Note to reader: Throughout this post, we refer to “same-day” turnaround time. With USClaims, you may be able to receive your funds the same day, though the typical turnaround time is 24 business-day hours.
If you’ve been injured in an accident and are unable to work, the bills can pile up fast, adding financial hardship to an already challenging situation. You may have hired an attorney and filed a lawsuit against the negligent party, but you worry that it will take a long time to resolve your case. By then, you could be facing a mountain of debt, bankruptcy, or foreclosure on your home. Fortunately, financial assistance is available through same-day pre-settlement loans. When you work with USClaims, you may be able to receive your funds in as little as 24 business-day hours,* helping you get your finances back on track, fast.
Key Takeaways
- An accident can change your life quickly, resulting in physical injuries, mental anguish, property damage, and financial hardship.
- You may be able to receive compensation for damages by filing a personal injury lawsuit.
- Personal injury lawsuits can take months or even years to resolve, putting your life on hold and potentially leading to financial hardship.
- Getting a same-day settlement loan can help you stay on top of your bills, avoid debt, and preserve your credit score.
- Same-day pre-settlement loans are not loans in the traditional sense. They are actually pre-settlement funding, which is a nonrecourse cash advance for plaintiffs.
- There’s no risk involved with getting a pre-settlement loan because you only have to repay it if you win your case.
How Do Same-Day Pre-Settlement Loans Work?
If you’re waiting for your day in court and watching your bank account balance drop quickly, the idea of getting a same-day pre-settlement loan may be very appealing.
However, pre-settlement loans aren’t like traditional loans. In fact, the term “pre-settlement loan” is a common but slightly misleading way of referring to pre-settlement funding. Pre-settlement funding is a nonrecourse cash advance that’s based on the expected settlement of your lawsuit.
Below, we’ll go into further detail of how this type of funding works.
Nonrecourse Means No Risk
Unlike a traditional loan that must be repaid no matter what, a pre-settlement funding loan is nonrecourse. That means you don’t need to worry about repayment if you lose your case. You only pay us back if you win your lawsuit.
Fast Funding
When you’re running out of money and the bills keep coming in, time is of the essence. With a pre-settlement funding provider like USClaims, you may be able access funds in as little as 24 business-day hours.*
Need an Attorney to Apply
After an accident, it’s a smart idea to hire an attorney as soon as possible. Your lawyer can help you navigate the legal system and get fair compensation for your damages. Plus, you must be working with a lawyer on a contingency basis (their pay is tied to your legal outcome) to apply for a same-day pre-settlement loan.
Approval Based on Case Strength, Not Credit Score
With a traditional loan, your lender will use your credit score and other financial criteria to determine if you qualify for funding. When you apply for a pre-settlement loan, USClaims will evaluate your eligibility based on how strong your case is.
Use the Funds However You Need
We don’t put any restrictions on how you use the funds from your pre-settlement loan. Once the money is in your possession, you can spend it however you see fit.
Many plaintiffs use the cash to cover their living expenses, such as rent or mortgage, utilities, groceries, insurance premiums, debt payments, and other essential costs. However, you don’t need to keep track of where the money goes or submit receipts.
When You Might Consider a Same-Day Pre-settlement Loan
There are many scenarios where getting a same-day pre-settlement loan may make sense. Here are a few of them:
- Your car was totaled in the accident. You could use the funds to replace your vehicle, so you have access to a reliable mode of transportation.
- You’re unable to work. You could use the money to replace your paycheck, enabling you to continue paying your bills.
- You were hospitalized for a long time. You could use the funding to pay off your medical expenses, ensuring you don’t go into debt for something that wasn’t your fault.
In general, pre-settlement funding could be right for you if you need immediate financial assistance following the aftermath of an accident while your attorney pursues a fair settlement.
Who Qualifies for Same-Day Pre-Settlement Loans?
Here are a few main criteria you need to meet to qualify for pre-settlement funding:
- You must be the victim of an accident and have sustained serious injuries or damages.
- You must have an active civil lawsuit in progress.
