How Long Does It Take to Get Approved for a Loan for a Lawsuit?

You can use the settlement you anticipate on your case as collateral for a loan for a lawsuit. The point of these loans is to provide you with the funds needed to cover legal fees to the court and your attorney. Therefore, you may be on a compressed timetable to receive the loan. Lenders realize this, so these loans are typically expedited for approval.

Time in Processing

The major factors in determining how long your loan will take to gain approval are the type of lawsuit you are in and your credit. The lender will review your lawsuit to determine if you have a high chance of recovering funds. Then, the lender will check your credit to see if you have a good record of paying debts. If both of these things check out, your loan will be pushed through to funding.

Amount of Funding

Lawsuit loans are very risky, so they are expensive for the borrower. In addition to this expense, you can expect fairly low limits. The collateral you are using is hypothetical; you may never see the funds you are seeking in the lawsuit. Expect to receive only thirty percent or less than the sum you are seeking. This should cover legal fees, but it will not be a large loan.

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