How long will it take to get my settlement money?
How long it will take to get your settlement money depends on the circumstances surrounding it. On one hand, there are some delays, like escrow, that almost always apply and are easy to quantify. On the other hand, there are delays, most notably differing internal processes and differing state laws, that vary widely among cases.
How long does it take to get a pre-settlement loan?
Finally, a reputable pre-settlement funding company can often deliver an advance in as little as one day. There are some drawbacks to pre-settlement loans, too. You’ll be charged interest on the pre-settlement advance, and lawsuits can take a long time to settle or reach a judgment in court.
How long does it take to get a lawsuit loan?
We typically tell our clients to expect to wait at least a few weeks. Is a Lawsuit Loan the Right Option for You? If you need financial assistance now and want to avoid high-interest payday loans and credit card bills, consider taking out a lawsuit loan with the help of Injury Wallet.
Do you have to pay back a pre settlement lawsuit loan?
If you lose your case, you are not required to pay anything back. A pre-settlement lawsuit loan is a relatively new type of financing available to plaintiffs in a wide variety of lawsuits, including personal injury , accident loans , wrongful death , workplace injury , medical malpractice , product liability , employment, and commercial lawsuits.
The Negotiation
First, understand that there’s a significant back and forth that happens with most cases. You and your lawyer will be negotiating with the defendant, their lawyers, and their insurance company. It sometimes takes weeks, or longer, to reach an agreement that everyone is satisfied with. This part of the process is unpredictable.
From Settlement to Receipt
After you finalize a settlement, you’ll still have to wait to receive your settlement money (for reasons we’ll get into momentarily). Depending on a handful of variables, it will likely take around 6 weeks to receive your settlement money.
The Process
You’ve already settled on a specific amount, so why does it take so long to receive your money?
Variables to Consider
We can estimate the length of time to get your settlement based on an average, but every case is different. You may be waiting far longer or far shorter than someone else, depending on the following variables:
Recourse for Lengthy Settlements
If you’re struggling to deal with your financial situation and you’re waiting on settlement money, you do have a few options available to you. For example:
What Factors Influence the Timescale of Obtaining a Lawsuit Loan?
The underlying process of obtaining a lawsuit loan is straightforward, as long as your application is pre-qualified. This means it satisfies the basic requirements of a civil case and also assumes you have a lawyer retained on a contingency fee basis.
Some Cases Do Not Qualify for Lawsuit Loans
You will find most lawsuit funding companies fund the following cases:
Other Variables Impacting How Long It Takes to Obtain Pre-Settlement Funding
Some other variables like the availability of certain documents can also influence the overall timescale for obtaining a lawsuit loan. If there are complications with police reports, medical records, or insurance information in an auto accident case, this can delay the process. Other types of case call for different documentation.
What Is the Average Timescale for a Lawsuit Loan?
While there is no fixed timescale for a lawsuit loan, most take between a few hours to a few days from application to receiving funds.
How long does it take to get paid after a settlement?
The amount of time it takes to get paid after a settlement depends on a number of factors, including whether the defendant or the defendant’s insurance company will be responsible for paying the settlement, the financial solvency of the defendant, the settlement terms negotiated by the parties , and the number of plaintiffs involved in the lawsuit. Because of the uncertainty around settlement payout times, many plaintiffs decide that a pre-settlement loan is the best way for them to proceed while their lawsuit is pending.
How to get a pre settlement advance?
To secure a pre-settlement advance, you must first file a lawsuit. In most cases, this involves hiring a qualified lawyer who files a lawsuit on your behalf in state or federal court. Many lawyers who represent clients in need of a pre-settlement advance work on a “contingency fee” basis. In a contingency fee arrangement, lawyers agree to represent a client who seeks money damages and collects a percentage of the settlement or verdict at the conclusion of the case. In personal injury and employment lawsuits, these legal fees can be anywhere from 20–40% of the settlement or verdict.
Why are lawsuit loans not loans?
Lawsuit loans are not actually loans because repayment is not required if you lose your case. When you’re waiting on the outcome of a lawsuit, a pre-settlement advance can help you cover essential living expenses.
What happens if you lose a lawsuit?
After you file a lawsuit, a lawsuit funding company advances you an amount of money based on the estimated value of your legal claims. If you lose your case, you are not required to pay anything back. A pre-settlement lawsuit loan is a relatively new type of financing available to plaintiffs in a wide variety of lawsuits, ...
How much interest do pre-settlement loans accrue?
First, all pre-settlement loans accrue interest. If you find a reputable lender, your rates might be as low as 1–3%. Because lawsuits take several months (or even years) to come to a conclusion, the interest on a pre-settlement loan can add up over time. Second, not all lawsuits qualify for a pre-settlement loan.
What is a pre settlement funding company?
Once you’ve secured legal representation and filed your lawsuit, a pre-settlement funding company can help you cover your living expenses while your case is pending. When you contact a pre-settlement funding company, a representative will evaluate the strength of your legal claims and make an assessment of how much you are likely to receive in a settlement or verdict. They will use this information to determine how much money they can advance you and the interest rate you will pay if your lawsuit is successful.
How much interest do lawsuit advances charge?
If these alternatives aren’t feasible for you, a lawsuit advance might be your best option. Although some pre-settlement loan companies charge as much as 50% interest rates on lawsuit advances, a reputable lawsuit funding company may charge rates as low as 1–3%.
What is a pre settlement loan?
Pre settlement loan is more prevalent for personal injury lawsuits that have supporting documentation of MRI, Epidural injections and/or Surgeries. Having documents showing that the defendant is liable add more value to the lawsuit and also more money is placed in the pre settlement advance.
How long does it take to find out if a car insurance policy is effective?
With other types of personal injury claims it may take weeks or even months to find out if the defendant has an effective insurance policy that can cover the claim of damages.
What is a lawsuit advance?
A Lawsuit advance can help you get through the difficult times during litigation and can also provide you with financial leverage until settlement. Getting a Settlement advance can be very helpful. Applying for a lawsuit advance requires basic information to start.
Can you get a lawsuit advance on personal injury?
Also, check the state your case is in. Some states law, do not allow for lawsuit funding. A Lawsuit advance on personal injury is on option for you. You get an upfront cash infusion of funds before your case settles. Once you case settles and you win, it is then that you pay off the amounts you owe.
Can you get a lawsuit advance if you have a car accident?
Yes – the type of case certainly affects the availability for lawsuit funding or the length of getting a lawsuit advance. Certainly car accidents are the easiest cases to approve for a lawsuit advance. Why? Well there is a good reason. Car accidents in relation to other types of cases are well documented.
Can you get a loan for a dog bite?
If you are a victim of a dog bite, you may be eligible for a personal injury loan. Construction Accidents. Construction Accidents tend to be funded for larger sums on average that other types of cases. This is due the the frequency of serious injury and also defendants that carry significant liability insurance.
