How long does it take to get a settlement loan?

By Michael Shemtoub, trial attorney, Beverly Law. Updated November 2026.

The steps, in order

Each company sets its own process, but state laws and the research describe the same basic sequence.

1. You apply. You give the company basic facts about the claim, your lawyer and the court.
2. You authorize your lawyer to share information about the case. Without that, your lawyer cannot send the company the file.
3. The company reviews the claim and decides whether to fund it and for how much.
4. You receive the contract, with the required disclosures, and read it.
5. You sign, and in many states your lawyer signs a written acknowledgment.
6. The company sends the money.
7. A short window to cancel opens in most states that regulate funding.

The source of the 10-day figure is a study by Ronen Avraham and Anthony Sebok of one consumer funder’s files. They wrote that “the median number of days between that date,” the client’s first contact, “and the date of first funding is ten,” and that in those ten days the funder collected information about “the client, the lawyer representing him, the court where the case is handled” and the facts of the case (104 Cornell L. Rev. 1133, 1148 (2019)). A median means half the cases took longer. It describes one company in the past, not what any company will do for you.

What happens during the review

The review is where most of the time goes. The funder in the study could obtain police, hospital and insurance reports, look for liens on a future award, and check whether the plaintiff had ever filed for bankruptcy (p. 1141). Each of those records has to come from somewhere, often your lawyer’s office or a third party that answers on its own schedule.

Missing pieces slow things down: a police report that has not been released, treatment that is still ongoing, or an insurer that has not taken a position on fault. If the company finds an earlier advance on the same claim, California bars it from funding you until that earlier assignment is satisfied (Bus. & Prof. Code 6254(a)), which means a payoff has to be arranged first. When the review ends in a no, our page on why funding gets denied explains the usual reasons.

Why your lawyer’s response time matters

Your lawyer is involved at two points, and either one can become the bottleneck.

The first is information. Before a lawyer shares confidential information with a funder, the State Bar of California says the lawyer “must advise the client of the risks of disclosure and obtain the client’s informed consent” (Formal Opinion 2020-204). California’s statute adds that privileged information may not go to a funder without your written consent (section 6256(c)). Signing that consent promptly removes one delay. Our page on funding and attorney-client privilege explains what you are agreeing to.

The second is the acknowledgment. In California the retained attorney must confirm in writing, among other things, that the attorney reviewed the required disclosures with you, and a contract without that acknowledgment is void (section 6251(c)-(d)). Illinois and New York have the same rule (815 ILCS 121/10; A.9442, sec. 1002). A lawyer who is in trial or depositions may not get to it the same day. Formal Opinion 2020-204 also says that a lawyer asked to advise on a funding contract must have the knowledge to do so, obtain it, or decline, so a careful review can take time. If your lawyer will not sign at all, see what happens if your lawyer says no.

Cancellation periods and when the money is yours

Most cancellation rights run after you are paid, so they do not hold up the payment. California’s contract must state: “You may cancel this contract without penalty or further obligation within five business days,” and the five days run from the funding date, with cancellation conditioned on returning the funds (section 6252(a)(2)). Illinois gives 14 business days after the funding date (815 ILCS 121/10(a)(2)). New York’s 2026 text gives ten business days, though one provision counts from the funding date and another from the date you receive the payment.

What the window affects is the money itself. Until it closes, cancelling means giving back the full amount, and several states describe that as returning the company’s uncashed check or sending certified funds by mail, as Oklahoma’s statute does (14A O.S. 3-806). Some states start the clock at the later of signing or funding. Our page on the right to cancel lists each state’s period.

Later advances usually move faster

The study found that “future funding requests for the same case were processed much faster because the details about the case were already known” (p. 1148). Speed is not the only thing that changes, though. Each additional funding adds its own charges, which our cost page explains.

What to ask before you sign

• What exactly do you need from me and from my lawyer, and have you sent the request yet?
• Will you need my written consent to receive records from my lawyer?
• Does my state require my lawyer’s acknowledgment?
• When and how will the money be sent, by check or electronic transfer?
• What is the last day I can cancel, and how do I return the money if I do?
• If I need the money by a certain date, can you tell me in writing whether that is realistic?

Common questions

Related pages

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Important: This page is general information, not legal or medical advice, and reading it does not create an attorney-client relationship. Every case is different; talk to a lawyer about yours. Texas cases are handled by the firm’s Texas-licensed attorneys, Joyce Ondich and John Efstathiou. Last reviewed: November 7, 2026.