Have you been injured, wronged, or otherwise inconvenienced in a way that will allow you to bring a lawsuit forward? You hopefully will have the compensation that you need to get your life back on track soon.
However, bringing a lawsuit of any sort forward isn’t always easy. It also isn’t cheap. You might find that you don’t have the money you need to launch your lawsuit. After all, many Americans live paycheck to paycheck.
In this situation, many people turn to pre-settlement funding loans to help get them over the finish line.
If you’re looking into these kinds of loans yourself, you may be curious: can you take out more than one at a time? What is the limit? Read on and we’ll walk you through what you need to know.
What is a Pre-Settlement Loan?
As we mentioned, there are a lot of different obstacles involved in getting a lawsuit off of the ground. One of the biggest hurdles is the financial element. You’ll need to hire an attorney, restructure your life around court cases, and so forth.
Depending on the incident in question, you may even be out of work when doing all of this. That’s why it’s so important to ensure you do the work of understanding a settlement loan.
A settlement loan is simply a sum of money given to a victim to use for their legal proceedings. Once compensation is delivered from the court case, the individual pays back the loan with interest.
It’s an easy and efficient way to get the funding that you need for your court case and fast. There are many different lenders out there that offer these kinds of loans with varying application processes.
In most cases, you can get approved for this kind of loan within 1-2 days. Your approval will depend on how likely it is that you will win your case.
Limits on Pre-Settlement Funding?
Are you only able to take out one loan to finance your ongoing lawsuit? That isn’t the case at all. Legally speaking, you are able to take out as many low-interest pre-settlement loans as you’d like to.
In fact, it is not uncommon for plaintiffs to take out additional loans if their case continues to proceed past the point that they initially anticipated.
Your expenses might end up being larger than you initially assumed, making the need for another loan a reality.
Ideally, you should try to take out the total loan amount you think you’ll need at the beginning of the process. However, if you need to take additional loans out as time passes there is no penalty for this kind of action.
Understanding Pre-Settlement Funding Loans
If you’re working on obtaining the compensation that you have a legal right to, you might need some additional financial assistance in the meantime. Securing one or more pre-settlement funding loans can help you ensure you get to the finish line of your case and get your life back on track.
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