the settlement you receive when it becomes due and payable.
No Harm or Cost to You
There is no harm or cost to you by applying for a second pre-settlement loan. Remember, these are not loans at all – you do not have to pay them back if you do not obtain a settlement for the losses you incurred.
There has never been an easy process for lawsuits like this since insurance companies often fight very aggressively against them. Yet, with the help of High Rise Financial, we can provide you with support as you navigate the options available to you to get the money you need (and are likely owed) now.
Apply for a Pre-Settlement Loan Today
At High Rise Financial, we make applying for a pre-settlement loan free, fast, and easy. And it’s even easier if you need additional legal funding. For a first-time application, fill out the application form to the right, and our team will be in touch with you and your lawyer shortly after receiving your application.
For an additional pre-settlement loan, call your case manager directly to discuss your needs.
Call or text (877) 735-0016 or fill out our form to apply today for free.