Car Accident

How Long Does It Take to Get Lawsuit Funding After a Car Accident in Washington?

Posted on by Fast Funds
How Long Does It Take to Get Lawsuit Funding After a Car Accident in Washington
10
Sep

When you find yourself in the aftermath of a car accident in Washington, the challenges can be overwhelming. The physical injuries, emotional distress, and financial burdens that arise from such an event can turn your life upside down. While the legal process is often the best avenue for securing the compensation you deserve, it is no secret that lawsuits can take time to resolve. This delay can leave you struggling to cover basic living expenses, medical bills, and other costs while waiting for a settlement. Fortunately, lawsuit funding offers a solution to this problem, providing financial relief when you need it most. The question then becomes: How long does it take to get lawsuit funding after a car accident in Washington?

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Understanding the Basics of Lawsuit Funding

Lawsuit funding, also known as pre-settlement funding or legal financing, is a financial tool designed to help plaintiffs manage their expenses while awaiting the resolution of their legal case. This type of funding allows you to receive a cash advance based on the expected settlement or judgment in your lawsuit. Unlike traditional loans, lawsuit funding is non-recourse, meaning that you do not have to repay the advance if you do not win your case.

The process of securing lawsuit funding typically involves several steps, including applying for the funding, having your case reviewed by the funding company, and receiving the funds if approved. However, the timeline for each of these steps can vary depending on several factors, which we will explore in detail.

Applying for Lawsuit Funding

The first step in securing lawsuit funding is submitting an application to a lawsuit funding company. This application generally requires you to provide basic information about yourself, your case, and your attorney’s contact details. In Washington, as in other states, the application process is straightforward and can usually be completed online or over the phone.

Once you submit your application, the funding company will contact your attorney to gather more detailed information about your case. This step is crucial, as the funding company needs to assess the merits of your lawsuit and the likelihood of a favorable outcome. The faster your attorney can provide the necessary documentation, the sooner the funding company can proceed with the review.

- WHAT CLIENTS ARE SAYING -

In June, my wife and I asked our attorney about giving us a loan against any settlement proceeds from our case. He told us that the state bar does not
permit lawyers to participate in the financing of clients. The offer of settlement was very low so the case needed to be filed in court. I called Fast Funds. Within 24 hours, I had entered into an agreement with them, selling a very small portion of the anticipated proceeds to them in exchange for immediate financing. Now my suit is in court and I don't have to worry about money until it's outcome. Thank god for Fast Funds
B.G.
As a result of the advances you have made to our client, we were able to refuse an extremely low settlement offer and take the case to court. We settled the day of the trial for a very generous sum. Had there been no advances by Fast Funds, our client would have had no choice but to accept the inadequate offer since he was in severe debt due to his inability to work. Thank you for your helpful assistance in providing our client with the ability to persevere.
C.F.
I was involved in an accident which took my left leg. I was forced to live homeless for eleven months. Thanks to the Fast Funds people advancing money. I now live in an apartment,I am walking on a prosthetic and otherwise getting my life back together, even though my attorney has not yet settled my lawsuit. I don't know what I would have done for money because the insurance company has offered nothing so far.
A.R.S.
I was involved in an auto accident which caused me to suffer a herniated disc. Because of this injury, I was forced to miss many months of work. I had no income and no place or person to turn to for money. My attorney told me he was unable to help with any financing and the insurance company was refusing to settle the case. I turned to a company called Fast funds. They immediately reviewed my file and took the financial pressure off by providing me with interim financing. I am now able to wait for as long as it takes for my lawyer to achieve a successful result in my case. Without the financial involvement of Fast Funds, I don't know what I would have done.
K.P.
I wanted to thank you for your sensitivity in helping me cope through a very difficult time in my life. Without your help, I would have been unable to pay my rent , forcing my wife and children to be put on the street. I have not been able to return to work and I was tempted to accept the insurance company's very low offer to settle, even though I knew it was not fair or reasonable. You have given me the ability to withstand the financial pressures. Thanks for your help. I will never forget it
C.S.
I have in the past referred clients to Fast Funds Inc., a non-recourse company. The experience of my clients
and my firm were totally positive. Fast Funds was responsive to the clients financial and emotional needs, provided the necessary emergency money and did not interfere in any manner with my handling of the cases. The clients, without my input, negotiated the advance directly with the company. In each case, they were completely satisfied with the final result of the case, including the amount of profit earned by Fast Funds. Non-recourse funding is clearly a valuable tool to the plaintiff's attorney.
M.J.L.
"I am writing to recommend the valuable assistance of the Fast Funds Inc., a company that provided interim funding to financially needy clients. They help to insure that a case will be brought to a successful resolution. A good case in point is when I was offered $75,000.00 for a seriously injured client. Had she not been able to take advantage of the advance financing offered by Fast Funds, I would have been forced to take the money. As it turned out, because my client now had the financial ability to withstand the pressures of time, I tried the case to a jury and received a verdict of $315,000.00.
M.S.D.
It is my belief that non-recourse companies, such as Fast Funds, the company to whom I refer my needy clients, perform an invaluable service to both the client and the attorney. Simply put, it is common knowledge that one of the tools negotiation utilized by insurance companies is time. Offering
considerably less money than the actual case value to a client in desperate need of funds while the case is pending, gives the insurance companies a tremendous advantage. This advantage is minimized and the playing field is leveled when the client has the ability to obtain funds for a minimal portion of the anticipated proceeds. Many times, with no prospects of income, an injured party will settle the case for whatever offer is made.
R.J.F.

