When you have been dealing with a difficult insurance negotiation process or litigation case, and your case has finally been resolved, you may be anxious to get receive your settlement funds. However, even after your verdict or settlement agreement has been reached, it may take time before you can access compensation that is rightfully yours.
The length of time it takes for a settlement check to clear can vary widely on a case-by-case basis. However, when you are working with High Rise Financial loan specialists, you are not going to be stuck struggling financially.
In This Article
The Short Answer: It Depends
Unfortunately, there is no specific amount of time it takes for a settlement check to clear. The length of time it takes for your settlement check to clear will depend on a number of different factors, including:
- Your bank’s rules and regulations
- Whether your bank account has enough money to cover the balance of the check should it bounce
- Your standing with your financial institution
- Whether you have any overdraft charges on your account
- Whether your settlement check was directly deposited into your account
- Whether your bank has the right to hold payments for a specific amount of time
The Bank May Hold onto Your Money
In many cases, financial institutions will place a hold on your check until they can verify the funds have been sent to your bank by the institution on which the check was drawn. In some cases, banks will not place a hold on your account at all. If the money is transferred, your bank has an obligation to make those funds available to you right away.
In other instances, banks have the right to place a hold of up to ten days on your account to give them a chance to authorize and verify the funds. If a hold is placed, it may not be for the full amount. The bank may authorize a certain portion of the funds to be available now and release the remainder to you several days later.
However, if your bank account has the funds to cover the amount of your settlement check, they may clear you to use the funds before the check has been processed. You can contact your financial institution to find out more about how long it might be before your settlement check clears.
Remember, if your settlement check is being directly deposited, there should be no hold. This is because the money will be sent straight to the bank as opposed to requiring a verification process.
To apply for free, call (877) 735-0016
What to Do While You Wait
There may be several days or weeks between the time you receive your settlement check and the time you can access your settlement funds. Unfortunately, you do not have time to waste. After everything you have been through, you likely have significant financial losses you need to cover now.
You might have outstanding utility and medical bills, regular monthly household expenses, and need groceries. You may be responsible for covering other costs such as insurance premiums, gas, or your children’s extracurricular activity fees.
Fortunately, all hope is not lost. You may be able to begin rebuilding your life now instead of waiting for your settlement check to clear.
Consider Your Options
There are several potential ways you can access a portion of your settlement funds now. You might be looking into payday loans, but these often carry exorbitant interest rates, which can often cost you as much as you took out for the loan. You might also be considering asking family or friends for a temporary loan.
However, if your family and friends are struggling financially or you do not want to burden them with your financial concerns, this may not be a valid option. Fortunately, there is one option that is risk-free and will not cost you an arm and a leg. By obtaining an advance on your settlement funds via a lawsuit loan, you can get a portion of your settlement check sent to your bank account in a matter of hours.
Apply for Pre-Settlement Legal Funding
Pre-settlement legal funding is an excellent opportunity to get your expenses and debts covered now. If you’re being threatened with eviction, foreclosure, utility shut-offs, phone shut-offs, or other pressing issues, accessing these funds could be a game changer for you and your family.
You simply need to have a pending settlement and have been working with an attorney for our loan specialists to approve your application. Our team will carefully evaluate the details of your case to determine how much you should be authorized in legal funding.
Generally, we can approve up to 20% of your settlement check. However, this amount could be more or less depending on the specific circumstances of your insurance or civil claim settlement.
Pay Back Your Loan When Your Settlement Check Clears
Once your settlement check comes in and clears your bank account, you can use your settlement check to pay back your non-recourse loan. This way, if the bank takes the maximum amount of time allowable to clear your settlement check, you do not need to continue to struggle.
If you are currently dealing with a pending case, you can rely on your attorney to pay back your pre-settlement funds once they receive your settlement check. After taking care of that payment, they will write you a check for the remaining balance of your damages.
If your lawyer does not win your case after you have been issued a lawsuit loan, you will not be required to pay back the funds you borrowed. This makes High Rise Financial legal funding a risk-free opportunity to get back on your feet.
Contact High Rise Financial for an Advance on Your Settlement Check
High Rise Financial can help you obtain your settlement funds now. Then, once your check clears, you can repay the loan and move forward with your life.
You do not need to put up with financial instability for another second. Fill out our online contact form, call our loan specialists, or apply now to have your settlement funds sent to your bank in 24 hours or less.
Call or text (877) 735-0016 or fill out our form to apply today for free.