Getting a settlement loan isn’t that daunting of a task. The process is different between each settlement loan provider, but usually takes around 2 to 7 days to get approval. You can usually fill out the application online or over the phone. The settlement loan provider will need to speak with your attorney and this may incur costs.

There are several factors that come into play if you’ll get approved for a settlement loan. One factor is the type of claim (or lawsuit type) that is currently pending. The amount you’re looking to get advanced will also be considered in the process. The duration of the case can also affect the ability to get a settlement loan, or affect the amount you can receive. Finally, the most important factor is the risk. This will be based on the merit of your case and how it’s looking in terms of your party winning the lawsuit.

Your settlement loan application will require all your personal information; including name, address, city, zip code, phone number and date of birth. You shouldn’t be required to give your social security number since your credit history does not play a factor into the decision, they may need to use it verify your identity.

You’ll then need to provide information regarding your pending case. Below is the a list of information you should have on handle, but not limited to…

Law Firm Name

Attorney Name

Law Firm Address

Law Firm Phone Number

Attorney Phone Number

Paralegal Handling Your Case

City & State of Court

Case Type

Provide Case Details (more detailed the better)

Accident Information (if applicable)

Defendants Insurance Information

Any Settlement Offers from Defendant

Liens & Assignments Regarding Your Case

Remember, you should consult your attorney prior to applying for the settlement loan. They will be required to speak with the settlement loan provider and this can incur a charge with you attorney. Most settlement loan providers do not charge any application fees, however in some instances you might be charged a fee. Make sure to inquire about any fees.

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Texas Mortgage Info: How your mortgage person structures your loan is more important than the getting a low rate. To get the lowest 30 year or 15 year fixed rate consider avoiding PMI (mortgage insurance) even though these loans have higher rates; they have lower payments.

Help answer the question

If I consolidate my student loan with a personal loan can I still write off the interest?
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?

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