Wondering how long it takes to get a lawsuit loan? Whether you call it a lawsuit loan, pre-settlement funding, or a settlement advance, getting a loan against your pending settlement is much quicker and less document-intensive than traditional loans. This streamlined process allows you to access funds right when you need them most.

The journey begins with an initial case review by your attorney. Typically, approval takes about two business days, and funds are disbursed within 2 to 24 hours after approval. So, the quicker your attorney submits your case file, the faster you can receive your funds.

Think about the hassle of traditional loans, with their lengthy applications and weeks of waiting. In contrast, lawsuit loans focus on the strength of your case rather than your financial history. If your case is strong, you’re likely to qualify quickly and receive funds promptly. This makes lawsuit loans a practical option for those needing immediate financial relief during a pending settlement.

The Step-By-Step Pre-Settlement Funding Process.

The application for lawsuit loans is remarkably simple. Here is how it works.

1) Initial Application

The first step in obtaining a cash advance on a pending lawsuit is to fill out an online form or make a phone call to the funding company. Have your case details and your attorney’s contact information ready. This helps the funding company begin the review process without delay.

2) Document Submission

Once you complete the initial inquiry, the next step involves submitting relevant case documents to the prospective settlement lender. Your attorney is required to cooperate in this process, as the funding company relies on these documents to assess the strength of your case.

3) Case Evaluation

Once the funding company receives your case file, it’ll conduct a thorough evaluation. Underwriters will review the details, considering factors like the likelihood of winning and the expected settlement amount. This evaluation determines your eligibility and the amount you can borrow.

Want to speed things up? Gather key documents that the lender might request from your attorney, such as:

Medical records
MRI reports
Defendant’s insurance limits
Surgery post-op reports
Ambulance reports
Police reports
Photos or videos of the incident
Expert reports for medical malpractice
Payoff letter from your previous lender (if you have prior funding)

4) Approval and Offer

After evaluating your case, the funding company will decide on your application. If approved, you’ll receive an offer detailing the loan amount and terms. This includes how much you can borrow, the non-recourse repayment conditions, and any associated costs. Remember, with non-recourse loans, you only repay if you win your case or reach a settlement. If you lose, you owe nothing.

5) Attorney Agreement

Before the funds can be disbursed, the attorney representing you must also sign the funding agreement. This step is mandatory for compliance with all necessary regulations. Your attorney’s signature is essential to finalize the contract and move forward with your lawsuit loan.

6) Funds Disbursement

Once all parties sign the agreement, you’ll receive your funds within a few hours or by the next business day. The money can be sent directly to your bank account or provided via check, depending on your preference and the funding company’s policies.

Factors Influencing the Timeline for a Lawsuit Loan

Case Risks. Cases with more complicated details, discrepancies or issues in your medical history can cause delays, or even multiple parties involved may require a more thorough evaluation. This can extend the time needed for underwriters to assess the case’s merits and potential settlement value.
Attorney Responsiveness. Make sure your attorney is responsive and ready to provide any additional information or documents that might be required. Delays in providing these documents can slow down the entire process.
Funding Company Policies. Different funding companies have varying processes and timeframes for reviewing and approving lawsuit loans. Some companies may have more streamlined procedures, while others might take longer to evaluate applications.
Amount of Funding Requested. If you’re requesting a large amount of funding, the process might require more extensive review and documentation.
Existing Liens. Do you have potential tax liens, recent bankruptcies, or child support liens? These factors complicate the approval process. Lenders need to account for these obligations, which can require additional time and documentation.
Previous Lawsuit Loans. If you have previous lawsuit loans from other lenders, this can add another layer of complexity. The funding company will need to review all previous case documents, including a payoff letter from the prior funding company. At Baker Street Funding, our specialists will contact your previous funding company after your lawyer provides your case file to start our review. This process can take up to 4 business days.

Benefits of Quick Funding

Immediate Financial Relief

One of the main benefits of pre-settlement funding is the quick access to cash. Once your application is approved, you can receive funds within a few hours or by the next business day. This immediate financial relief can help cover urgent expenses such as medical bills, rent, mortgage payments, and everyday living costs. When waiting for your lawsuit to settle, having fast access to funds can significantly ease your financial stress.

No Credit Checks

Another advantage of pre-settlement legal funding is that there are no credit checks involved. Traditional loans often require a thorough review of your credit history, which can be time-consuming and may not work in your favor if you have a low credit score. With pre-settlement funding, the focus is solely on the strength of your case. This speeds up the approval process and guarantees that your credit history doesn’t impact your ability to get the funds you need.

Non-Recourse Nature

Imagine not having to worry about repaying a loan unless you win your case. That’s the beauty of pre-settlement funding being non-recourse. You only repay if you win or settle your claim, which means zero risk of being left with a debt you can’t repay. This provides a comforting layer of security, making lawsuit loans a safer option for those who need immediate financial assistance while waiting for their settlement. Why stress over finances when you can focus on winning your case?

Tips for a Faster Funding Process

Be Prepared. Get key documents such as medical records, police reports, and any other relevant case files. This preparation allows the funding company to review your application faster.
Establish that Your Case is Strong. Your attorney should have all the necessary evidence to support your claim. The stronger your case, the more likely you are to get funding quickly.
Stay in Contact. Regularly check your email, including junk folders, and voicemails for any communication from the funding company. Keeping an open line of communication helps address any questions or issues promptly, and facilitates a smoother approval process.
Choose Reputable Companies. Selecting a reputable funding company known for its quick approval times and transparent processes can make a big difference in how fast you get your funds. Research and read reviews to find companies with a track record of efficient and reliable service.
Be Honest with Your Application. Provide accurate and truthful information about your case and personal circumstances. Misleading or false information can lead to delays or even denial of your application.

The Takeaway

Obtaining a lawsuit loan is a relatively quick process compared to traditional loans. From applying to receiving funds, it usually takes just a few hours to a couple of days. Factors such as case complications, attorney responsiveness, and the funding company’s policies can influence this timeline. By being prepared, staying in contact with your attorney, and choosing a reputable funding company, you can expedite the process and access the financial support you need fast.

Ready to get started with pre-settlement funding? Apply with Baker Street Funding today and get the funds you need quickly. Our streamlined process, transparent terms, and dedicated team provide you with your funds fast. Don’t wait—apply now and take control of your financial future.