Understanding Pre-Settlement Funding for Second Case Scenarios
Pre-settlement funding is a financial tool plaintiffs use while navigating legal battles. But what happens if you’re involved in more than one lawsuit? Securing pre-settlement funding for a second case is not only possible but sometimes necessary to manage the financial strain of multiple legal disputes. Whether you’re pursuing additional claims or dealing with separate legal matters, this type of funding is tailored to address the unique challenges of handling a second case. In this post, we examine pre-settlement funding for a second case (lawsuit), and how these situations make lawsuit loans even more necessary.
What Is Pre-Settlement Funding?
Pre-settlement funding, sometimes referred to as lawsuit loans, advances cash to plaintiffs with pending lawsuits. There are differences between personal loans and lawsuit loans. Most notably is the fact that lawsuit loans are not actually loans. Instead, pre-settlement funding is a partial sale of future lawsuit proceeds. That is, the settlement funding company purchases a portion of the settlement ahead of time. If the case is not successful, the advance is not repaid nor can the funder pursue a plaintiff personally for repayment.
Since repayment is dependent upon a successful recovery, pre-settlement funding provides a risk free proposition to plaintiffs who need immediate cash. This financial support helps cover expenses like medical bills, rent, or daily living costs.
How Does Pre-Settlement Funding for a Second Case Work?
If you received funding on a lawsuit and are involved in another case, you may wonder how to secure pre-settlement funding for the second case. The good news is that you can. The reason is because legal funding is not lending. If you can sell a portion of your settlement on one case, you can try to do so on a different case. The process is similar to funding your first case:
- Application Process: Submit your second case’s information, including details from your attorney.
- Underwriting and Eligibility: Legal funding companies will assess the details and merits of your second case independently.
- Approval and Funding: Once approved, you’ll receive a separate cash advance for your second case.
- Repayment: Each advance is repaid individually from the settlements of the respective cases.
And since you’ve already gone through the lawsuit loan process before, you’ll be even more familiar with the steps needed and how you can help your attorney help you get funded.
Types of Cases Eligible for Second Case Funding
If pre-settlement funding is anything, it’s flexible and can be applied to various legal scenarios. The unique nature of legal funding allows deals with second cases, even if they overlap with or are entirely distinct from your first case. Examples can include:
- Personal Injury Cases – If you’re pursuing a second personal injury claim, perhaps from a different incident, pre-settlement funding ensures you’re financially secure during both legal processes.
- Medical Malpractice Claims – Sometimes, individuals face multiple instances of medical negligence. Pre-settlement funding for a second case allows you to focus on both claims without financial stress.
- Employment Disputes – For plaintiffs with multiple employment-related lawsuits, such as wrongful termination, funding for a second case ensures you have resources to handle both disputes effectively.
- Product Liability Cases – If defective products caused separate injuries or damages, funding for each case can be handled independently.
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Benefits of Pre-Settlement Funding for a Second Case
The same lawsuit funding benefits apply to pre-settlement funding for a second case. These include:
- Financial Flexibility: Cover expenses related to both cases without compromising your quality of life.
- Streamlined Process: Legal funding companies simplify obtaining funds for multiple cases.
- No Risk: Just like with your first case, repayment for the second case advance depends on a successful outcome.
- Enhanced Value: Lawsuit loans actually help your lawsuit because they allow your attorneys the time to properly prepare the case for settlement or trial.
Choosing the Right Legal Funding Partner
Not all legal funding companies are equipped to handle multiple cases efficiently. Pre-settlement funding for second cases may not be a preferred scenario for some legal lenders. When shopping for a lawsuit loan, search for a company with experience in managing pre-settlement funding for second cases. Transparency, competitive rates, and excellent customer support are critical factors to consider.
Of course, you’ve already found such a lender. At Fair Rate Funding, we’ve been helping plaintiffs with financial support since 2007.
Why Choose Fair Rate Funding
You obviously have a choice in who you use for legal funding. We offer:
- Simple and Easy Process – Approval only on the strength of your case.
- Risk – Free Proposition – Only repay if you win your case.
- Rapid Approval and Funding – Approvals often within 24 hrs.
- Up Front Pricing – Absolutely no hidden fees.
Give us a call and learn about your options. We are here to help and are at your service.
Final Thoughts
Being involved in multiple lawsuits can be overwhelming, especially when finances are tight. Pre-settlement funding for a second case provides much-needed relief, enabling you to focus on achieving favorable outcomes in all your cases. If you’re pursuing a second case and need financial support, contact us and explore your options.
Thank you for your interest in Fair Rate Funding.
