How Many Pre Settlement Loans Can I Get If you’ve already obtained a pre-settlement loan from High Rise Financial or another legal funding provider, you’re not restricted from acquiring a second or even multiple pre-settlement loans. The possibility of obtaining additional advances depends on the specifics of your individual personal injury claim. Since personal injury cases can often extend over months or even years, it’s quite common for legal funding clients to require supplementary assistance.
This need is particularly prevalent if you lack insurance coverage or are unemployed due to your injuries, making it challenging to meet your financial obligations. Multiple pre-settlement loans can alleviate your financial stress and provide your attorney the necessary time to negotiate a favorable settlement on your behalf. Importantly, there is no set limit on the number of pre-settlement loans you can secure. Each application is evaluated on a case-by-case basis.
If You Initially Received a Pre-Settlement Loan from Us
If you’ve already benefited from a pre-settlement loan through High Rise Financial, the process for applying for additional funding is relatively straightforward. Reach out to your case manager, as they are most familiar with your case. You won’t need to initiate the application process from scratch.
After conducting an updated review of your claim, considering its current status and your financial requirements, we’ll assess whether we can provide you with another pre-settlement loan. Best practices in the industry typically dictate that we fund around 5-10% of the estimated value of your case. This ensures that you receive a meaningful amount of money from your eventual settlement, even after settling legal fees and court costs.
High Rise Financial has previously provided clients with sums ranging from $500 to $250,000 in legal funding. The average funding amount in our industry, according to the Alliance for Responsible Consumer Legal Funding (ARC), is approximately $2,000. However, the specific amount you receive depends on the unique details of your case and the number of funding applications you submit.
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If You Initially Received a Pre-Settlement Loan Elsewhere
If you’ve previously obtained a pre-settlement loan from another legal funding company and they’ve declined further funding, you can still apply with High Rise Financial. If our underwriters believe there’s room for additional funding in your case, we’ll handle paying off the initial funding amount provided by the first company.
This approach minimizes the risk of “overfunding” your case, ensuring you can cover all your obligations on your pre-settlement loans, whether acquired in Portland or elsewhere, while still having sufficient funds to address your medical expenses.
Legal Funding Isn’t Really a Loan at All
It’s important to clarify that legal funding is not a traditional loan. Your eligibility for funding is tied to your involvement in a personal injury case and your legal representation. As long as you have an attorney representing you, you can apply for and likely be approved for legal funding, whether you require lawsuit funding in Miami or any other state we serve.
Approval primarily hinges on the strength of your case and the severity of your injuries, rather than your credit report. Furthermore, instead of making monthly payments as you would with a bank loan, you repay the full amount upon winning your case. This includes all rounds of legal funding, in addition to our fees. High Rise Financial does not charge interest, providing transparency about your total repayment amount. This contrasts with lawsuit loans, which can carry interest rates of up to 40%.
What Happens If You Lose Your Case
Perhaps the most significant distinction between pre-settlement legal funding and a conventional bank loan is that, in the event you lose your case, you are not obligated to repay the funds. Even if you still have unused legal funding, we won’t seek any repayment.
Moreover, we won’t pursue legal action or wage garnishment against you. Much like your personal injury lawyer, our compensation is contingent on a favorable outcome in your case. Therefore, legal funding is a virtually risk-free option to help you meet your financial needs while awaiting your personal injury settlement.
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Apply for a Pre-Settlement Loan Today
High Rise Financial offers a free, fast, and straightforward application process for pre-settlement loans. It’s even more streamlined if you require additional legal funding. If you’re applying for the first time, complete the application form on the right, and our team will reach out to you and your attorney shortly after receiving your application.
For a second pre-settlement loan, please contact your case manager directly to discuss your needs
