Lawsuit Funding Website

As most of you know, I report on new and cool services relating to the legal industry. I had the opportunity to talk to the folks at LawLeaf on Friday. LawLeaf is an online legal funding service that matches people looking for pre-settlement cash advances, structured settlement annuity advances, commercial litigation funding and law firm loans. Based upon my conversation, LawLeaf does not provide the cash advances rather they match you with their “network” of lenders.

What does this mean to you? According to them, most people that apply for legal funding will search several companies before applying to only one. There are some people that do apply to multiple companies but usually this happens after the first company denies their request. With LawLeaf, you apply once and they will send your application to several different lenders increasing the chances of an approval. LawLeaf also said that many times the rates and payouts for each company are different so it makes sense to shop around rates and payouts for a cash advance. Their value proposition is that their lenders are ready to compete for your business.

I’m not too familiar with legal funding but apparently its a huge business. While legal funding is not for everyone, it oftentimes may help if you’re in financial distress and can’t wait for your personal injury case to settle.  I guess the way the economy has been of late, legal funding is certainly an option to consider for some people.

For me, I hope that I’ll never need to use legal funding as an option. The rates for most legal funding loans are typically a little higher than the standard loan. The reason is that most companies provide what they call “non-recourse funding” meaning you don’t have to pay them back if you don’t get a settlement. Very much like a personal injury attorney, you don’t pay unless you get compensation.

In closing I really like the idea that you can submit once and your information is sent out to several companies that are willing to compete for your business. It also behooves you to seek funding from several lenders so you can shop for the best rates.  With LawLeaf they will evaluate your case and send your case to selected lawsuit funding companies. Those lenders will take it from there and get the necessary information from your attorney to determine the amount of money they will loan (if approved) and the rate you will have to pay back if you get a cash settlement from the lawsuit.

This to me is a win / win for those seeking a lawsuit cash advance. Check them out at http://lawleaf.com.

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8 Responses

  1. Lawsuit funding companies are certainly on the rise. Years ago this type of funding didn’t exist. Although I’m not a huge fan of legal funding for plaintiff’s in some cases I do understand a need for it. There are oftentimes people injured and can’t work. Without some sort of income coming into a household, it can certainly be detrimental for a family living paycheck to paycheck.

    I like the recommendation and I’m happy to see there is a company that offers a variety of different funding options. Good Catch!

  2. Hey guys, what we are looking at is a service that is actually needed. While lawleaf may be one of the first companies to provide competition funding I’m sure they won’t be one of the last. They are what you consider a broker which means they broker out funding for several different companies or possibly more than several. There are other sites on the internet that do the same thing in different industries. Its actually great for Lawleaf and great for the person looking for legal funding.

    While lawleaf doesn’t handle the money, they do handle getting you in front of a funding lender. If you are trying to get legal funding lawleaf probably wouldn’t be a bad idea.

    I think if you are crunched for time and want quotes Lawleaf is a great option.

    Hey does anyone know about the new social bookmarking thing for the lawyers. I’m hearing someone is coming out with this. Any idea of what this is or what its about?

  3. I think this good for people that are trying to get money for a lawsuit. Its more of a one stop shop and I like the idea of competition.

    Eric- Are you referring to facebook?

  4. Hi,

    I’m not finding anything on their site regarding turnaround time. Generally speaking, how long does it take to get money from a lawsuit cash advance?

  5. Very nice! Thank you for posting this article and I would like to say thank you for providing a lot of information on this blog. I noticed that you talk about different types of legal services and I will be contacting you shortly about a service I am putting together for lawyers.

  6. Hi Paul,

    I’m glad you like the site! Our focus is to get as much legal information out on this site as possible, so our readers can make more informed decisions. I would be happy to talk with you about your new legal service and I’m a bit surprised more people don’t contact me regarding new and cool legal related services.

    When you are ready please email me!

  7. Hi Brian,

    I’m one of the staff members at LawLeaf. Our typical turnaround time in getting your application to our lenders is typically within the hour. Once our lenders receive your information they will follow-up within a day or so. If you have additional questions you can always visit our site and go to the contact page and send us your question.

  8. Thank you for the recommendation of this site. I used Law Leaf last week and have secured a cash advance. It was much easier to apply with Law Leaf because they didn’t make me fill in all that information other sites required. They also gave me more than one option although my attorney wasn’t happy with having to fill out additional information but who cares he is taking too long to get me my money!

    I recommend them too..

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