Speedy Settlement Loans

There are some questions that the team at Speedy Settlement Loans keeps getting asked over and over again, so we thought we would post them here with detailed answers. After you are done reading this page, you should have all the information you need to make an informed decision as to whether pre settlement loans are something that would be beneficial to you. We know you may have some questions that are not answered here – if that is the case, please contact us and one of our staff will help you with your issue. Click on one of the questions below and you will be brought to a detailed answer that should remove any doubt from your mind.

1. Settlement Loans – What Are They?
2. How Is a Settlement Loan Different From a Traditional Loan?
3. Can I Obtain a Settlement Loan From My Attorney?
4. Can I Get a Settlement Loan For My Specific Case?
5. If I Win My Case, How Do I Repay My Loan?
6. Initial Fees – Are There Any?
7. Will The Defendant In My Case Know I Am Getting a Settlement Loan?
8. Do Attorneys Like Settlement Loans?
9. Do You Check My Credit Score When My Application Is Reviewed?
10. How Big Of a Loan Can I Get?
11. What Can I Use My Loan Money For?
12. What’s Wrong With A Normal Bank Loan?

Settlement Loans – What Are They?

A settlement loan is not really a loan, it is more of an advance. If your application is approved, you usually receive about 10% of the total value of your court case. Unlike a traditional loan, your employment history, your credit score, and other factors don’t really matter.

How Is a Settlement Loan Different From a Traditional Loan?

They differ because if you don’t win your court case, you don’t have to pay anything back! With a traditional loan, you are always on the hook to pay back the money, with settlement loans, you only pay if you win!

Can I Obtain a Settlement Loan From My Attorney?

The American Bar Association does not allow attorneys to loan client’s money. This is a major conflict of interest and causes more problems than it solves. It is best to stick with companies that deal specifically in settlement loans like Speedy Settlement Loans.

Can I Get A Settlement Loan For My Specific Case?

Check our list of applicable cases for settlement loans here, but there is a good chance that your case is eligible. There are very few case types that aren’t!

If I Win My Case, How Do I Repay My Loan?

This will depend on your specific loan agreement, but it is best to talk to your attorney about this – they will be able to explain the terms to you better.

Initial Fees – Are There Any?

Most companies that provide pre settlement loans do not charge any upfront fees, but your attorney may charge you for the time they spend consulting with the settlement loan officer.

Will The Defendant In My Case Know I Am Getting A Settlement Loan?

No, they will not. In this process, privacy is paramount, and only you, your attorney and the pre settlement loan company will know you have applied for a loan through Speedy Settlement Loans

Do Attorneys Like Settlement Loans?

Attorneys know how much legal battles cost, (after all, they are the ones charging you) so they understand that you may need some help to pay for all the bills you will accrue. If you have a contingency plan in place, a settlement loan may cause a few problems with this, so discuss this with your attorney.

Do You Check My Credit Score When My Application Is Reviewed?

Since a settlement loan is not like a normal loan from a bank, we do not check your credit score. It really has nothing to do with the settlement loan process.

How Big of a Loan Can I Get?

There is no concrete number, but the average is usually around 10%. We have seen them as high as 25%, but that is rare. In terms of actual money, somewhere between $250 and $1000 should be expected.

What Can I Use My Loan Money For?

You can use your loan money for anything you want – it doesn’t matter. If you have an agreement with your attorney, though, consult them first.

What’s Wrong With A Normal Bank Loan?

Banks will not give you money based on the potential verdict of an unfinished lawsuit. It’s just too big of a risk for them.