What To Know About Cashing A Settlement Check

Received a settlement check after a personal injury case? Whether it's from a car accident or a slip and fall, you'll want to access those funds quickly and safely.

This guide from Mississippi Title Loans, Inc. will show you how to cash a settlement check, what you’ll need, where to go, and how to avoid fees and fraud. After learning how to cash a large settlement check, we will explain how those facing emergencies like medical bills can afford them with Mississippi title loans.

Understanding Settlement Check Cashing

Getting a settlement check can feel like a lifeline after a tough time, whether from an accident or injury, it’s your chance to regain stability.

Sometimes, settlements are awarded through courtroom verdicts, but others are awarded through negotiations. The most common types of personal injury cases are motor vehicle accidents. When you're successful, these cases will conclude with the at-fault party or their insurance company issuing the settlement check. However, how do you cash a settlement check?

Settlement Check Cashing Requirements In Mississippi

Cashing a settlement check is simple, and you don’t need many documents. The settlement check cashing requirements in Mississippi are simple, allowing those who get settlements to receive their cash quickly. You only need two things: a government-issued photo ID and a signed check.

As long as you have these requirements, you shouldn’t have a problem cashing your personal injury settlement check. You may need to pay a small fee, but the process shouldn’t take long. Now, you need to determine the best places to cash settlement checks quickly.

The 4 Best Places To Cash Settlement Checks

With the requirements sorted, it's time to cash the settlement check. Where do you go to do that? You have many options for accessing settlement funds, with each offering its own advantages.

Learn more about where you can get check-cashing services:

• Your Bank - The best place to cash a settlement check is your bank. All you need to do is go with the check, and you likely won't face any additional fees. The only thing to keep in mind is that there may be a hold to ensure the funds clear. For best results, ensure you have a bank account set up prior to getting the check.
• The Issuing Bank - If you don't have a bank account, you can try cashing the insurance check at the issuing bank. You may be able to visit a different branch of the issuing bank, even if you are not an account holder.
• Check-Cashing Stores - You can go directly to check-cashing stores if you need the funds quickly. They're convenient, but remember that they tend to have high fees. They also may only cash checks up to a certain amount. Thus, if your check is large, this might not be the right option. 
• Alternative Check Cashing Services - Alternatively, you can go to a grocery store or similar establishment to cash a settlement check. However, they're similar to check-cashing stores, as they have high fees.

With your options clear, let's walk through the exact steps to cash your check.

How To Cash A Large Settlement Check

The process for how to cash checks from personal injury settlements doesn’t take as long as you may assume. After just a few easy steps, you can access the cash to reimburse you for your physical and emotional damages.

Here's how to cash a large settlement check:

1. Decide where you want to take it. Use the locations above.
2. If you're working with a personal injury attorney, they'll help you inspect the check to ensure its validity.
3. Sign the back of the check.
4. Take your photo ID and the signed check to the location of your choice.
5. Choose to deposit the check or cash it. 
6. The store clerk will complete the process for you.

Settlement Payment Tips For Safety

You now know how to cash checks, but you need to stay safe while doing it to avoid any complications. You could be cashing a large quantity of money, which can open you up to fraud. Following the settlement check advice below can keep you safe and prevent scams.

Follow these tips to stay safe when cashing your check:

• Verify your check is authentic with your personal injury attorney
• Deposit the check with a reputable service
• Do your research before choosing a place to cash your check
• Deposit the check personally
• Don’t spend all of your settlement cash at one time
• Use your settlement check on essentials like medical bills and living expenses

How You Can Use Your Settlement Check Wisely

Once you have completed the cash settlement check process, the funds are there for you to use as you please. While the medical debts, child support, liens, and legal fees will be deducted from your check before it's issued, other outstanding medical or other bills may remain.

Therefore, taking care of these before anything else is a good idea. Depending on your circumstances, you may want to set money aside for future care or legal fees, or utilize it to replace lost wages if you were unable to work during the case. 

Some people choose to put a portion of their settlement aside for future expenses or unexpected costs. Alternatively, you can set it aside for emergencies in the future. If you don't already have an emergency fund, this is arguably the most important settlement check advice you can get. 

Paying For Financial Emergencies With Mississippi Title Loans

While a settlement check can help pay for expenses incurred from a personal injury, it may not cover everything. Your medical bills may be so large that your settlement can’t help you pay them all. Other financial emergencies, such as overdue bills, home repairs, and unexpected travel costs, may have arisen when you couldn’t work.

If your settlement doesn’t cover all your needs, here’s how Mississippi Title Loans, Inc. may be able to help in urgent situations. Mississippi title loans allow borrowers who own their cars outright to get approved for up to $2,500 based on the value of their vehicle. You can start the process online and get approved in person in less than 30 minutes.

Provided you have a state-issued identification, lien-free title to your vehicle, and your vehicle, you can follow the steps below to get Mississippi title loans:

1. Complete the online form found on this website.
2. Wait for us to call you. We will discuss the process, requirements, and meeting location. You will have to come to one of our Mississippi loan store locations to get approved. However, you will know if you can get approved before coming. 
3. Gather your required items and head to the nearest Mississippi store. During the in-person portion, we will look at your documents to ensure you are who you say you are and that your name matches. Then, we will inspect your vehicle to establish how much you can qualify for.
4. As long as you are happy with the amount you can borrow, we'll show you where to sign the forms to confirm you agree with the terms and conditions. Finally, you will receive the money you qualified for later that day or the next business day.

Apply Online For Mississippi Title Loans – Borrow Up To $2,500 Today!

When you need urgent financial help, Mississippi Title Loans, Inc. can provide it with our fast approval title loans. Get Mississippi title loans the same day you apply through our quick, efficient process. Ready for fast financial relief? Start the process online – fill out our online contact form and hear from a loan representative today about how to get same-day title loans regardless of your credit score.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.