If you are considering taking out a lawsuit loan, you are already putting yourself ahead of the game in the claims process.
With a lawsuit loan in your pocket, you can fight your case to the end. Why? Because a lawsuit loan can help you pay any extra bills that come your way before you settle.
Many people are tempted into taking unfair settlement offers because their bills pile up after car accidents. And with those bills exceeding their typical income, people are tempted to accept a low-ball settlement out of desperation.
When bills are due, after all, they are due. With a lawsuit loan, however, you can pay those bills as they come due and fight your case to the end.
That way, you can get the settlement you deserve, keep more money in your pocket, and counter any coercive negotiating tactics that other parties may try to employ.
One of the most common questions we get at Injury Wallet is, Can you get two pre-settlement loans? Oftentimes the answer is yes; additional settlement loans are available.
In just as many instances, however, the answer is no because not everyone can take out two lawsuit loans on the same case.
Can You Get Two Pre-Settlement Loans?
The answer to this question depends entirely on the amount that a given lender is willing to let you borrow. When you initially submit your application, a lawsuit lender will either approve or deny it.
If they approve your application, their response will include a maximum amount of money that they can loan you for the given case. Basically, lawsuit loans are loans against pending settlements. Thus, a loan cannot exceed a given settlement.
Now, back to our question. If you take out the maximum loan amount in your first lawsuit loan, you cannot take out a second loan against that particular settlement.
If you don’t take out the maximum loan, however, you can always take out a second lawsuit loan.
But know that the sum of your lawsuit loans together cannot exceed the initial maximum amount. Until you reach the point of hitting the maximum, the amount you borrow is entirely up to you.
If you are still under your maximum loan amount, you can take out a number of settlement advances before exhausting your loan offer.
This sort of flexibility is just one more in a long list of reasons why more and more people are turning to pre-settlement funding to fight their claim to the end.
What Happens If I Lose My Case?
If you lose your case in court or fail to settle out of court, you won’t owe your lawsuit lender a single penny. Because you borrow the loan against your eventual settlement, if there is no settlement, there is no collateral.
Thus, there is no loan to repay. The risk-free nature of lawsuit loans, combined with their flexibility, makes pre-settlement loans even better for people who are trying to get the most out of their civil claim.
Injury Wallet Can Get You the Best Rate On Your Settlement Loan
At Injury Wallet, we help our clients make the most of their lawsuit loans. How? By finding the best possible injury loan rate available.
A better lawsuit loan rate means that at the end of the day, you pay less money in interest. The more you save in interest, the more money you have in your pocket.
Injury Wallet is not a lawsuit lender. Instead, we connect you with the top lawsuit lenders around the country. All you have to do is fill out one application on our website, and we do the rest.
We send your application to all our lending partners, review their loan offers, and only come back to you with the best rate possible.
This saves you the time, effort, and money of poring over dozens of applications and scouring the web for the best loan you can find.