How Many Pre-Settlement Loans Can I Get?

How many pre-settlement loans can you get? There is no fixed limit, but lawsuit lending companies consider many factors in the approval process.

How Many Pre-Settlement Loans Can I Get? - You can get as many pre-settlement loans as you want, but your lawyer may only recommend one.
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How Many Pre-Settlement Loans Can I Get?

When you needed money to pay medical bills and living expenses until the settlement of a pending lawsuit, a pre-settlement loan provided it to you. Now that you find yourself in need of additional cash and still waiting for a settlement, you may wonder if you can get another pre-settlement loan. The answer depends upon how much money you need and the anticipated value of the settlement of your personal injury claim.

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Waiting months or even years for a personal injury case to be settled or go to trial is a lot to ask of plaintiffs who may be unable to work. Bills and expenses won’t wait until an insurance company issues a settlement check, but a settlement loan from a pre-settlement funding company can give you the cash you need to pay bills and medical expenses.

Settlement funding is a relatively new industry, so you may not be aware of what it has to offer. A lawsuit loan is a cash advance made by a funding company after a careful evaluation of the strength and value of your claim for damages against the defendant, which is the negligent party responsible for your current situation. Unlike traditional loans, the cash advance you receive from a settlement loan gets repaid only if and when the lawsuit ends in a judgment or settlement that is in your favor. In other words, if you do not win, you owe nothing to the company that funded the cash advance.

Before you apply for a settlement advance, it is essential for you to understand the terms, cost, and application process associated with lawsuit funding. If you already received money from a legal funding company, this article includes a discussion about the number of lawsuit loans available to you and whether getting them from different funding companies is allowed.

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Key Takeaways

To help you learn about the benefits and risks associated with lawsuit funding, reading this article offers the following takeaways:

  • You need to compare funding companies in order to be assured of getting the best terms and lowest rate of interest on your loan.
  • It is important to involve your personal injury lawyer when making a decision about going forward with lawsuit funding as a solution to pressing financial needs.
  • You may be eligible for multiple cash advances through one or more lawsuit loans.
  • If you have a lawsuit loan with a funding company, you may be able to get additional funding through other companies depending on the value of your lawsuit claim.

How Does A Funding Company Decide If You Qualify?

As you search the internet for more information about lawsuit funding and to find a lending company that is best for you, you will immediately notice the number of different terms used to describe the service the companies offer, including:

  • Pre-settlement funding.
  • Pre-settlement loans.
  • Lawsuit loans.
  • Lawsuit funding.
  • Lawsuit advances.
  • Pre-settlement lawsuit loans.

The money given to you is a non-recourse advance, which means that the settlement company cannot look to you for repayment or seize assets that you own to recover what was paid to you. The only source for repayment available to the company or companies giving you the money is the settlement or award from your injury lawsuit.

Even then, attorney fees earned by the law firm handling your case, the costs of the litigation, and medical liens or other third-party liens against the lawsuit must be paid before the settlement funds may be used to repair to repay the cash advance. The risk of loss is on the settlement company should its valuation of your insurance claim be wrong.

After you submit an application for lawsuit funding to a settlement funding company for the first time, it contacts your lawyer to obtain details about the lawsuit that it uses to evaluate the likelihood of it ending in a negotiated settlement agreement or a judgment after trial. It also looks at the injuries you suffered and damages in the case to determine the value of the anticipated settlement or award in the case.

Other things that companies usually use to determine whether a personal injury case qualifies for funding include:

  • There must be a lawsuit pending against another party.
  • You must be represented in your claim for compensation by an attorney.
  • Some funding companies insist on there being a liability insurance company with a policy insuring the defendant in the case to pay the anticipated settlement or award.

Some states passed laws regulating settlement lawsuit loans that set limits on interest rates that pre-settlement funding companies may charge borrowers and require the consent of your attorney to the lawsuit loan before funds may be disbursed to you. Even if you live in a state that does not regulate companies offering a settlement cash advance or that does not include in its law a requirement that your lawyer consent to funding, check with the settlement company and ask about their policy regarding lawyer consent.

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How Many Pre-Settlement Loans Can I Get?

