What is a settlement loan?

Settlement loans are cash advances on money from legal settlements such as awards and judgments. High-interest rates can eat up a good chunk of the settlement proceeds. Sometimes called “lawsuit loans” or “settlement advances,” the industry for settlement loans is relatively new and unregulated.

How long does it take to receive your settlement money?

How long does it take to get money from a settlement? On average, the typical settlement can take up to six weeks for processing. This is due to a number of factors and may vary from one case to another.

How do I apply for a personal injury lawsuit loan?

You can apply online to several loan companies. On the application, you’ll describe the details of your case and give your attorney’s contact information. After speaking with your attorney, the loan company sends your application to an underwriter who evaluates your case.

How to choose the best lawsuit loan company?

The lawsuit loan company you choose has an impact on the amount of money you receive from your settlement, so it’s very important to do research into potential lenders to make sure the company you choose is a good fit. Here’s how to find the best lawsuit loan companies for your case.

How much money can you get from a lawsuit loan?

If the loan company decides your case will probably settle for enough money to repay the loan, they will give you the money. Lawsuit loan companies typically won’t lend more than 20 percent of your estimated case value. If the loan company thinks your case will settle for $25,000, the most they’ll advance is $5,000.

How to find out about loan protection insurance?

Make sure you know all the loan protection insurance terms, conditions, and exclusions. If this information is on the insurer’s website, print it out. If the information is not listed on the website, request that the provider fax, email or mail it to you before you sign up.