What To Expect When Applying for Same-Day Pre-Settlement Loans

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.

Are you struggling to keep up with medical expenses and other costs in the aftermath of an accident involving injuries? Consider filing a lawsuit against the party responsible for your accident so that you can attempt to recover damages. Think about applying for one of the same-day pre-settlement loans available to you, too.

Applying for an immediate cash advance in the form of a pre-settlement loan can provide financial relief for plaintiffs in personal injury cases. It extends coverage for medical expenses and lost wage support to help you work out of a difficult situation.

Learn more about same-day pre-settlement loans below to see what you can expect when applying for one and whether it may be appropriate for your situation.

What Are Same-Day Pre-Settlement Loans?

Same-day pre-settlement loans aren’t like traditional loans. No credit check is required when applying for one. Neither are you responsible for any monthly payments to satisfy the terms of such loans.

Instead, these loans are a form of non-recourse funding. This means they’re tied to the outcomes of legal cases. You will only have to repay one if you earn a settlement or judgment in a personal injury lawsuit.

In the event you are not awarded a settlement or judgment at the conclusion of your case, you won’t be responsible for paying back the immediate cash advance you received. This makes pre-settlement loans excellent options for those with pending settlements that they can’t afford to wait on for too long.

Who Is Eligible for Same-Day Pre-Settlement Loans?

Does applying for a same-day pre-settlement loan seem like a good idea to you? Before you begin the application process, ensure you’re qualified to apply for non-recourse funding.

Every lender that offers pre-settlement loans operates a little differently. Generally speaking, you will need to meet the following key criteria to be eligible for one:

• You must have a pending personal injury lawsuit.
• You must have a personal injury attorney representing you.

Attorney involvement is crucial when you’re applying for a same-day pre-settlement loan. Many lenders will want to speak with your lawyer before deciding whether to approve you for a loan. This allows them to mitigate the risks associated with giving you a loan by evaluating the strength of your legal case.

How Do Same-Day Pre-Settlement Loans Work?

Same-day pre-settlement loans might sound like a pipe dream to some people, especially those who don’t have great credit scores. But since no credit check is required for these loans, you can qualify for one in less than 24 hours and receive the cash you need now fast.

Here is how the typical same-day pre-settlement loan works:

1. You find the right lender to provide you with a pre-settlement loan.
2. You fill out a pre-settlement loan application on a lender’s website.
3. You give a lender time to review your application and discuss your case with your attorney.
4. You find out whether you’ve been approved for a pre-settlement loan.
5. You receive a pre-settlement loan on the same day you applied for it — or at least within 24 hours in many cases.

This might seem too good to be true. However, lenders are willing to extend pre-settlement loans to many people facing lengthy personal injury lawsuits.

What Can You Use Same-Day Pre-Settlement Loans For?

One common concern people have when applying for same-day pre-settlement loans is how to use them once they receive them. They worry that lenders will enforce restrictions on how they can spend the cash once it hits their bank accounts.

Thankfully, you should never have to stress out about this at all — as long as you choose the right lender to supply you with a pre-settlement loan. This lender will enable you to use a pre-settlement loan to:

• Pay off medical bills
• Seek rehabilitation services
• Cover everyday expenses, such as mortgage/rent payments, groceries, utilities, and more

There have even been times when people use pre-settlement loans to pay for things like Christmas gifts and vacations. A lender is technically giving you early access to your settlement or judgment, so they shouldn’t bind you with any restrictions on how you can spend it.

Which Lenders Provide Same-Day Pre-Settlement Loans?

With more personal injury lawsuits being filed throughout the U.S. than ever before, many lenders are swooping in and starting to offer pre-settlement funding to personal injury plaintiffs. This can make it difficult for some people to settle on the right lender to extend them a loan.

If you ever find yourself in this situation, look for a lender like Rockpoint Legal Funding to provide the funds you need. This lender has been offering legal funding to personal injury plaintiffs for about a decade.

You will feel better about relying on a lender like this to give you the pre-settlement loan you need during your legal proceedings.

Reach Out to Rockpoint Legal Funding for More Information on Pre-Settlement Loans

Many people find applying for pre-settlement loans quick and easy. However, they might not always find the answers they’re looking for about these loans before finishing the process, leaving them susceptible to less scrupulous lenders.

You can get money before your settlement is finalized in a personal injury case, but be sure you know how pre-settlement loans work first. This will help you decide whether seeking this type of legal funding is even the right option.

Contact us at (855) 626-3214 for additional information on same-day pre-settlement loans and how one could benefit you.