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How Long Does It Take To Get a Settlement Loan?

How Long Does It Take to Get a Settlement Loan?

Settlement loans can be a lifeline if you need financial assistance while waiting to resolve your lawsuit. Whether it’s a car accident loan or personal injury loan, settlement loans provide a lawsuit cash advance to help you sort out medical bills and other expenses as you wait for your settlement money. However, delays in getting a lawsuit loan can lead to additional financial stress or force you to agree to unfavorable settlements to relieve the financial pressure. That’s why you need to understand how long it takes to get a settlement loan so you can set realistic expectations and plan accordingly.

On average, you can get a settlement loan within 24 to 48 hours after the loan approval. This timeline may vary depending on the efficiency of the legal funding provider, the complexity of the case, the loan amount, and how fast your attorney responds.

Stonewood Funding offers same-day pre-settlement loans to provide you with the cash advance you need to pay urgent bills within 24 hours. We offer both post-settlement and pre-settlement funding in California at a low-interest rate and with no application fees. Our application process is very simple with three easy steps, and we fund you immediately after we approve. Apply for funding now while you wait to get the compensation that you deserve.

This blog covers the settlement loan timeline, factors that influence the timeline, what you can do to speed up the funding process, and other frequently asked questions about the settlement funding timeline.

How Do Settlement Loans Work?

How Do Settlement Loans Work?

Settlement loans are non-recourse loans that allow you to borrow money against your settlement check to sort out pressing financial expenses, such as medical bills, while waiting for your settlement money. They are also known as lawsuit loans, lawsuit funding, or legal funding. Because they’re non-recourse loans, the receiver is not obligated to repay the advance unless they win their settlement. However, if the case is successful, the lawsuit loan company takes back the loan amount plus interest, from the settlement funds received by the plaintiff.

People usually apply for settlement loans in personal injury lawsuits, car accident lawsuits, medical malpractice, and employment cases such as unpaid wages or wrongful termination. Examples of expenses commonly covered by lawsuit loans include medical bills, legal fees, living expenses (in case of loss of wages or working ability), and unexpected costs.

To obtain a lawsuit loan, you must submit an application to a legal funding provider. In the application, you’ll provide your attorney’s contact information and details about your case. The lawsuit loan company then assesses the strength of the case, considering the possibility of winning the case and the potential settlement amount. If they approve your application, they’ll provide you with the lawsuit cash advance on your settlement check. The amount you can receive depends on several factors such as the potential settlement amount, the likelihood of winning your case, and your specific needs.

How Long Does It Take To Get a Settlement Loan?

How Long Does It Take to Get a Settlement Loan?

The overall timeline to get a settlement check from the submission of the application to the approval may take anywhere between 24 hours to a few weeks. However, the exact time it takes depends on many factors such as how complex the case is and how fast your attorney responds.

To begin the process, you would have to fill out an application with the legal funding company. The form usually requests essential information about the lawsuit such as the type of lawsuit, the current stage of the lawsuit, and the contact details of the attorney involved. It’s a straightforward stage, and you can even complete it online or over the phone. Submitting an application for a lawsuit loan usually takes under 24 hours.

When the lawsuit loan company receives the application, they contact the applicant’s attorney to confirm the information provided and obtain other necessary documents such as lawsuit filings and other necessary legal documents. In personal injury lawsuits, they may also request medical reports. How long this process takes depends on how fast the attorney responds and how well they cooperate. The attorney’s cooperation usually takes a few days. However, if your attorney has prepared in advance for this process, they can respond within a few hours.

After gathering all the required information, the legal funding company assesses your case to determine if you’re qualified. They evaluate the possibility of winning the case and the potential settlement amount. The evaluation process typically takes from a few days to a few weeks, depending on how complex the case is and the amount requested. However, the process can still take a few hours in the case of same-day settlement loans.

As soon they approve the loan, the lawsuit loan company disburses the funds to you through various methods such as direct deposit, wire transfer, or check. These methods ensure that the funds are made available to the plaintiff as promptly as possible. Disbursing the lawsuit funding generally takes within 24 to 48 hours of loan approval. Hence, applying for settlement funding is the easiest way to get your settlement money now and pay in the future.

