Plaintiffs often ask us variations of the same question:
- Will I get approved if I have pre-settlement funding from another company?
- Can I have two lawsuit loans from the same company?
- Can I have two pre-settlement loans from two different companies?
- How many lawsuit loans can I get?
- What factors determine how much funding I can get?
The general answer is simple – you can almost always be approved for a lawsuit cash advance as long as the estimated value of your case supports additional funding. Read more below to learn about the specifics:
Will I get approved if I have funding from another pre-settlement funding company?
If you have pre-settlement funding from one company you can get lawsuit funding from a different company. This is known as refinancing. Some plaintiffs want to refinance their original lawsuit loan because they find out the fees for their original company were too high, or they want another lawsuit loan and the original company won’t grant additional.
Regardless of the reason, many plaintiffs come to Uplift because we exclusively charge low, simple, non-compounding rates. Paying less for a pre-settlement loan means more money in your pocket at settlement time.
Benefits of refinancing with Uplift
Uplift is one of the best cash advance companies in the industry. Not only do we offer both pre-settlement and post settlement loans within 24 hours, but we also have some of the lowest rates around. Below we have detailed some of the benefits of choosing to refinance with us:
- No win, no pay – if you do not win your personal injury claim you don’t owe us anything
- Responsive – we are extremely responsible and will answer any questions in a timely manner
- Cap – we have a cap on how much you will have to repay
- Rates – we have some of the lowest rates in the industry
- Non compounding – our rates are also non compounding, we never charge on accumulated fees
How refinancing works
Here is a simple breakdown of how refinancing works. In order to take on your case, first Uplift has to receive a payoff letter from your current company. A payoff letter is just a letter stating how much you currently owe, and what Uplift needs to payoff in order to grant you additional lawsuit funding.
Once we have received your payoff letter, we determine whether or not we can grant you additional pre-settlement funding. If we can, we pay however much you owe to your original company, and grant you a cash advance!
It’s a very straightforward process, and once you have been refinanced with us you will have better rates, and security knowing we won’t overcharge you.
This also applies for a settlement advance, we have to buy out the original lawsuit funding before granting you additional funding. With a settlement advance we do not have to estimate a settlement value.
With a settled claim, the most important figure is the net settlement amount you are going to receive. Once your case is settled, we can provide funding in an amount up to 50% of your net settlement.
What factors determine whether or not I am approved for additional pre-settlement funding?
There are several factors that influence the likelihood of you being refinanced by Uplift. Below we have listed some of the factors that influence your chances of receiving an additional pre-settlement loan:
- Settled or pre-settlement – has your case already settled?
- Your case value – how much is your case worth?
- Receive – the expected amount you will get from your lawsuit after attorney fees / medical expense
- How long – the amount of time your case will take to settle
- How much – how in pre – settlement funding do you have
Is your case settled or pre-settlement?
Depending on how whether or not your case has settled also will determine if you can receive an additional pre-settlement loan. If the case is pre-settlement, then you will only be able to receive about 15% of the potential settlement.
However, if you have settled and are awaiting your settlement check, you can receive up to 50% for a settlement advance. This is because the settlement advance is guaranteed so we can advance more.
There is a difference between pre-settlement and settlement cases because funding companies have to take a certain amount of risk when granting lawsuit funding. With a pre-settlement personal injury claim, the company has to estimate how large the settlement will be. Since there is no way to guarantee what a settlement will end up being, pre-settlement funding companies will only offer 15% of the potential settlement.
However, with a settled personal injury claim, funding companies know exactly how much there is available. Therefore it is easier to grant more.
What is the value of your personal injury case?
These three factors help determine your case value:
- Liability – who was at fault? Were you to any extent at-fault for the accident? Depending on your state of residence, different laws govern how this will legally be accounted for.
- Damages – how much economic and non-economic damages do you have? Cases where the plaintiff has had several surgeries are worth more than cases where the only treatment was chiropractic.
- Insurance coverage or ability to pay – this represents a maximum value for your case. If your damages are substantial, but insurance coverage is $25,000, that limits the value of your case.
Use this personal injury settlement calculator to get a rough idea of the value of your case and how much total funding you might qualify for.
What are you expected to net from the lawsuit?
The net is how much you will actually receive in pocket from the settlement. In order to know how much your net settlement will be there are several fees that will be paid off first:
- Medical liens
- Attorney fees
- Litigation expenses
Each of the above will range from a few hundred dollars, to multiple thousands of dollars. The largest of these will likely be your attorney’s fees and medical liens. If you have been in a car accident, check out our settlement breakdown.
When is your personal injury case likely to settle?
Personal injury cases take a long time to settle. Even if there is clear liability, and the defendant has more than enough insurance, it may still take months or even years to settle. If you already have a pre-settlement loan and your case is not close to settlement, you may not be able to receive the amount you want.
If your case is close to the beginning of the trial it still means that there is still a lot of additional work that needs to be done, such as gathering evidence and medical treatment. Therefore, it is harder to estimate the total value of your case, making an additional pre-settlement loan more difficult to grant.
However, if your case will close soon, you will likely be able to qualify for another lawsuit loan as needed. This is because there is a better understanding of the value of the case.
How many lawsuit loans have you received so-far and how much do you owe back?
Most companies charge compounding interest. This means that they charge rates on top of rates monthly. This means that it is likely that you owe much more than you originally took out.
As we stated earlier there is a limit of how much pre-settlement funding you can take out on a case. If the case hasn’t settled you can receive up to 25% of the potential net settlement. However if the case has settled you can advance about 50% of the net settlement. The net settlement is how much you will receive in pocket after all expenses are paid.
If the amount of pre-settlement funding you received previously is less than that net settlement threshold, then you will likely qualify for an additional pre-settlement loan or settlement advance.