The need for second loan
Although you may have been approved for pre-settlement funding before, taking out the first loan from your lawsuit, and saving that for a rainy day isn’t enough to prepare you for the expenses that come ahead with legal battles. These unplanned costs could be inconvenient and expensive to personal injury victims who are unemployed and need the extra cash again to support themselves.
While everyone’s scenario may be different, it doesn’t take away the fact that litigations are lengthy and could bring financial concerns. When that happens, the pressure to make ends meet may be exhausting and you may be wondering if you can get 2 settlement advance loans. To answer this question directly, the answer is yes; you can always apply for a second and even third settlement advance loan. Many plaintiffs do qualify for another pre-settlement cash advance with Baker Street Funding.
Let’s make a more clear picture of how pre-settlement lawsuit funding works and how you can take a second loan on your pending case. First, it would be best to understand what lawsuit loans are and get pointers on how to find the best lawsuit lending company. We will touch on all of these pointers and discuss more on how second or third pre-settlement funding works.
What are pre-settlement loans?
In simple words, pre-settlement funding (or loans) means that you are getting a no-risk cash advance on your pending lawsuit settlement. You are borrowing money from your coming settlement or award.
During litigations, it’s not unusual for plaintiffs to run into a financial brick wall or get strapped of cash — especially in cases of personal injury or car accidents where they have to pay high medical bills and somehow still cater to other financial needs like feeding, tuition, and rents, among others. At such difficult times, regardless of whether you are grappling with an auto accidents lawsuit, personal injury, slip and fall, employment discrimination, medical malpractice, or any civil lawsuit at all, you can always apply for settlement advance loans. If your case is solid, you can qualify for it fast.
When you are faced with financial hardship during your litigations, and the case seems to be taking forever to resolve, you can reach out to a reputable lawsuit lending company like Baker Street Funding for low rates lawsuit loans. Lawsuit loans are not “loans” in the real sense of the word loan. Lawsuit loans are best described as a non-recourse cash advance. Non-recourse means the plaintiff’s repayment of the “loan” amount or cash advance is contingent on the case settling in your favor. If the case goes south and you lose, you are under no obligation to repay a cent of the loan — No repayment of either the principal or interest.
What are the advantages of pre-settlement loans?
Getting lawsuit loans for your case helps cushion financial pressure during protracted lawsuits. You can use the funds to cater to legal expenses and other commitments like rents and feeding like we mentioned earlier. Beyond sorting out your bills, pre-settlement funding presents no bottlenecks to access compared to traditional loans offered by other lenders like banks.
Here are reasons why you should always choose Baker Street Funding for your lawsuit loans and for additional loans, if needed.
Get approval within 24 hours
Baker Street Funding leverages the best technology and professional underwriters to ensure that your lawsuit loan application goes smoothly. If you qualify, we will immediately send you a contract to be dually signed by you and your attorney. When we receive the signed contract, we will directly send the funds without delays — usually within an hour or two, depending on how you wish to get paid.
Now, that is how easy it is to get lawsuit loans from Baker Street Funding. And you will agree that the process is hassle-free.
Other offers that make us stand out include:
1. No Credit Checks
2. No employment checks
3. No Upfront Costs
4. Free consultations
5. Incredibly low rates
How much money can you take out from your pending settlement?
Before releasing funds for a second or third additional pre–settlement loan, funding companies need reassurance about your ability to pay back the funds. They want to get paid back, which means that they will approve the additional loan only to borrowing plaintiffs who meet their requirements.
Settlement advance loans offer 10% of your potential settlement amount. The idea is to keep you afloat during your litigations and also buy your attorney ample time to fight for the best settlement without pressure from defense attorneys or the defendant’s insurance company to settle early.
Our pre-settlement funding offers between 1.5% to 3.4% monthly non-compounding interest rates. Unlike other ridiculous providers made by some lawsuit money sharks in the industry, our rates don’t come back to eat up your lawsuit settlement amount when it gets paid.
Legitimate lenders let you take out no more 10% of the potential settlement resolution award as a cash advance. The reason being is that if you were to take a higher amount, you might not have much left of your award after repaying the loan amount.
However, because of unforeseen events that may play out during the lawsuit and because victims of accidents and injuries are unable to work due to treatments and therapy, there is always a second or even a third loan request that cannot maximize the current 10% value of your case.
Buyouts and taking out an additional pre-settlement loan
While plaintiffs can get a second settlement advance loan, approval is dependent on how much you took on your initial loan, the discovery of your case, or if there has been a settlement offer.
Our underwriters will give your case a value, and depending on how your claim progresses, the value of your claim could increase; therefore, the amount of the second or third loan you need from your lawsuit could increase too.
If your case has not had any progress and you haven’t exceeded 10% in your first cash advance, you can apply for additional settlement advance loans. Even though plaintiffs can take the highest loan amount available, we always advise our clients to take out the amount they need to cater to their immediate needs. This makes it easy for them to get a second pre-settlement loan for their case.
Baker Street Funding is a legal lending pioneer in buying out previous lawsuit funding. What other companies don’t approve, we approve 55% of the time.
Get in touch to discuss your second or third pre-settlement loan offer
You should always have it at the back of your mind that predatory companies out there are out to capitalize on plaintiffs’ desperation for a second loan. To save yourself from such ploys, get in touch with us to discuss our settlement loan offers.
Please don’t leave your attorney in the dark while applying for our low rates second advance loan on your settlement.
At Baker Street Funding, we always insist that you have attorney representation on contingency and to help you negotiate the best settlement loan amount (or additional funding amount) for your case.
Also, having your attorney present enables you to understand the terms of our agreement. Always ensure that you have your attorney by your side before signing any lawsuit loan contract.
We look forward to rendering our professional guide to help you make the most of your additional lawsuit loans. Do get in touch soon, or go ahead and fill out our application form online to get started.