As a prominent member of the lawsuit lending industry, we know the best practices and standards by which companies should abide. Unfortunately, this is still a niche type of lending in the financing industry, so many people are unaware of how to judge lawsuit funding companies.
We created a list of legal funding company reviews that highlight each company’s details, how their pre-settlement funding works, what cases they cover, and their individual standing in the overall funding world. Use our reviews to make your own informed lawsuit loan decisions.
What to Look for in a Legal Funding Company
There are many lenders out there, so it’s important to know how to separate the good from the not-so-great. When we do reviews, we look at several key factors.
Most bank loans are recourse debt, which means you are personally liable for them. However, good lawsuit loan companies should offer exclusively non-recourse funding. This prevents you from holding personal liability, so you pay nothing back if you lose your case.
“Trust symbols” are ratings, certifications, licensing, and other credentials that show the quality of a company. They can be from watchdog organizations, industry associations, or other entities. Some examples of trust symbols related to the legal funding industry include:
- Membership in the American Legal Finance Association (ALFA)
- High ratings with the Better Business Bureau
- Placement on “Top Funding Company” lists
- Independent audits
We also take a look at a company’s client reviews. These can be a huge indicator of the type of customer service the organization provides and its willingness to work with a client.
However, you should be sure to sample a large size of reviews. If the majority of lawsuit funding company reviews are positive and one or two show negative experiences, there may be more to those individual stories.
Case Types and Eligibility Requirements
When you are hunting for the right lawsuit funding company for your situation, make sure to examine all eligibility requirements. You’ll need to consider:
- What case types the company funds
- How much money it can provide
- Which states the company is legally allowed to operate in
- Application fees
- Whether the company requires you to be represented by an attorney
For example, industry best practice is to express clearly the states in which a company can operate, its range of funding amounts, and whether it offers free no-obligation applications or not.
Learn More About Top Lawsuit Loan Companies
If you are in the midst of a lawsuit and need cash, don’t simply leap at the first opportunity for a lawsuit loan. Use resources provided by Tribeca Lawsuit Loans to guide your decision and help you make the best choice.
Learn more about our favorite lawsuit lenders by checking out our list of Top US Lawsuit Funding Companies in 2021 for more in-depth lawsuit funding company reviews.