Pre-settlement loans give you cash before your lawsuit settles. Our loan company gives you money now. And you can repay the cash advance with interest only after you win the settlement. Many a time people take their first pre-settlement funding at a very early stage, but again when they need the cash, they are worried about whether they will get another loan or not. They try to find out “How many pre-settlement loans can I get?”. Here we are going to mention the number of pre-settlement loans you can get before your case settles.
What are Pre-settlement Loans?
When you sue someone for hurting you or not paying you, it takes a long time. Could be months or even years before you get money from settling the case. During that time you might not have income and struggle to pay bills. Rent, food, and medical bills may be hard to cover without your regular paychecks.
Pre-settlement loans help by giving you cash now while you wait for your settlement. You ask for the loan and the company looks at your case to see if you will likely win and get a settlement. If they think you will, they give you a lump sum upfront. Then after you settle they take back their loan amount plus very high interest and fees.
So pre-settlement loans can help pay bills before your case ends. But not everyone can get pre-settlement funding, people with an ongoing lawsuit of personal injury and related claim can apply for a cash advance. Further, you can apply multiple times too. Let’s understand
How Much Can You Get From Pre-Settlement Funding?
The approval of pre-settlement funds depends on several factors. Some of the common factors are the type of your case, the settlement period it will take, who is handling your case, and what we can expect as a settlement value. Based on all these pre-settlement providers like us will present an actual amount to the plaintiff after the analysis of the case. From our experience, we generally have funded cases with the amount ranging between $500 to $500,000.
Is There a Limit to How Many Times I Can Get a Pre-Settlement Loan?
There is no set limit to how many pre-settlement loans you can have. But lenders won’t approve unlimited loans because they want to ensure they get paid back from your settlement. The number you can get depends on:
- How big your settlement is expected to be – Bigger settlements mean lenders will approve more loans since there’s enough money to pay them back.
- Your financial situation – If you’re really struggling to pay bills, lenders may approve more loans to help cover costs.
- State laws – Some states don’t allow lawsuit lenders to charge super high interest rates or limit how many loans you can take.
- The lender – Each company has their own rules about how many loans they will give one person.
Most people can expect to qualify for 1 to 5 lawsuit loans, maybe more if you really need the money. But be careful not to take more than you can pay back!
How Do I Get a Pre-Settlement Loan?
Getting a pre-settlement loan involves a few steps:
- Apply online or with a lawsuit lender – You give details on your case and situation.
- The lender reviews your case – They decide if you will likely win and get a good settlement amount.
- If approved, you get a lump sum – The cash is wired to you or sent by check.
- You sign a contract – It says you will repay them from your settlement along with very high fees and interest.
- The process is pretty quick – you can get cash in hand in days or weeks. But be sure to read the contract closely!