If you have suffered an injury and are looking for pre-settlement funding to pay your bills and other costs, do you know how many personal injury loans you can get?
How does one even determine the amount they can get from these types of loans?
As it turns out, several factors come into play when determining how much money you can get from pre-settlement funding sources.
If you’re the victim of an accident and you file a personal injury claim, you might find yourself wondering whether it’s possible to obtain multiple pre settlement loans or if you can only get one.
Can I take more than one pre-settlement funding?
Depending on the state where you live, you can take more than one pre-settlement funding.
Some states allow up to four, while others have a limit of two or three.
Even if your state limits the number of funding applications, it doesn’t mean that you should stop there!
Not only can each loan fund different types of damages and expenses, but it can also be helpful to obtain multiple funds because some are more competitive than others when it comes to approving applicants.
So don’t be afraid to apply for pre-settlement funding more than once-you might get a more desirable offer this time around!
How do you get them?
To get pre settlement loans, you must contact a personal injury litigation financing company.
Lawyers use the pre-settlement funds to allow their clients involved in personal injury lawsuits to advance certain court proceedings and keep their finances from suffering during litigation.
You may be able to borrow up to $150,000 for these pre settlement loans.
In exchange for receiving the money now, you sign an agreement stating that the full amount will be paid back after your lawsuit is resolved.
All that money could help pay medical bills or maintain a household while you are litigating an injury claim.
What does it cost?
You can generally find funding solutions for around 10% of the total settlement amount.
So if you have a $100,000 settlement offer in hand, you can often find resources for up to $10,000 from a pre-settlement loan. That’s not all, though!
Most of the time, genuine pre settlement funding companies can charge between 15-28% interest rate on the loan amount you take
You will need approval from a lawyer.
Lawyer approval is needed when getting a pre settlement loan for more than one.
Check with your state or local bar association to find out how many pre settlement loans you are allowed per year and whether there are any other regulations specific to your area that govern when you can start collecting on the case.