If you’re in a tight spot while awaiting the resolution of your personal injury case, you may have turned to pre-settlement funding for financial relief. But what if the funds have dried up, or you wanted more from your previous funding experience? The good news is that even if you’ve received funding from another company before, you can still apply for pre-settlement funds with us at Tribeca Lawsuit Loans.
At Tribeca, we understand that every case is unique. That’s why we conduct a thorough review of your situation, taking into account any prior funding you’ve received and the implications for your eventual settlement. Our goal is to provide you with the right amount of funding to cover your needs without overburdening you with debt when your case is resolved.
We are dedicated to ethical lending practices. Unlike other providers, we prioritize your financial well-being and will only offer funding that aligns with your settlement. At High Rise Financial, our goal is to accompany you through your legal process, providing the necessary financial support without causing additional strain.
Can I Still Apply for Pre-Settlement Funding if I Had Prior Funding Elsewhere?
If you’re wondering whether you can apply for additional funding from another source, the answer is yes! You have the option to seek additional funding from other sources, even if you’ve already received funding from a different company.
Understanding Pre-Settlement Funding
Pre-settlement funding, often referred to as a lawsuit “loan,” is not a traditional loan. Unlike a bank loan, pre-settlement funding is non-recourse, meaning that if you lose your case, you don’t have to pay back the money. This type of funding is designed to help plaintiffs cover their expenses while waiting for their case to settle or go to trial.
There are various reasons why a plaintiff might need additional funding during their case. For example, unexpected medical expenses or a prolonged case duration can strain finances, making it necessary to seek more support.
Applying for Additional Pre-Settlement Funding
If you’ve already received funding from one company but find yourself in need of more, you can absolutely apply for additional pre-settlement funding from another provider. However, disclosing your prior funding to the new company is crucial. Transparency is key!
In our experience, we’ve commonly seen situations where plaintiffs require additional funding due to unforeseen circumstances. For instance, a case might take longer than expected to settle, or the plaintiff might need to undergo further medical treatments. We understand that these situations can be stressful, and that’s why we’re here to help!
Factors Considered by Funding Companies
When assessing a case for additional funding, lawsuit loan companies will require certain information. This typically includes details about the case itself, the expected settlement amount, and any prior funding amounts received.
Some key factors that funding companies consider are:
- The strength of the case
- The extent of the plaintiff’s injuries
- The expected settlement or judgment amount
- The amount of prior funding received
It’s essential to provide accurate and complete information to the funding company. This helps them make an informed decision about your case and the amount of additional funding they can offer.
Impact of Prior Funding on New Funding Decisions
Prior funding can affect the decision-making process for new funding companies. They will take into account how much you’ve already received and factor that into their calculations.
An article in Forbes explains that having multiple loans can lead to financial strain due to the need to manage payments at different intervals, potentially causing cash flow issues. This approach also increases the risk of default, which can result in the liquidation of business or personal assets and severe damage to credit scores.
Therefore, it’s crucial only to take out what you truly need to avoid unnecessarily reducing your payout. In our experience, we’ve seen plaintiffs who have taken out multiple advances end up with significantly less money than they expected once their case is settled.
Repaying Pre-Settlement Funding
Repaying pre-settlement funding is straightforward. When your case settles, or you receive a court award, your attorney will receive the funds from the defendant. They will then use those funds to pay back your funding providers, including any prior funding companies and your new funding provider. Your attorney will also deduct their legal fees and any other outstanding liens or expenses. The remaining balance is yours to keep!
It’s important to note that if you lose your case, you typically don’t have to repay the funding. That’s the beauty of non-recourse funding! However, this may vary depending on the specific terms of your agreement with each funding company.
Takeaways and Next Steps
If you’re considering applying for additional pre-settlement funding, remember these key points:
- You can apply for funding from another company even if you’ve received prior funding elsewhere.
- Be transparent about your prior funding when applying for new funding.
- Funding companies will consider various factors, including your prior funding when making their decision.
- Consider the possible effects of new funding on your financial situation.
- Your attorney typically handles repayment when your case settles or you receive a court award.
As a next step, discuss your options with your attorney. They can provide valuable insight and help you determine if additional funding is right for your situation. If you decide to move forward, contact Tribeca Lawsuit Loans at 866-388-2288. Our experienced loan representatives are ready to assist you!
Frequently Asked Questions (FAQs)
How long does it take to receive funds after applying for additional pre-settlement funding?
At Tribeca Lawsuit Loans, we strive to provide quick turnarounds. Once your application is approved, you can receive your funds within 24-48 hours.
Will applying for additional funding affect my credit score?
No, applying for pre-settlement funding does not impact your credit score. Funding companies do not perform credit checks as part of the application process.
Can I use the pre-settlement funding for anything I want?
Yes! Once you receive your funds, you can use them for any purpose, such as paying bills, covering medical expenses, or even taking a much-needed vacation. It’s your money to use as you see fit.