- You must be working with a lawyer on a contingency basis who understands and is willing to help you pursue a same-day pre-settlement loan.
- Your case must be strong, demonstrating that the other party is clearly at fault.
If you’re unsure whether you qualify, please give us a call and share your story at (877) 872-5246. We can help determine if you’re a good candidate for pre-settlement funding.
How to Apply for a Same-Day Pre-Settlement Loan
The pre-settlement funding process is straightforward. Here’s what you need to do:
- Hire an attorney. Your lawyer will guide you through the entire legal process and must be working with you when you apply for your pre-settlement loan.
- File a claim. Your lawyer will fill out the required paperwork and gather the necessary evidence for your lawsuit.
- Apply for a same-day pre-settlement loan. Once you’ve made initial contact with us, we will work with your attorney to gather information and complete the application process.
- Receive your money in as little as 24 business-day hours.* Once the cash hits your bank account, you can use it for any purpose.
- Repay the cash advance. If you win your case, your lawyer will send USClaims repayment for the cash advance from the proceeds of your settlement.
Remember, pre-settlement funding is nonrecourse. If you don’t win your case, you don’t have to repay us.
Pros and Cons of Same-Day Pre-Settlement Loans
Like anything else, pre-settlement funding has pros and cons. Let’s take a look at both:
Pros of Pre-Settlement Funding
- You can get the money you need ($500-$1,000,000, based on your case details) to stay out of debt.
- Funds could be in your possession within 24 business-day hours.*
- You can use the cash for any purpose.
- Your credit score is not a qualification factor for funding.
- In most cases, your repayment obligation will be capped at twice the advanced amount, so more of your settlement stays in your wallet.**
Cons of Pre-Settlement Funding
- Some of your settlement proceeds will go toward repaying USClaims.
- You’ll have to pay fees and interest (but they’re limited per our 2X repayment cap).
- You may not be able to receive your money the same day if there are delays in finalizing your contract.
If you’re in a financial bind, working with an attorney, and have a strong civil case, a same-day settlement loan could help. Just make sure to weigh the pros and cons as they apply to your current financial and legal situation.
And if you’re still unsure, you can always contact us with your pre-settlement funding questions.
Apply for a Same-Day Pre-Settlement Loan with USClaims
A same-day pre-settlement loan can offer much relief if you’re feeling financially stressed after an already harrowing experience. You may be able to get the money you need to pay your bills, transportation costs, medical expenses, and more, in as little as 24 business-day hours.*
We provide funding in 45 of the 50 states. (Due to current laws, we cannot fund plaintiffs in Arkansas, Kentucky, Maryland, Montana, West Virginia, and Washington, D.C.)
If you think you qualify, apply now or call us today at 1-877-USCLAIMS to get started.
Same-Day Pre-Settlement Loans FAQs
How fast can I get a pre-settlement loan?
You may be able to get a pre-settlement loan within 24 business-day hours.* However, that timeline isn’t guaranteed, so please contact us to discuss your specific case.
How much money can I get from a same-day pre-settlement loan?
The amount of money you can get from a same-day pre-settlement loan is based on the strength of your case, your expected settlement amount, and other factors. USClaims issues pre-settlement loans from $500 to $1,000,000. Contact us to see how much you may qualify to receive.
Can I get a same-day loan without a lawyer?
No, you can’t get a same-day settlement loan without a lawyer. You must hire an attorney on a contingency basis before applying for pre-settlement funding.
*Funding subject to approval. We typically fund within 24 business-day hours after we receive a fully-executed contract. Additional restrictions may apply. Call for details.
**2X CAP may not be applicable for all types of cases and/or jurisdictions.
Disclaimer
Throughout this website, the term “loan” may be used for convenience to describe pre-settlement funding. However, such transactions are not loans in the legal sense. Repayment is strictly contingent upon the successful resolution of your case. If your case is unsuccessful, no repayment is required. Common terms like “lawsuit loan” are used colloquially but misrepresent the nonrecourse nature of pre-settlement funding.
