Lawsuit Funding And Settlement Loans: When Will I Get My Money?
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.
There are several companies that offer lawsuit loans indicating that those individuals who seek lawsuit loans need only submit a one-page application. However, what these companies don’t bother to tell their clients is that the ability to obtain the funding requested will be contingent on the length of time it takes those companies to contact the clients’ attorneys. In most instances, this is much slower than when clients contact their attorneys themselves.
There are many individuals who have obtained pre-settlement loans who are quite aware of the fact that no monies are going to be advanced prior to obtaining and submitting required documentation. Legitimate funding companies are going to advance neither lawsuit funding nor settlement loans prior to knowing the nature of the case, the jurisdiction in which the case was filed, damages sought, expenses incurred, etc.
Unfortunately, the vast majority of these lawsuit settlement companies fail to notify their clients that merely submitting a one-page application is going to, at least in the vast majority of cases, merely lengthen the time it takes to obtain the funding requested. Yes, it does make the process simpler at the outset. However, it takes much longer to obtain requisite documentation from attorneys without the clients’ assistance. It is both simpler and quicker for the clients to cooperate in obtaining the requisite documentation to enable those considering advancing pre-settlement loans an opportunity to review the cases submitted in their entirety.
Those companies that offer lawsuit funding and settlement loans by merely having clients submit one-page applications are often simply interested in obtaining substantial returns for the very small amount of money that will be advanced, irrespective of the clients’ needs. There is very little effort involved in making a determination as to whether a case is worth an advancement of $100. Those clients seeking substantial lawsuit loans (e.g., $100,000) must work closely with reputable brokers and funding entities to obtain the requested funding as quickly and as efficiently as possible. This certainly will require more than a one-page application.
Additionally, credible entities offering pre-settlement loans are going to make the issues involved in obtaining those lawsuit loans very clear from the very beginning. Yes, it is true that many cases are going to be able to be advanced requested funds within 24-72 hours. However, this is 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.
There can be no doubt that lawsuit funding and settlement loans often prove very helpful for individuals who pursue pre-settlement loans. To augment the benefit of the funding, individuals who pursue lawsuit loans are best-served by litigation funding experts who work with efficiency to ensure that their clients comprehend what is required to receive lawsuit funding and settlement loans.
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.
Looking for more information about lawsuit funding? Please allow us to provide more information regarding lawsuit settlement loans. Please stop by today, and you may either apply online for a lawsuit settlement loan or review our settlement loans frequently asked questions archive.
June 15, 2010 | Posted by Dr. Tom Rhudy
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