Many clients contact us asking, "How long does it take to get either settlement loans or lawsuit funding approved?" The truth of the matter is that this is, at least a large extent, reliant on both the clients and their attorneys. The greater the cooperation from the client in obtaining requisite documentation, the more rapidly the claim will be processed.
Many entities that offer lawsuit loans suggest that you merely need to fill out a one-page application, submit that application, and the money will be coming to your home within 24-72 hours. However, this is nonsensical!
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Those who have obtained pre-settlement loans are fully aware of the fact that it is necessary to obtain requisite documentation in order to obtain the funding requested. The funding-entity must know the nature of the case, where the case has been filed, damages sought, the expenses the plaintiff has incurred, etc.
What most of the funding-entities that ostensibly rely on one-page applications don't bother to notify their prospective clients is that their claims will be delayed in its processing by the length of time it takes them to obtain requisite documentation. It is much simpler, at least in the vast majority of cases, for the clients to get involved in contacting attorneys and requesting the documents that must be obtained prior to giving their claim fair consideration.
Of course, many of the entities that offers lawsuit loans are really more interested in obtaining a significant return on the monies they advance, irrespective of the client's needs. Therefore, it's quite easy to look at a case and make a determination as to whether they can advance $100 on the case. However, if the claimant is in need of a much more substantial amount (e.g., $100,000), then it is absolutely essential that the plaintiff work with those attempting to obtain the funding the request as quickly as possible.
Furthermore, credible entities that advance both lawsuit funding and settlement loans are going to make these issues very clear from the outset. Although it is true that many cases may receive the pre-settlement loans requested within 24 to 72 hours, this is truly the exception rather than the rule.
In reality, individuals who seek to obtain lawsuit loans are much better off working with those individuals who are willing to work diligently with both the clients and their attorneys to obtain the required documentation as quickly as possible. Furthermore, these entities will be open to communicating with those clients, in much the same way as a reputable attorney would, in a manner that makes the process clear, straightforward, and likely to produce a most favorable outcome. Failure to do so will often leave the plaintiffs in a situation that is virtually untenable.
It is true that both the lawsuit funding and settlement loans can be extremely beneficial to those individuals who are pursuing litigation. However, those individuals seeking lawsuit loans are best served by individuals who are honest about what will be required to obtain the funding they seek. Additionally, they will be forthright in letting the clients know how long it will take to obtain the requested funding.
In most cases, clients may anticipate a determination as to whether the lawsuit loans will be advanced within one week of the date the application is submitted. Of course, this assumes cooperation from all parties.
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