Can You Get Two Settlement Advance Loans?

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  • Last Updated: September 14th, 2020
settlement advance loans

After an accident, victims who sustain injuries are often unable to work for a while. Having a shortage of income while bills continue to come in can make waiting for a lawsuit settlement check frustrating.

Many people turn to settlement advance loans to make ends meet and pay their bills during these challenging times. However, when a personal injury lawsuit is drawn out longer than expected or unanticipated expenses arise, one advance loan on your settlement might not be enough money.

This is common. Plaintiffs frequently take out a second settlement advance loan, as it is hard to predict how much pre-settlement funding you will need during your initial application. 

At Ally Lawsuit Loans, we offer the lowest rate of pre-settlement funding for lawsuits. If you already received a pre-settlement loan, you may be eligible to get a second loan or even a third loan. 

Defining a Pre-Settlement Loan by State

Advance loans on settlements are a relatively new concept. These types of advances are currently legal in all 50 states. However, several states have started regulating the industry, and others have passed laws that directly apply to settlement advance loans.

Ally Lawsuit Loans currently serves clients filing lawsuits in Florida, Illinois, Louisiana, Nevada, New Jersey, and Texas.

I Have Already Taken A Loan. Can I Take Another? 

There is no limit to how many settlement advance loans a plaintiff can apply for or take out. Your eligibility on a second, or even third, loan depends on your settlement’s estimated value and the amount of money you took from your initial loan.

The Estimated Value of Your Settlement

The amount of money a lender offers you is contingent on the estimated value of your legal claims. Essentially, the amount of money you are eligible for in a settlement advance loan will be higher if you have a strong case.

At Ally Lawsuit Loans, we only fund cases with serious injuries and clear liability. These are strong cases that are likely to win their settlement. This means that we can likely lend approved plaintiffs more money with a lower interest rate. 

However, even though we can offer large sums of cash, we encourage you only to take the amount of money that you need. You can always apply for a second loan if the first one is not enough.

Your Initial Loan

You have a good chance of approval on a second advance settlement loan if you took less than the first loan’s maximum amount. This is one reason we encourage you to only take what you need from any loan for which you are approved. 

How Long Will the Process Take?

Ally Lawsuit Loans can determine if you qualify for an additional pre-settlement loan in as little as 24 hours. Your loan eligibility is based entirely on merit. When you apply for a loan with Ally, you give us the necessary information about your lawsuit and your attorney’s contact information. We will determine if you qualify as quickly as possible. 

Why Choose Ally?

Ally Lawsuit Loans is committed to providing you with the best lawsuit loans available. With our trusted customer service, you can be confident in your decision to work with Ally on your second or third pre-settlement loan. 

Our team is dedicated to providing plaintiffs with:

  • The lowest rate advance loan on your settlement;
  • A transparent, fair, and understandably application process;
  • Non-recourse loans — you only repay the loan if you win your case;
  • Loan approval in as little as 24 hours; and
  • The best customer service support.

If you are looking to take an additional settlement advance loan, contact the customer support team at Ally to discuss your lawsuit’s details. 

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