The structured settlement factoring process takes between 6-8 weeks from the initial quote to when the annuitant receives their lump sum check. This process is many times advertised to be much shorter by unscrupulous structured settlement factoring companies.
Much of this time is allotted to securing a court date in the state the annuitant resides in. This time in most cases is universal from one factoring company to another. For this reason the approval process takes 6- 8 weeks.
The factoring company who is purchasing your structured settlement also needs to take care of other legal aspects of the transfer process including the following:
- approval from the insurance company
- completing legal documents
- securing an attorney in both the state the case was settled in and the state the annuitant resides in
- drafting documents for the private investor who is funding the deal
- other underwriting procedures
If you have other questions on this matter feel free to contact us.