How Long Does It Take To Receive Litigation Funding?

Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects.

Litigation funding can provide valuable financial relief as you’re going through the lengthy, overwhelming process of seeking compensation for your damages in a personal injury claim. Whether you need pre-settlement funding to cover medical bills, legal costs, or basic day-to-day expenses, many lenders can help. So, how long does it take for you to be approved for litigation funding, and when will the money hit your account?

What Is Litigation Funding?

Third-party litigation funding is a type of non-recourse loan that parties can apply for to cover costs when seeking settlements, usually for personal injury claims. With non-recourse funding, you do not need to pay back the loan unless your case wins. You also usually do not need to pay a down payment or anything out of pocket until your settlement pays out, allowing you to enjoy immediate cash without payment obligations.

How Long Does the Litigation Funding Application Process Take?

Litigation cash advance lenders aim to speed up the application, approval, and payment process, as they understand that many injured victims need access to these funds immediately to pay down medical bills, cover daily expenses, and more.

When you apply online or over the phone, the process usually takes only a few minutes. The lender will not perform a hard credit check, so your score will not be impacted. Instead, you will provide details about your case and the requested loan amount so the lender can review it to determine validity.

You will typically need to provide information regarding the following:

• The case settlement amount you expect to receive
• The extent of your injuries
• Your calculated damages

Direct attorney involvement can expedite the application process and improve your chances of approval. To prepare for the application, have all your case materials on hand.

How Long Do Application Approvals Take?

Litigation funding application approvals usually take 24 to 48 hours. After submitting your application online or over the phone, the lender will review your case details to ensure you have a strong case with enough evidence to validate funding.

How Long Does It Take for Litigation Funding To Hit Your Account?

Once approved, lenders usually transfer funds to your account immediately. However, you will, of course, need to deal with the delays associated with your preferred transfer method and the time of week. For example, if a bank wire takes two business days and it’s a Friday, the funds may not hit your account until the following Tuesday.

Many lenders offer a variety of fund transfer options, so you can choose whatever’s convenient for you. Some options may provide immediate funds, though be sure to check for fees associated with instant transfers.

Factors Affecting Your Litigation Funding Approval Timeline

Many lenders advertise that they will send funds to your account in 24 hours or less and that you will be approved the day after you apply. In many cases, this is true, though sometimes, you might face delays. Here are the main factors that can affect your litigation funding approval timeline:

Case Details

Before your application can be approved, the lender needs to approve your case. To do so, they must evaluate the odds of your case winning and consider what type of settlement you might be awarded based on your evidence, injuries, and documentation.

Simple cases with straightforward evidence and clear liability usually have faster approval timelines, as lenders can easily review and accept these items. However, more complex cases involving numerous liable parties, insurance denials, and other complications may require longer approval timeframes.

Loan Amount

If you’re seeking a hefty loan, the lender will likely take more time to review your case to determine whether your settlement will reach a high enough figure to cover that number. Repayment from settlement is much simpler for smaller cash advances, so those applications often move through the process much faster. You can still often be approved for a larger loan; just expect to wait a bit longer.

Transfer Method

Some fund transfer methods take longer than others. For example, a wire transfer typically takes around 24 hours, but your bank may have limits on your maximum transfer amount per day. You can also choose to transfer the funds via check, but this may require you to visit your bank in person to authorize the deposit, which can add time to the process.

Cases That Usually Qualify for Fast Litigation Funding

You can apply for litigation funding for cash advances to cover your costs during various legal proceedings, but many lenders prefer to accept specific types of cases. For example, at Rockpoint Legal Funding, we accept the following types of cases:

• Catastrophic injuries
• Pedestrian accidents
• Motor vehicle accidents
• Bicycle accidents
• Premises liability cases

For fast approvals and funding, we recommend working with a lender that prefers your type of case.

Are You Ready To Apply for a Fast Cash Advance?

Litigation funding can serve as key financial relief as you’re seeking compensation for your losses and recovering from your injuries. Next, learn about what to look for in lawsuit funding companies so you can find a reputable option.

When you’re ready to apply for a non-recourse cash advance, consider Rockpoint Legal Funding. We offer pre-settlement and post-settlement funding services to plaintiffs involved in legal cases across the U.S. We can help you cover living expenses and medical bills while you wait for your legal case to resolve.

Apply for litigation funding online today or call Rockpoint Legal Funding at (855) 626-3214 to learn more.