Compared to an auto loan or a mortgage loan, obtaining a lawsuit loan in the Bronx involves a much easier and quicker process. Lawsuit loans are not loans in the technical sense. So, in general, obtaining them is much simpler. People sometimes also call these “settlement loans,” “cash advances,” or “pre-settlement funding.”
Direct Legal Funding offers quick turnarounds
Direct Legal Funding is recognized for its short turnaround time for lawsuit loans backed by prompt and reliable customer service. With Direct Legal Funding, the process of getting a lawsuit loan is much simpler than you might think. Many of the cases are funded within just one business day, and most applicants can expect to be approved and receive cash in as little as 24 hours.
The time period from application to receiving funds
A lawsuit loan or pre-settlement funding is essentially a non-recourse type of loan. This means if you don’t win the case (i.e., you don’t receive a settlement), you don’t need to pay back this loan. For this reason, there is generally no need for a credit check during the application. Direct Legal Funding does not require any credit history and does not perform any credit checks.
The value of the lawsuit loan is decided based on the approximate value of your case and your own cash requirements. Once you make the application for funding, the company reviews the case documents received from your law firm. They will probably conduct a short telephone interview with you as well. Once approved, you get your money in 24 to 48 hours in most cases.
Options for money delivery
Once you get approved, you should ask the funding company about the different methods they use to send the money. The timeline and cost will depend on the delivery method. So, you can check with the company first before selecting your preferred method.
This is the quickest way to receive the money. The wire transfer method works by taking the money from the account of the funding company, and then sending it to your account or a relative’s bank account, via electronic transfer. Wire transfers are safe, and you get the money in just a few hours.
Overnight checks are usually sent to a particular address. This can be a residential or a business address. Overnight checks tend to be more expensive compared to wire transfers, but they are a good solution for individuals who don’t have a bank account. Once you get the check in your mail, just cash it at your local store that cashes checks.
US Mail check
This is the slowest method for money delivery, but also the cheapest. It depends on how far you are located from the company’s office. In relation to this, delivery times usually take between 1 to 5 business days. If you are in an emergency financial situation, the snail mail option may not be the best solution.
Helpful tips to keep in mind
- Try to contact your funding company as early as possible during the day. That way, you may be able to get your money on the same day in some cases.
- Ask your funding company about the best method for receiving money. Factor in the delivery time and price when making a choice – this is the judicious thing to do.
- Tell your law firm that you want to take a pre-settlement advance. This way, they can arrange necessary documents for the funding company’s review.
- The sooner the application is made, the sooner you receive the money.
- The attorney at your law firm should be able to speak to the funding company whenever needed.
- Keep the case file and necessary information required by the underwriting team.
Documents the lender may ask for:
- Medical records showing injury
- MRI or x-ray reports
- Name of the insurance carrier and policy limits of the defendant
- Post-op report from surgery
- Ambulance report
- Police or incident report
- Copy of the lawsuit filed, or legal complaint
- Videos or photos of the incident
- In case of medical malpractice, an expert report
- Payoff letter from the previous lender (in case you have received funding previously.)
What factors can delay the lawsuit loan?
In certain cases, lawsuit loans may take up to 2 weeks for processing. It depends on the following factors:
- Complexity of your case
- Prior lawsuit loans obtained from other lending companies
- The amount of funding requested by you
- Recent bankruptcies, child support liens, or tax liens
- The amount of time taken by your attorney to send your case file and relevant information
Type of case – how it impacts receiving lawsuit loans
It’s vital that the plaintiff have some evidence showing the other party is responsible for the damages incurred. In relation to this, both liability and extent of damages need to be shown in this evidence.
In case of a car accident, there is usually a police report. The report will clearly mention which of the parties was the cause of the accident or collision. The police report often contains critical information that is required in the case of a lawsuit advance. Aspects such as the extent of damages, and if it was a minor or major incident, all are recorded in the police report.
Lawsuit loans are fast and easy with Direct Legal Funding
Depending on the nature of the lawsuit, receiving funding can be very easy. You can obtain the funding through Direct Legal Funding. Lawsuit loans help you sail through difficult times, such as during litigation, and also provide you with financial backup until the settlement. It can be very beneficial to get a lawsuit loan to tie you over until your case is concluded.
Direct Legal Funding: A trusted choice for lawsuit loans
At Direct Legal Funding, receiving a lawsuit advance is an easy process. We provide reliable customer service and offer the most competitive interest rates. We don’t require a credit check from you, and there is no obligation to repay the amount until you win the settlement. Apply with us and get your money within just a couple of days in most cases – no hassles!
Apply now using our online application form or call us at 866-941-5588. Our dedicated specialists will revert to you quickly to discuss your funding requirements.