Factors Affecting the Settlement Loan Timeline

Factors Affecting the Settlement Loan Timeline

There are several factors that can combine to determine how long it takes to access a settlement loan. Before applying for a lawsuit loan, you need to understand these factors so you can improve the speed and efficiency of the entire process. Here are the most common factors.

  1. The responsiveness and cooperation of the applicant’s attorney can slow down or speed up the process. The faster the attorney responds to requests and provides the necessary documents, the shorter the legal funding timeline.
  2. How complex the case is can also affect the timeline. More complex cases involving multiple parties or serious damages may require a long and thorough review, which can prolong the evaluation phase. On the other hand, simpler cases such as straightforward personal injury cases might be processed faster.
  3. Another major factor is the amount of documents and evidence needed to assess the process. There might be a need to verify or authenticate medical records, police reports, and proof of damages, especially in a personal injury case. Although this process might prolong the timeline, verifying these documents helps ascertain the plaintiff is honest and qualifies for a lawsuit loan.
  4. The efficiency of the lawsuit loan company’s internal processes can significantly affect the timeline. Lawsuit funding companies (like Stonewood Funding) with a streamlined application and evaluation process usually provide quicker responses to loan applications, making the entire process faster.
  5. Settlement loan companies also consider the loan amount requested by the plaintiff. High amounts may result in longer and stricter evaluation, especially for pre-settlement funding where the lender cannot completely guarantee that the plaintiff will win the case. In addition, there might be no certain way to accurately determine how much settlement will be awarded to them. In such cases, the lawsuit funding company needs to conduct a more thorough assessment to evaluate the risks of giving high amounts, and this leads to a longer settlement loan timeline.

Pre-Settlement vs. Post-Settlement Funding

There are two major types of settlement loans: pre-settlement funding and post-settlement funding. If you’re considering getting a lawsuit loan, you need to understand the differences between these two types of lawsuit loans, how they work, how long they take, which one you’re eligible for, the terms and conditions, and the potential costs involved.

Pre-settlement loans are given before you settle your case or reach an agreement. This type is considered more risky and may result in higher costs because the outcome of the case is not certain at the time of getting the loan. Remember that pre-settlement lawsuit loans are non-recourse, and that means that the pre-settlement funding company might lose its money if the future settlement does not go in the favor of the plaintiff. Therefore, pre-settlement funding companies primarily consider the likelihood of the plaintiff winning the case. The more likely you are to win a settlement, the better your chances of getting pre-settlement legal funding.

On the other hand, post-settlement loans are cash advances you can receive after your case has been settled or a judgment has been awarded, but before you get your settlement money. Because they involve relatively lower risks, post-settlement loans tend to come with lower interest rates. At the time of application, the lawsuit funding company would already know the expected settlement amount. Hence, it’s easier to lend the money when the settlement is sure and defined. Receiving the settlement loan gives you the time to focus on finalizing the settlement process and track your settlement check.

In terms of how long it takes to get each type of legal funding, pre-settlement funding takes a relatively longer time than post-settlement funding. This is because the evaluation process for pre-settlement lawsuit loans usually takes longer because the settlement is not yet certain and the expected amount can only be estimated. On the other hand, post-settlement loan applications take less time to evaluate since the case is already settled and the settlement amount is already known. Additionally, you can get your settlement check early and repay the lawsuit loan faster.

How To Get a Quick Settlement Loan

How To Get a Quick Settlement Loan

Your approach towards getting a settlement loan can determine how fast you can access the funding. You can get a settlement loan early if you take the right steps. Here are some guidelines to help you obtain a quick lawsuit loan as fast as possible.

  1. Assess your need for settlement funding and check if your case qualifies.
  2. Inform your attorney of your decision to apply for legal funding and confirm their willingness to cooperate.
  3. Gather all required documents and get them ready for submission. The more organized and complete your documentation, the quicker the evaluation process.
  4. Choose a reputable legal funding company with a fast application and funding process.
  5. Apply online as online applications are quick and easy to complete. Fill out the forms correctly to avoid any back and forth.
  6. After your application, the lender might require additional information or clarification. Do well to respond quickly to these requests to move the process along and reduce delays.
  7. Once your loan is approved, review the loan agreement to be sure it aligns with your goals. Check out the interest rate, repayment terms, and any penalties for default.
  8. Finally, confirm how the funds will be disbursed. Direct deposits to your bank account might be quicker than receiving a check. Make sure your bank details are correct to avoid any issues with fund transfers.

