Chances are, you don’t have the budget to pay a lawyer upfront. Personal injury lawsuits are expensive. A lawsuit cash advance can help you get by until the case concludes, but settlement funding isn’t always enough. If you’ve already received legal funding, loans for attorney fees and other costs may be available to you.
Do I Need a Loan for Attorney Fees?
Like a settlement cash advance, an attorney fee loan is backed by the proceeds of your future settlement. That’s unless you take out a more traditional loan. But in this case, you’d have to start paying it back right away, which is a burden most personal injury plaintiffs can’t take on.
Fortunately, most personal injury attorneys work on a contingency fee basis, meaning they’re not paid until the case is resolved. Contingency fees are deducted from the money received from your settlement. But they don’t include all the costs of litigation.
Why Would I Need More Legal Funding?
Most likely, you won’t have to pay a contingency fee if your case loses and you don’t receive a settlement. But lawsuits can involve many costs. These include expert witness fees, travel expenses, and court fees, which may be separately charged and deducted from your settlement amount.
Oftentimes, legal cases take longer than expected or a client runs out of cash from the first round of funding. Finances can dwindle quickly when rent and medical bills are due and you have less or no income. The pressure to pay add-on fees doesn’t help. But a loan for attorney fees can relieve some of the burden.
How to Receive a Second Round of Legal Funding
The ability to obtain more legal funding comes as good news to many plaintiffs. It can take time to fight for a maximum settlement amount. Your first round may have only covered 10% to 15% of the expected total. Although settlement funding isn’t a true loan, interest and fees can make borrowing expensive. Therefore, paying it back can take up more of your settlement award than you originally thought, which is why lenders set borrowing limits.
However, there’s no set limit on how many cash advances you can receive. If the value of your predicted settlement increases or your treatment and recovery are costlier than expected, you can obtain more funding. Or, you may simply need more cash to cover living expenses. This is entirely possible if the funding company reviews and approves your request.
Options for Receiving Additional Funding
When you need a loan for attorney fees or other expenses, you can get more funding even if you first borrowed from another lender. The new one can pay off the initial amount to the first funding company. You won’t owe the previous lender when the case settles.
At Fund Capital America, we provide cash advance refinancing. In this arrangement, the terms of your initial funding agreement are rewritten. It can reduce the amount deducted from your future settlement, lower the interest rate, or enable you to receive additional funding. This option is available to plaintiffs who’ve already received a cash advance, attorneys who previously received financing or self-funded a case, or a recipient of medical-legal financing.
Contact Fund Capital America
We know how hard it is to predict when a case will settle. Meanwhile, personal injury plaintiffs often have numerous financial obligations and not enough cash to cover them. Non-recourse lawsuit cash advances and second rounds of funding, like loans for attorney fees, can reduce the pressure to settle a case too early. Therefore, your attorney can pursue insurance companies more aggressively, continue fighting if legal proceedings are delayed, and negotiate a higher settlement. To get started, apply now or call 855-870-2274.