If you’ve been personally injured or harmed due to someone else’s negligence, you can file a lawsuit and fight to win the compensation you deserve. If you have a good lawyer and the case goes well, you’ll be entitled to receive money from a settlement to cover your medical expenses, the cost of your long-term recovery, your lost wages, and even the pain and suffering you have felt along the way. But it can take weeks to negotiate a deal, and longer to fight it out in court – and after that, you may have to wait several more weeks to receive your settlement money.

Pre-settlement funding offers a potential alternative. With pre-settlement funding, you’ll receive an amount of funding based on your projected settlement – and you’ll receive it right away, so you can start paying your bills and financially recovering. When the settlement comes in, you can pay the loan back and move on with your life.

This has several benefits, including helping you avoid accumulating debt and relieving the stress of your case’s uncertainty. In most cases, the sooner you can get pre-settlement funding, the better – but how quickly can you reasonably get it?

Dispersal of Funds

When it comes to dispersing funds to you, different pre-settlement funding providers will vary, but most will make a concentrated effort to get you the money as quickly as possible. In some cases, you can get it within hours of being approved, or at least within 24 hours if you have a bank account capable of accepting Wires or ACH payments.

These are typically the variables that influence this outcome:

• Method of disbursal. Different disbursal methods take different amounts of time. For example, if a pre-settlement funding provider is direct depositing the funds into an approved bank account, the transfer could be completed almost instantly. Once you’re approved, you can get the funds into your account within a few minutes, or at most, a few hours if your account is capable of accepting wires. If your account cannot accept a wire but it can accept an ACH, your funds will typically be available for you by 9:00 AM the next morning.  However, if the pre-settlement funding provider is cutting you a physical check and sending it in the mail, depending on how it is sent, it could take several days to reach you.
• Application and approval timing. Your timing may also vary based on the timing of your application and subsequent approval. For example, if your application is reviewed on the Friday afternoon before a holiday weekend, it could be several days before the organization takes the next step of depositing the funds in your account. Of course, this also depends on the provider you’re using.
• Organization efficiency. The timeline also depends on the overall efficiency of the organization. With an efficient and motivated team, you’ll likely get your pre-settlement funding as quickly as possible. However, with a disorganized or unmotivated team, it might take days longer than necessary to get the answers and direction for the next steps that you want.

The Process of Getting Pre-Settlement Funding

That said, dispersal of funds isn’t the only variable that matters in this equation. If you’re seeking pre-settlement funding, you’re probably going to follow a several-step process:

• Realization and assessment. First, you need to realize that pre-settlement funding exists and contemplate whether it’s the right move for you and your financial needs. Many plaintiffs spend days, or even weeks, planning the logistics of their lawsuit with a lawyer before they realize that pre-settlement funding may be available; some never even realize it’s an option. After that, it might take you a few days or a couple weeks of consideration before you decide that it’s the best financial move.
• Research and decision making. There are many pre-settlement funding providers willing to offer capital to plaintiffs who need it, but not all of them have your best interests in mind – and some are downright predatory. It’s important to spend at least a few hours, if not a few days, reviewing the possible providers you could use, evaluating their processes, and making a final decision.
• The application. Before you can get pre-settlement funding, you’ll typically need to fill out an application. After you decide on a pre-settlement funding provider, you’ll go to their website or talk to a representative and provide a number of details about yourself and your case, including the law firm you’re working with, your name and address, and the nature of your case. You’ll also need to authorize your lawyer to talk with your pre-settlement funding provider of choice. Generally speaking, it only takes a few minutes to complete the application.
• The review. After submitting the application, it will need to undergo a review. The pre-settlement funding provider may contact you or your lawyer and talk through the details of your case. It may also need to undergo an internal review within the company as they decide whether to provide funding and how much to provide. This process will vary in length based on a number of factors, but usually takes a day or two. A quick organization can get it done in less than 24 hours.
• Disbursal. Only after a thorough review and a final approval will the pre-settlement funding provider disburse funds. Again, disbursal is something that could take just a few hours or could take days to weeks, depending on the provider you’ve chosen.

The Overall Timeline

So what’s the bottom line here?

The time it takes to receive your pre-settlement funding depends on a lot of variables, including the provider you’ve chosen, your method of disbursal, and the amount of money in question. If you’re proactive and choose the right provider, you could finish the application process in a matter of minutes and get your funds within 24 hours. It all depends on the provider you select as well as the complexity of your case.  Complex cases can sometimes take longer to analyze and approve.

If you’re interested in getting pre-settlement funding for your case, it’s best to start your search as early as possible – and be ready to apply quickly. Contact Capital Now Funding to learn more about our pre-settlement funding options, how we operate, and how we can help you get access to your financial compensation much earlier.