Benefits of Quick Settlement Loan Funding

Apart from the basic financial assistance that lawsuit funding provides, receiving the loan as fast as possible offers various advantages. One of the most significant benefits is immediate financial relief. A quick lawsuit cash advance can help you cover urgent costs such as rent, utilities, and groceries without delay, especially if your ability to work has been affected by the circumstances that led to the lawsuit.

For a medical malpractice or personal injury lawsuit, you may have significant medical bills to pay. Getting a quick settlement loan will help you sort out bills for medical treatments, medications, rehabilitation, and other processes that help the victim recover without having to wait for the lawsuit to settle.

Moreover, people involved in a lengthy settlement process may incur significant debt as the case drags on. In such cases, accessing financial assistance through a quick pre-settlement loan can help you avoid debts or even bankruptcy. In addition, getting a quick non-recourse loan can help relieve the stress that comes with financial uncertainties during a legal case.

Another major benefit of a quick settlement loan is a better negotiating position. When you need money urgently, you’re more likely to accept a low settlement just to settle your immediate financial needs. But with a quick lawsuit cash advance, you have the financial stability to wait for a fair settlement offer.

Tips To Speed Up the Legal Funding Process

Tips to Speed Up the Legal Funding Process

If it’s taking too long to get your settlement check after signing release or you need money urgently before your settlement, there are some steps you can take to make your settlement loan process faster.

Start by organizing your documentation. You need to keep all the necessary documents organized and ready, and submit them as quickly as possible. For instance, if you’re in California, find out the possible documents that California lawsuit loan companies ask for and get them ready. Make sure you provide accurate and complete information as any errors or omissions may result in delays.

Secondly, work closely with your attorney as they play an important role in securing the funding. As soon as you decide to go for a lawsuit cash advance, let your attorney know so that they can prepare and provide all necessary information and documentation promptly. Communicate the urgency and be sure they’re willing to cooperate with the funding company. Additionally, communicate effectively with the lender and make sure you respond promptly to any requests for additional information or clarification.

Moreover, make sure you choose the right legal funding provider. As you research and compare different legal funding companies, pay close attention to their application process and approval times. You can check out reviews and testimonials from previous clients to evaluate their reputation for fast and efficient services. For plaintiffs in California, Stonewood Funding stands out as the best and most reliable California lawsuit settlement loans company. Our application process is straightforward in three easy steps: you apply, we review, and you get funding as soon as we approve.

Another effective way to speed up the legal funding process is to take advantage of the available technology. Instead of taking time to visit the lender’s office, you can apply online through their website. Other tools such as digital signatures and electronic form submission can help you save time while filling and submitting your information.

Get Legal Funding Today!

Timing is important in getting a settlement loan as delays in the funding can cause more financial strain. If you’re able to get the cash advance on time, you can pay up your bills quickly and have the peace of mind you need to focus on getting a favorable settlement. To expedite the process, make sure you get the required documents ready, maintain communication with both your attorney and the lender, and leverage tech tools for your application.

Above all, make sure you choose the right settlement loan company with a reputation for fast legal funding disbursement. With our same-day pre-settlement loans at Stonewood Funding, you can get a cash advance in 24 hours, as soon as your application is approved. Need immediate assistance? Apply for funding now or call us at 866-826-4175.

FAQs about Legal Funding

1. What is the interest rate for settlement loans?

Interest rates for settlement loans typically range from 1% to 5% per month, compounding. These rates are higher than traditional loans due to the non-recourse nature of the funding.

2. Are there any upfront fees?

Many legal funding companies charge application, processing, or origination fees, which might be paid upfront or deducted from the loan amount. But with Stonewood Funding, you don’t have to worry about any upfront costs; you can apply for free.

3. What happens if the settlement is not reached?

If no settlement is reached and you lose your case, you generally do not have to repay the non-recourse settlement loan.

4. Can I apply for multiple settlement loans?

Yes, you can apply for multiple settlement loans. At Stonewood Funding, we offer up to 20 different loans, depending on the progress and needs of your case.

5. How do I choose the best lender for a settlement loan?

When choosing a lender, compare interest rates, fees, and customer reviews for reputation. Also, consider the lender’s transparency and the speed of their funding process.

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Need cash before your case settles? There is no fee to apply, and you owe us nothing if you lose your case.

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