Yes. There’s no limit on how many lawsuit cash advance payments you can apply for. Accident injury victims have many needs and their cases often take time. If you’re waiting for a car accident, slip and fall, or medical malpractice case to settle, the total advance limit is about 20% of the case value. So long as the amount you’ve taken falls below that, you can apply for another pre-settlement loan.
How Does a Lawsuit Cash Advance Payment Work?
A lawsuit loan and pre-settlement funding are the same. Instead of a traditional loan, it’s a non-recourse cash advance. The funding company approves your request based on the strength of your case, the extent of your losses, and the severity of your injuries. You won’t be required to pay the advance back if your case loses. It’s paid back, plus interest, when your case wins and a settlement check arrives.
You can use a pre-settlement cash advance to pay for medical treatment. It can also cover rent, mortgage payments, tuition fees, groceries, travel, and daily living expenses. To receive a lawsuit cash advance payment, you must have been injured in an accident that wasn’t your fault, have filed a lawsuit, and be a plaintiff represented by a lawyer willing to work with a legal funding company.
Why Would I Need Two or More Lawsuit Loans?
Every lawsuit is different and there’s no set deadline for a trial to end. Your initial cash advance may be used up before a settlement is reached. There are legitimate reasons to need additional pre-settlement funding, such as:
- Your injuries may be taking longer to heal than anticipated, so you’re unable to return to work or find a different job.
- Medical bills are often higher than expected and additional accident-related injuries are sometimes discovered later.
- Approval for a disability claim is taking more time than expected.
- You have received unexpected bills and don’t have the budget to pay them.
- The case, trial, negotiations, and other legal processes are taking longer than originally anticipated.
- Estimates on the value of your settlement, based on new evidence and information, have been revised upward.
What Are My Chances of Being Approved for Another Advance?
Your odds of approval are good if you took less than the maximum amount on your first loan. Therefore, it’s wise to accept only what you need (you’re never required to take the maximum offer). As with the first cash advance, a second or third one is based on case merit. At Fund Capital America, the same process is used to apply, gather information, and determine eligibility. Your application can be approved in as little as 24 hours.
Rules on Taking More Than One Lawsuit Cash Advance Payment
Lenders typically set limits on how much of the anticipated settlement value they will fund. This is to protect themselves and reduce the risk of providing non-recourse financing. Fees and interest payments must be considered. By setting limits on loan amounts, the lender also ensures you’ll have enough of your settlement left after the cash advances, legal fees, medical liens, and other debts are paid off.
You cannot have multiple agreements with different lenders. If you have an existing outstanding loan, the second lender would have to buy the first loan to extend your cash advance options. If one funding company rejects your first application, you can apply with a different lender. First-time borrowers often have to “shop around” until they’re approved.
How Do I Pay Back My Lawsuit Cash Advance Payment?
A pre-settlement advance has no payment schedule. You don’t make monthly payments and there are no penalties for paying late. Once your attorney receives a court award or settlement, it goes to a trust account. The bank must then clear the payment. Your lawyer will forward the remainder of the settlement to you after all deductions and payments have been distributed.
Apply for Pre-Settlement Funding Today
Your income, job status, and credit score are not factors in applying and being approved for pre-settlement funding. At Fund Capital America, we offer a paperless process with fast approval and no upfront payments. Submit your application online and we’ll review the facts of your case with your attorney. You can also request additional funding if you fall within our eligibility requirements. To get started, apply online or call (855) 870-2274.