If you have already received a pre-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, 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.
For a free legal consultation, 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 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.
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 a lawsuit loan, 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 case to settle.
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.
You can reach us at (866) 407-6404, or start an online chat if you prefer.