Can I Get a Same Day Settlement Loan

Can I Get a Same-Day Settlement Loan?

With same day settlement loans, you could get the cash you need in less than 24 hours rather than waiting for the outcome of your settlement.

Same day funding is sometimes possible with lawsuit financing, but you’ll need a responsive attorney prepared to send documents as soon as they are requested. If this happens first thing in the morning, there is a chance you could have funds in your account later the same day.

If you have a settled claim, the path to financing is even smoother, with just the settlement agreement required for the lender to release funds.

What is Pre-Settlement Funding?

Pre-settlement funding takes the form of a cash advance extended in exchange for part of a potential settlement. Assuming you win your case, your attorney will apportion a chunk of the settlement to repay the financing.

The non-recourse nature of pre-settlement funding means you’ll only repay this if your case resolves. This means pre-settlement funding is a cash advance rather than a loan.

By considering this form of funding, you buy yourself some breathing space and remove stress at a time when you may find medical bills and expenses mounting.

Beyond this, you will also strengthen your position if an unscrupulous insurance carrier tries to lowball you with a reduced settlement amount.

Reassert your financial independence and give your lawyer time to work out the best possible compensation.

These are some of the most common scenarios where same day personal injury settlement loans can be beneficial:

  • Auto accidents
  • Motorcycle accidents
  • Pedestrian accidents
  • Defective medical devices
  • Medical malpractice
  • Defective drugs
  • Dog bites
  • Premises liability
  • Product liability
  • Wrongful termination
  • Workers’ compensation
  • Wrongful death

What is the Difference Between Same Day Settlement Loans and Traditional Loans?

Pre-settlement funding is a cash advance rather than a loan, but interest accrues just like with a loan. If your settlement successfully resolves and you receive a settlement, you repay both the principal amount and the interest.

Despite this similarity, settlement loans offer some distinct advantages over traditional loans if you need cash in a hurry.

Firstly, you won’t need to supply any employment information to qualify for a lawsuit loan, and you won’t need to undergo a credit check either. Your application for same day legal funding is based purely on the strength of your case, as well as the amount of money you need to borrow.

With no credit or collateral examined, it is only the validity of your pending lawsuit that counts.

Pre-settlement funding, then, is a risk-free way to get the financial support you receive now by surrendering a portion of your incoming settlement. If the suit fails to settle, you will not repay the cash advance.

What Can I Use My Same Day Settlement Loan to Cover?

You can use your pre-settlement funding to meet a wide range of financial obligations.

Some people, especially those injured in an accident, find it hard to pay the rent or mortgage while rehabilitating. Lawsuit loans can also come in handy for paying medical bills, legal fees, or even the weekly groceries.

The most common applications for lawsuit loans include:

  • Preventing eviction
  • Foreclosure
  • Collections
  • Utility shut-off
  • Vehicle repossessions

What Happens if I Lose My Lawsuit?

The risk-free and non-recourse nature of pre-settlement funding means you repay nothing unless you win your case. All the risk is shouldered by the lender, and this will be reflected in the amount you can borrow. The stronger the case and the larger the expected settlement, the higher the cash advance you should qualify for.

How Can I Qualify for Pre-Settlement Funding?

Fortunately, the application process for pre-settlement funding is typically straightforward.

You will complete a short application submitting the following:

  • Name
  • Phone number
  • Email address
  • Case type
  • State
  • Contact details for attorney

To qualify for pre-settlement funding, you need an active lawsuit as well as legal representation.

The funding company will then discuss the merits of your case with your lawyer to establish whether same day funding is right for you. If so, the lender will examine the strength of your case and the amount of the potential settlement.

Assuming your settlement loan is approved, you can expect the cash advance sent to your bank account within 24 hours. You can also choose an alternative method of payment such as an overnight check or a Western Union transfer if you don’t have a bank account.

How to Get Your Settlement Loan the Same Day You Apply

The total amount of work required of a lawsuit lending company should be about one business hour per funding request. However, only a handful of claims are approved that quickly. What slows the process down is the back and forth between a lawsuit loan company and your lawyer. 

To get funds the same day, your lawyer will need to cooperate briskly, sharing all files in a timely fashion. Missing documents or information will lead to slight delays in the funding process and make it tougher to get an advance approved the same day.

Once you complete your online application, let your attorney know that you have applied with Uplift Legal Funding. Give them any authorization they need (usually just a verbal go-ahead) to release your documents and information. If you are in a rush and do want funding the same day, let your lawyer know the urgency of your request.

[LEARN MORE]: Can the IRS take my personal injury settlement?

Managing Member at Uplift Legal Funding
Jared Stern is an experienced financial professional with six years of experience in the pre-settlement funding industry. After graduating from UC Berkeley with a degree in economics in 2014, Jared began his career in Morgan Stanley's mergers and acquisitions investment banking division. After working with another pre-settlement funding company for two years, Jared founded Uplift Legal Funding in 2017 to give injured plaintiffs a better choice in lawsuit loans. Check Jared out on: LinkedIn | Legal Reader | Attorney At Law Magazine
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