Home > What Are Settlement Loans And How Do They Work?

What Are Settlement Loans And How Do They Work?

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Looking for a settlement loan? 

Traditionally, settlement loans have been known to provide an early payout pre-settlement. A settlement loan could also be called a pre-settlement loan, lawsuit loan, lawsuit cash advance, litigation financing, settlement funding or lawsuit funding. If you’ve been googling ‘I have a settlement and I need cash now’ we suggest you keep reading!

What is a settlement loan?

Despite the name, a settlement loan isn’t an actual loan – it is simply an advance on the settlement you’re expecting after a successful lawsuit. Essentially, a settlement loan is just emergency funding designed to cover personal costs involved in a lawsuit. What could possible personal costs include?

  • Medical bills
  • Utility bills
  • Lost income
  • Rent or mortgage repayments
  • Vehicle replacement
  • Other living expenses

How do settlement loans work?

Wondering how a settlement loan works? A settlement loan can provide you with a cash advance on a future legal settlement. You can seek a settlement loan during the pre-settlement period of a civil case. A settlement loan can also be requested after you’ve filed a complaint, however, it must be before you receive the verdict.

Five general steps

Pre-settlement can often take an extended period of time – months or even years – depending on how complex the case is. If you are going to go ahead and seek a lawsuit settlement loan there are five general steps to follow:

  • The plaintiff in a civil case and their lawyer must contact a settlement loan company.
  • The lawyer and the settlement loan company will estimate how much the plaintiff is likely to win in their lawsuit. If the company doesn’t believe a win is likely, they will decline.
  • The lawyer and the settlement loan company will negotiate an amount, term, interest and fees for the settlement loan. A settlement loan will usually reflect your expected settlement minus the impending legal fees.
  • Once all is sorted, the plaintiff will sign the contract and receive their settlement loan.
  • The plaintiff is usually not required to repay the advance until after winning the settlement.

Where can I get a settlement advance loan?

At Jacaranda Finance, we do not actually provide settlement loans because we are not a lawsuit loan company. However, if you’re looking to settle an account or consolidate pre-existing loans to settle your finances then Jacaranda might be able to lend a hand.

What could Jacaranda provide?

Jacaranda Finance does not typically provide traditional settlement loans. Let’s take a look at what other loan options we provide that could assist you in settling your finances.

Waiting on a settlement? Why not apply for a personal loan?

Expecting a settlement? Jacaranda Finance may not provide traditional settlement loans, however, if you’ve been googling ‘waiting on a settlement need cash now’, ‘loan before settlement’ or ‘settlement loan funding,’ we may be able to lend a hand. A personal loan could act as a settlement loan in a number of ways. At Jacaranda Finance we provide very fast approval on personal loans. If you’re in need of cash and waiting on a settlement to come through isn’t a viable option, a personal loan could be an alternative worth considering.

Jacaranda provides personal loans from $1,000 – $15,000. Apply online right now and you could have an outcome in just 60 minutes. A personal loan could work in the same way a settlement loan does – when you receive your settlement you could simply use that to repay your personal loan. The best part is, Jacaranda Finance makes it easier than ever to submit an application in minutes.

Consolidation loans

Looking to settle your debts? Wondering what a consolidation loan is? A debt consolidation loan offers you the option of combining all existing loans into one easy to manage payment. A consolidation loan could mean the interest rate is lower and the payments are easier to manage. For example, five different personal loans could be made into one payment with a consolidation loan. This avoids having to remember to make multiple repayments throughout the week, month or year.

Jacaranda provides consolidation loans from $1,000 – $15,000 and the best part is, you could apply online right now! If you submit your application during AEST business hours, a member of our team will do their best to get back to you in 60-minutes*. We won’t mess around – if we can find you a suitable loan product you could have the cash in your account in just 60-seconds with Jacaranda’s instant bank transfer**. If we can’t, we’ll let you know, fast.

Loans on personal injury cases

Traditionally, loans on personal injury cases are sought out when a plaintiff wants to borrow money against the proceeds they expect to receive as a result of the case settlement. It is important to remember that Jacaranda Finance does not provide settlement loans, however, we could provide loans for medical bills. If you’re in the middle of a court proceeding and do not have the time to wait for a settlement payout then a loan on personal injury case could be the answer. Jacaranda can provide cash between $1,000 and $15,000 to assist with medical bills.

Jacaranda is 100% online, that means it is simple and easy to submit an application. If you choose to apply during AEST business hours, our team could have an outcome for you in just 60-minutes*. We understand that when you’re in need of urgent cash for a medical expense there is no time to waste. Unlike traditional lenders, our team won’t ask you to fill our pages and pages of paperwork. We cut straight to the chase so you get the cash you need when you need it. Our instant bank transfer could mean that, if approved, the cash will be in your account in just 60-seconds**.

