Yes, you can apply for pre-settlement legal funding more than once. If you find yourself needing additional funds during your litigation, you may be eligible for another lawsuit loan, though some limits apply.
In some states, companies can only provide a maximum of 20-25% of your expected compensation amount. If your original lawsuit loan is already that much, you may not be able to get another.
When You Might Be Eligible for an Additional Lawsuit Loan
When you first apply for legal funding, our underwriting team assesses the strength of your case along with the amount you are expected to receive as compensation. This gives us a good idea regarding how much funding we can give you. Your expenses could include a range of items, such as:
- Medical bills
- Covering lost wages due to injury
- Necessary expenses like food and clothing
- Rent or mortgage payments
However, your daily costs could be higher than predicted, and that might warrant applying for additional funds. You also might be eligible for more lawsuit loans if information regarding your compensation changes.
For example, the extent of your injuries and medical bills could be higher than predicted. This would increase your expected compensation, allowing you to seek more legal funding.
Case Types That Qualify for Pre-Settlement Funding
We’re able to provide legal funding for clients with a wide variety of case types. As long as you are the plaintiff in your lawsuit and stand to receive compensation at the conclusion of your case, you likely are eligible for pre-settlement funding. In the past, we have helped plaintiffs in lawsuits like:
- Personal injury cases (including car accident and defective product claims)
- Dangerous drugs cases (including class action lawsuits)
- Employment or labor law violations
- Medical malpractice
- Premises liability claims
- Sexual abuse or assault claims
- Cases related to whistleblower incidents
Another important requirement is that you must be represented by a law firm or lawyer. We work directly with your attorney both in the approval process and in the repayment process. For example, we might contact your attorney to learn more about the details of your claim before approving you for a lawsuit loan.
When it is time to repay the loan once you receive your compensation package from the opposing party in your lawsuit, your attorney simply writes us a check for the agreed-upon amount. By working with your lawyer, our process allows you to enjoy your compensation without any added stress.
Restrictions on the Amount of Legal Funding You Can Receive
Depending on the state you live in, you may be subject to different regulations regarding how much you can take out as a lawsuit loan. Legal funding is safer for the borrower, since repayment never comes out of your bank account and you don’t owe us anything if you lose your case.
Despite this, many states choose to restrict the practice for fear of breaking champerty laws. Your state might regulate:
- The total dollar amount you can receive as a lawsuit loan
- The percentage of your compensation package you can receive as legal funding
- The total interest you can be charged in your lending agreement
We provide legal funding in many states across the U.S., and we always abide by local, state, and federal regulations. To know whether you qualify for more than one lawsuit loan, we will need to examine the state laws that apply to you.
Repaying Your Extra Lawsuit Loans
If you are approved for your additional pre-settlement funding, the new lawsuit loan will be added to your existing amount. Just like your original funding, this amount is considered non-recourse debt, so you are not held personally liable for repayment. What does that mean for you? It means:
- We only take repayment as a portion of your compensation package.
- We do not pursue repayment from your bank account.
- You don’t pay us back at all if you lose your lawsuit.
- We do not take collateral as repayment, apart from the agreed-upon portion of your settlement or jury award.
Just like your initial lawsuit loan, any additional legal funding you receive is structured to keep you and your family safe from risk.
Apply for Additional Pre-Settlement Funding Today
If you need more legal funding, get in touch with Tribeca Lawsuit Loans today. We may be able to help you, whether you have your existing legal funding through us or have been rejected for a second lawsuit loan by a different company.
The application process for your second lawsuit loan is the same as the first, and it’s also completely free! Fill out an application by clicking the Apply Now button at the top of the page and our underwriters will do the rest. If you are approved, you can have anywhere from $500 to $1 million in your bank account in as little as 24 hours.
Frequently Asked Questions
What happens if I already have a lawsuit loan from another company? Can I still apply for additional funding with Tribeca Lawsuit Loans?
Yes, you can apply for additional funding with Tribeca Lawsuit Loans even if you have a lawsuit loan from another company. We will assess your case independently to determine if you qualify for more funding based on your expected compensation and state regulations. Our team will work closely with your attorney to ensure that the total amount of funding does not exceed permissible limits and that repayment terms are clearly defined.
How does applying for a second lawsuit loan affect the interest and fees I have to pay?
Applying for a second lawsuit loan may affect the total interest and fees you owe, as the additional funding will increase the principal amount borrowed. Each loan agreement will specify its own terms, including interest rates and fees. It is important to review these terms carefully and discuss them with your attorney to understand how multiple loans may impact your total repayment amount once your case settles.
Are there any risks associated with taking out multiple lawsuit loans?
While lawsuit loans are non-recourse and you are not personally liable for repayment if you lose your case, taking out multiple loans can reduce the amount of compensation you receive upon settlement. This is because repayment comes from your settlement or jury award. Additionally, interest and fees can accumulate over time, so it’s important to borrow only what you need and consider the financial implications of multiple loans.