How Your Lawsuit Is Assessed

After the initial application and contact with your attorney, the next phase involves a thorough evaluation of your case. The funding company will examine various aspects of your lawsuit, including the details of the car accident, the extent of your injuries, the liability of the parties involved, and the potential value of your claim. This evaluation is conducted by experienced underwriters who are well-versed in assessing legal claims.

In Washington, the time it takes for a case to be evaluated can vary. Some cases may be straightforward and easy to assess, leading to a quicker approval process. However, more complex cases may require additional time for evaluation, especially if there are disputes over liability or if the damages are difficult to quantify. On average, the case evaluation process can take anywhere from a few days to a couple of weeks. It is important to note that this timeline can be shorter if your attorney provides prompt and comprehensive information to the funding company.

Receiving Your Funds: When Can You Expect the Money?

Once the funding company completes its evaluation and determines that your case has merit, they will decide whether to approve your funding request. If approved, you can expect to receive the funds relatively quickly. In most cases, the funding company will provide the cash advance within 24 to 48 hours after approval. This swift turnaround time is one of the main advantages of lawsuit funding, as it allows you to access the money you need without enduring a lengthy waiting period.

In Washington, the actual time it takes to receive the funds after approval may depend on several factors, including the funding company’s processing speed and the method of payment you choose. Many companies offer direct deposit as a payment option, which can expedite the transfer of funds. Alternatively, if you prefer a physical check, this may take a bit longer to arrive by mail. Regardless of the method, most plaintiffs receive their lawsuit funding within a few days of approval, providing them with much-needed financial relief.

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Applying For Lawsuit Funding

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Factors That Can Affect the Timeline

While the process of obtaining lawsuit funding in Washington is generally quick, certain factors can affect the overall timeline. Understanding these factors can help you manage your expectations and ensure a smoother experience.

One key factor is the complexity of your case. As mentioned earlier, cases involving multiple parties, disputed liability, or significant damages may require a more in-depth evaluation by the funding company. This can lengthen the time it takes to receive approval and, subsequently, the funds.

Another factor to consider is the responsiveness of your attorney. The funding company relies on your attorney to provide detailed information about your case, including medical records, accident reports, and other relevant documentation. If your attorney is prompt in supplying this information, the funding process can move more swiftly. On the other hand, delays in communication or document submission can slow down the process.

Additionally, the funding company’s own processes and workload can influence the timeline. While most companies strive to provide quick and efficient service, there may be times when high demand or internal factors lead to slight delays. It is always a good idea to choose a reputable funding company with a track record of timely service to minimize potential delays.

Is Lawsuit Funding the Right Choice for You?

While lawsuit funding can provide crucial financial support during a challenging time, it is important to carefully consider whether it is the right choice for your situation. Lawsuit funding is not suitable for everyone, and there are several factors to weigh before deciding to pursue this option.

First and foremost, you should consider the costs associated with lawsuit funding. Unlike traditional loans, lawsuit funding is non-recourse, which means you only repay the advance if you win your case. However, the fees and interest rates for lawsuit funding can be higher than those for other types of financing. It is essential to fully understand the terms and conditions of the funding agreement and discuss them with your attorney to ensure that you are making an informed decision.

Another consideration is the potential impact on your settlement. Since the funding company provides an advance based on the expected value of your settlement, the amount you receive from the lawsuit funding may reduce the final amount you take home once your case is resolved. Be sure to factor this into your decision-making process and discuss the potential implications with your attorney.

Finally, it is important to assess your financial situation and the urgency of your needs. If you are facing immediate financial hardships, such as difficulty paying for medical treatments, living expenses, or other critical costs, lawsuit funding can be a valuable resource. On the other hand, if you have other sources of financial support or can wait for your settlement, you may decide that lawsuit funding is not necessary.

Choosing a Reputable Funding Company

If you decide that lawsuit funding is the right choice for you, it is crucial to select a reputable funding company to work with. Not all funding companies are created equal, and choosing the right one can make a significant difference in your experience.

When evaluating potential funding companies, consider factors such as their track record, customer reviews, and the transparency of their terms. A reputable company will provide clear and straightforward information about the costs, fees, and repayment terms associated with the funding. They should also be responsive and communicative throughout the process, ensuring that you are kept informed every step of the way.

It is also important to work with a company that understands the specific legal landscape in Washington. Each state has its own laws and regulations governing lawsuit funding, and a company with experience in Washington will be better equipped to navigate these rules and provide you with the best possible service.

The time it takes to get lawsuit funding after a car accident in Washington can vary depending on several factors, including the complexity of your case, the responsiveness of your attorney, and the efficiency of the funding company. While the process can take anywhere from a few days to a few weeks, the financial relief provided by lawsuit funding can be invaluable during a difficult time.

If you are considering lawsuit funding and want to ensure a smooth and timely process, Fast Funds is here to help. With a commitment to providing transparent and efficient service, Fast Funds can assist you in securing the financial support you need while you pursue your legal claim. Contact Fast Funds today to learn more about how we can assist you with your lawsuit funding needs and help you move forward with confidence.