Workers comp settlement loans

Much like a loan on a personal injury case, traditionally, a workers comp settlement loan is a loan against the payout of your settlement. A legal funding company will usually help cover your expenses before the settlement of your claim. Jacaranda is not a legal funding company. That means we do not offer workers comp settlement loans by their traditional definition. We do, however, offer personal loans between $1,000 and $15,000 that could be used for expenses resulting from a workers compensation case.

At Jacaranda, we are proud of the fact that our team is down to earth and realistic. We understand that things don’t always go to plan. Sometimes we all need a helping hand. Jacaranda’s mission is to make it easier than ever for all Aussies to access fair go and reasonable assessment of applications for personal loans. We don’t think you should have to wait days and days for approval either! Our team will do their best to get back to you in just 60 minutes with an outcome (if you apply during AEST business hours). You could be back on your feet sooner than you think with a simple and speedy personal loan from Jacaranda.

Who is eligible to apply?

Like what you hear? If you’ve been googling ‘settlement loans’, ‘fast settlement loans’ or ‘settlement advance loans’ and stumbled across Jacaranda then we’re glad. Our team is here to make applying for a personal loan as simple as possible. Here’s what you’ll need to be able to say ‘yes’ if you’re thinking about submitting an application:

  • Are you 18 years old or over?
  • Do you have provable, consistent income for the past 90 days?
  • Have you got a valid telephone number?
  • Do you have a valid email address?

Think you could be eligible? Why not scroll up and submit an application right now? It could only take you a few minutes and a member of our team could have an outcome for you in just 60-minutes*. So, what are you waiting for?

What documents will I need to provide?

So, you’re ready to apply? Wondering what documents you’ll need to submit with your application? The good news is, at Jacaranda, we will only ask you to provide the basics. Our online application form could only take you a matter of minutes to complete. Here’s what we suggest you have handy:

  • Copies of payslips;
  • Copies of bills;
  • 100 points of identification;
  • Your employers contact details;
  • Your myGov details;
  • Online banking details.

Will our team call your employer?

In most cases, our team will conduct an employment check when you apply for a personal loan. If you’ve been googling ‘settlement loans’, ‘fast settlement loans’ or ‘settlement advance loans’ then we’re glad you’ve found us! Our team are here to make the process simple, fast and painless. We will get in touch with your employer as a routine part of our assessment. There is no need to stress, our team are highly experienced in conducting employment checks. We will never disclose any of your personal information or the reason why you are applying for a loan to your employer. If you have any questions regarding, we’re here to help! Simply get in touch.

Why do we need your online banking details?

Wondering why Jacaranda might ask you to provide your online banking details? In order to conduct a thorough and accurate assessment, our team uses copies of your bank statements to view things like income, spending habits and pre-existing financial commitments. There is no need to worry about the security of your details, Jacaranda uses the latest in safe banking technology to ensure your information is always encrypted. Your privacy and security are our top priority and our team are here to answer any questions you might have.

What if I receive Centrelink?

When you apply for a personal loan with Jacaranda, we won’t say no just because you are receiving Centrelink. Our team takes a down to earth approach to loan approval. Due to the fact that every financial situation is different, we will need to conduct an individual assessment in order to determine whether you are eligible or not. Our team will take a look at what percentage of your income is made up by Centrelink.

Unfortunately, there is no direct ‘yes’ or ‘no’ answer without the assessment of your individual situation. If you’re curious as to whether or not you could be eligible, our team recommends you just submit an application. You could scroll up right now and use our online loan calculator to get started. If you apply during AEST business hours, we will do our best to get back to you in 60-minutes*. The best part is, an application will cost you nothing. So, what are you waiting for?

Settlement loans: how to apply?

So, you’re ready to submit an application? It couldn’t be easier. Here’s how you could get started right now:

Step 1

If you’re ready to get started, scroll up and use our loan calculator to input your desired loan amount and repayment period. When you’re happy, just hit ‘apply now’.

Step 2

If you’ve chosen to proceed with an application you will be directed to our 100% online application form. This could only take you a matter of minutes to complete. When you’re finished our team will begin the assessment. If you apply during AEST business hours, we’ll do our best to get back to you in 60-minutes*.

Step 3

If your application is successful a member of our team will be in touch. We’ll send over an agreement. We recommend you read over your contract and make yourself aware of any fees or charges that could incur from late or failed payments. If you’ve got questions, our team are here to help. When you’re happy, just sign and send it back to us!

Step 4

Once we receive your signed contract our team will transfer the funds straight to your account. Instant bank transfer could mean you’ll have the cash in your account in 60-seconds**. Talk about convenience!

Want to read more from the Jacaranda team? Check out how you could apply for a personal loan in minutes!

Looking for a weekend loan or loan for home improvement? Why not ask Jacaranda!

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