If you apply for and receive a cash advance, but your claim has not be settled against the defendants, you can apply for another pre-settlement loan should you be in need of additional funding to help make ends meet. It all depends on the amount you need and how much you received in previous advances against your lawsuit.

The value a settlement loan company assigns to your case is important in determining the total amount of money you can receive in lawsuit loans. For example, most companies limit the total amount of money they will advance on a case to 10% to 15% of its value, so if a settlement is valued at $100,000, the maximum amount that will be advanced is $10,000 to $15,000. In contrast, advances as much as 50% of the settlement value depending on its evaluation of the case and how far along in the litigation process the lawsuit has progressed.

It does not matter whether the advance comes in one lawsuit loan or multiple loans taken over the course of time that you wait for the lawsuit settlement. When making the decision about how much to request for your initial advance, it’s a good idea to only take what you need. Interest charged for the money will be added to the total loan amount when it comes time for it to be repaid from the settlement award, so it does not make sense to pay interest on money that you are not using. Instead of taking a larger advance now, you can always request another advance at a later date depending on the estimated value of your case as determined by the company.

Can I Get Pre-Settlement Loans From Multiple Companies?

While it is possible to obtain multiple pre-settlement loans using more than one funding company, there may not be any benefit for you to do so. Assuming that you shopped around and compared settlement companies to find the lowest rate of interest and best terms for the initial advance, the first company may still be the best choice for you.

If shopping around and comparing funding companies shows that better rates and terms can be had from a different source, it may benefit you to apply to a new company rather than return to the previous company that you used. When comparing settlement loan companies, do not assume that all companies or the loans they offer are the same.

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We understand that if you’re applying for funding with us, you needed the funding yesterday. With your attorney’s cooperation, we can provide funding as soon as the same business day.

All Pre-Settlement Loans Are Not Created Equal

If you want to find out if another litigation funding company offers a better pre-settlement loan than you received from previous companies that you used, here are a few things to use to make a decision when comparing loans offered by each lawsuit loan company:

  • Interest Rates: A lack of oversight of the litigation funding industry at the federal level with only some states passing laws to control the interest rates and other features of the funds advanced to applicants makes it essential to do your homework and know the interest rate being charged by each lender.
  • Simple or Compound interest: When a company charges simple interest on the money that you receive, it is computed on the original amount that you borrowed. For example, if you borrow $10,000 at 3% simple interest, the interest cost each month is $300, so if the case settles and the company is repaid in five months, the amount repaid is the original advance of $10,000 plus interest of $1,500. Compound interest charges interest on the interest. In the example of the $10,000 cash advance, the interest for the first month would be $300, but interest for the second month is computed on $10,300 and continues charging interest on interest until the money is repaid.
  • Quality of Service and Reputation of the Company: Online reviews of a company will tell you a great deal about the quality of the service it provides and its reputation. You want a company that works hard to meet your needs through a prompt application review and underwriting process to get you an approval and the money that you need as quickly as possible.

Don’t leave your lawyer out of the decision-making process. Discuss what your research reveals about the compares that you are considering for additional funding with your attorney who may know something about a company or offer suggestions to help you to decide on one.

Why Choose For Your Pre-Settlement Funding offers competitive rates and terms on pre-settlement funding. Loans are offered with simple interest rates as low as 2.5% and funding of up to 50% of the settlement value of your lawsuit claim. Once approved, your money can be available to you within 24 hours.

A team of experienced lending professionals is available to answer any questions you may have and assist you throughout the process. Call them today at (800) 340-4973 to speak with a representative. If it’s more convenient, feel free to apply online.

Get up to $500,000 With Rates as Low as 2.5% Simple, Monthly


If you are like most people who depend on the money they earn at work to support themselves and their families, being out of work because of injuries from an accident or being wrongfully discharged may leave you in desperate need of finding a way to pay the bills until your legal case is settled. Lawsuit funding can provide a settlement advance to use for bills, living expenses or any other reason you chose without incurring additional monthly payments. The cash advance is repaid from the settlement amount of your lawsuit.

You can get multiple settlement advances depending on the value of the expected settlement. If you need additional money after taking the initial advance, you have the freedom to shop around for the best rates and terms for a second advance.

If you are in need of a settlement advance, call today at (800) 340-4973 to learn more about their competitive rates and terms along with their outstanding customer support. Click here to apply online.

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