When dealing with a personal injury case, medical bills and living expenses don’t wait for a settlement. Legal funding, sometimes called a lawsuit loan or pre-settlement funding, can provide financial relief during the often lengthy legal process.
Understanding the timeline–from application to cash in hand–can help you plan and make informed decisions. Let’s take a step-by-step look at a general legal funding timeline.
Step 1: The Application Process
The journey begins with a simple application. Most legal funding companies require basic information about your case, such as the nature of your injury, the status of your lawsuit, and your attorney’s contact details. Some companies may request documentation like medical records, accident reports, or a letter from your attorney confirming that your case is active. This step is usually quick, often completed online or over the phone, and typically takes just a few minutes to submit.
Step 2: Case Review and Approval
After submitting your application, the funding company reviews the details of your case. This involves assessing the strength of your claim, the anticipated settlement amount, and the likelihood of a favorable outcome. Importantly, legal funding is non-recourse, meaning approval hinges on the case itself–not your credit score or employment history.
This review process usually takes a few days, though more complex cases may take slightly longer. Once approved, the company will outline the funding terms, including the amount you can receive and any fees or interest rates associated with the advance.
Step 3: Funding Agreement
Once your application is approved, the next step is signing the funding agreement. This document details the terms of the loan, repayment expectations, and the company’s rights to the settlement proceeds. It’s crucial to read this carefully and consult your attorney if you have questions. After signing, the agreement is submitted back to the funding company, which prepares to transfer the funds.
Step 4: Verification and Disbursement
Before releasing the funds, the company may perform a final verification, which could include confirming case status with your attorney and ensuring all necessary documents are in place. This step ensures there are no errors or missing information that could delay funding. Once verified, the cash is typically deposited directly into your bank account.
For many applicants, this final stage takes one to three business days, meaning total time from application to cash can often be as little as one week.
Step 5: Using Your Funds
Once the money is in hand, it’s yours to use as needed. Many people rely on legal funding to cover medical bills, rent, utilities, or other living expenses while their case progresses. Because legal funding is repaid from your settlement, it provides immediate relief without adding long-term debt pressure.
Knowing the General Legal Funding Timeline
While every case is unique, the typical legal funding timeline–from initial application to receiving cash–can be surprisingly fast, often under a week. Understanding each stage helps you plan your finances and focus on recovery rather than worrying about bills.
Legal funding is not a loan in the traditional sense; it’s a bridge to financial stability during a challenging time, giving you peace of mind until your settlement arrives.
Legal Funding From Cash Now Funding Group
Are you or a family member in need of financial assistance due to a lengthy legal battle? Are you preparing for a long-term legal battle to get the compensation you deserve? Cash Now Funding Group can be the financial lifeline you need while your case settles. Applying is free and confidential & no credit check is required.
