Lawsuit Loan applicants are often frustrated with the application and approval process. Although most lawsuit loans can be approved in as little as twenty-four hours, there very often are factors that can extend that period of time by days. To better comprehend why delays may occur, it is important to understand the entire Lawsuit Loan approval process.
The first step is to complete an application with a company that provides lawsuit loans for your particular type of case or claim in your State. Not all lawsuit loan companies provide loans in every State. In addition, some loan companies are very particular as to what type of case they will provide funding on. Prior to completing an application, you should call the company that you are interested in applying with and confirm that you will not be wasting your time filling out the application.
After the Lawsuit Loan company receives your application, they will contact your attorney to obtain your case information. In most instances, your attorney will have to complete a case information form and provide supporting documents such as medical records, police report and the Complaint (if the case has been filed already). All of these documents must come directly from the attorney. If your attorney fails to respond or provide this information, your application will most likely be denied. If your attorney does not have the case information or supporting documents yet, there will be a delay in loan approval until your attorney is able to obtain the information needed by the Lawsuit Loan company to make a decision. To speed up the process, you should call your attorney to confirm that he is able to respond to this request and, if so, ask your attorney to promptly do so.
Once the Lawsuit Loan company receives the case information from your attorney, you should have a decision regarding whether you are approved within a few hours. However, there are factors that may extent this time period. For example, if you obtained a Lawsuit Loan from another company previously, that company will have to provide a payoff statement to your new Lawsuit Loan company. Any prior Lawsuit Loans that you obtained will have to be paid off by your new Lawsuit Loan company on your behalf, as stacking Lawsuit Loans from multiple companies is not permitted. Very often, obtaining this payoff statement can be time consuming.
After the Lawsuit Loan company has reached a decision, an offer will be made to you and the Lawsuit Loan terms will be clearly explained to you. If you accept the loan terms, prior to obtaining the funds, you will have to sign the loan documents. If you cannot sign the documents in person, this part of the process will be handled via e-mail, fax or mail. In addition, your attorney must sign an Acknowledgement, which is a document confirming that he will pay us once he receives your settlement or award proceeds. The funds cannot be disbursed to you until the Lawsuit Loan company receives both your signed loan documents and the Acknowledgement signed by your attorney.
The above should shed some light on the Lawsuit Loan approval process. Of course, there are often other factors that can cause delays. However, provided there is a good amount of communication between you, your attorney and the Lawsuit Loan company, if you qualify for a Lawsuit Loan, you should be able to obtain one within twenty-four to forty-eight hours.
Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit: http://www.smpadvance.com.