With roughly ten years in the industry, Cherokee Funding has made a name for itself as a provider of litigation financing and pre-settlement funds. We do a deep dive into the ins and outs of the company’s lawsuit loan process so that you can determine whether it’s the right fit for you.
When evaluating lawsuit lenders, you should look into several aspects of each company you might work with. In fact, we have an entire list of important questions to ask to find the best lawsuit loan companies. Knowing the whole picture can help you determine its legitimacy.
How the Funding Process at Cherokee Funding Works
When you get a lawsuit loan from Cherokee Funding, the process is very similar to the legit way that we provide legal funding. There is no application fee, your forms are processed as quickly as possible, and you can end up with the money you need in as little as a single day.
At Cherokee Funding, just as with us, the lawsuit loan is always non-recourse in nature. This means you are NOT personally liable for the debt, so you don’t have to worry about the company pursuing repayment from your bank account. You also don’t have to repay the loan at all if you lose your lawsuit.
Cases Eligible for a Cash Advance from Cherokee Funding
The company advertises that it takes practically any type of lawsuit case. However, its most common cases include:
- General personal injury claims
- Negligence claims
- Car accident lawsuits
- Premises liability claims
- Slip and fall accidents
How Much Funding You Can Get with Cherokee Funding
This is one area in which we think Cherokee Funding could be a bit better. Whereas we provide clients with up to $1 million in pre-settlement funding, Cherokee offers only up to $500,000. This could make it difficult for clients with larger cases against wealthier opponents like corporations to level the playing field.
One thing we do appreciate is that the company has a policy of trying to keep funding under 10%-15% of the client’s total compensation package. This is helpful because it can ensure that the client is left with a decent portion of the settlement package after repayment.
Repaying Cherokee Funding
Clients repay the lawsuit lender a portion of their compensation package. This is agreed upon before the funding arrangement is certified and signed, so it should not come as a surprise. Additionally, Cherokee Funding advertises low interest rates. These rates will depend on the overall risk profile of the individual lawsuit that is funded.
Cherokee Funding Is Well Regarded
Once you know how the lender’s process works and have ensured that the debt you take on will be exclusively non-recourse, the next step is to see how others view the company. In this area, Cherokee Funding shines.
- “Excellent” 4.6/5-star rating on Trustpilot
- Member of industry watchdog American Legal Finance Association (ALFA)
- A+ rating with the Better Business Bureau (however, not accredited)
Previous clients of Cherokee Funding praise the company for the professionalism of its staff, the speed of its funding process, and its dedication to customer service and satisfaction.
Make Your Lawsuit Loan Decision Today
If you need legal funding, Cherokee Funding could be a good, legitimate option for your situation. However, there are many choices available. At Tribeca Lawsuit Loans, our more than 1,600 clients can attest to the ethical nature in which we conduct business. Click the Apply Now button at the top of the page to send in an application for free!