Lawsuit loans are great sources of cash for those awaiting a civil lawsuit settlement. In fact, there are numerous advantages of legal funding for personal injury plaintiffs experiencing financial struggles and inadequate income when waiting for a case outcome.
One of the frontrunners in easing the financial anxieties of plaintiffs is Cherokee Funding. The agency has been in business for roughly a decade and has made a name as a reputable pre-settlement fund and litigation financing company. But is it worth your effort?
An Overview of Cherokee Funding
Cherokee funding first opened its doors in 2011 and was established at the behest of plaintiff attorneys and doctors. The company boasts a combined industry experience of over 100 years, and the professionals promise to always focus on the plaintiffs’ side.
They fund all case types provided there’ve got damages, a solid liability, and a defendant who can pay the eventual award or settlement. Licensed in South Carolina, the lawsuit lender also offers legal services funding, including settled and pre-settlement legal funding and working capital lines. Furthermore, Cherokee funds plaintiffs with ongoing medical practice claims.
What does Cherokee Funding Offer?
Like Silver Dollar Financial, Cherokee Funding specializes in providing pre-settlement funds to plaintiffs awaiting lawsuit settlements. The company considers itself a direct funding company that offers both medical and legal funding.
One key attraction is that the company is an American Legal Finance Association (AFLA) member. AFLA is a watchdog agency that oversees members’ adherence to the lending code of ethics.
Besides plaintiffs, the agency also funds growing healthcare practices and law firms through capital boosts and lien purchases. Here are more facts about Cherokee Funding lawsuit loans:
- The company indicates that it offers an advance range of 10 – 15 percent of an applicant’s projected settlement amount.
- Loan approval is done within 24 hours after receiving a complete application before 2:00 PM ET.
- Funding is done directly, not through brokers.
- Funding for cases like car accidents, personal injury, premises liability, mass torts, FELA, Jones Act, damaging pharmaceutical drugs, product liability, and wrongful death
- They also fund workers’ compensation claims.
What Reviewers Have to Say About Cherokee Funding
Unlike most lawsuit loan companies, Cherokee Funding enjoys a great online reputation and numerous reviews on- and off-site. For instance, it has over 350 reviews on Trustpilot, and most of these are “excellent.”
Also worth mentioning is the fact that someone monitors the reviews. Their agents have reached out to most negative reviews, requesting more details or thanking them for their opinion.
The company also actually calls out some negative reviewers on Google’s review section, mentioning that their details aren’t available in their client database and requesting additional information. So if you want to publish a bad experience with the loans provider, you must back up your claim. Here’s an overview of the company’s ratings on different review platforms:
- Google Rating: 3.5/5.0
- BBB Rating: A+, not accredited
- BBB Complaints: 0
How Much Legal Funding Can You Get from Cherokee Funding?
Cherokee Funding offers as much as $500,000 as lawsuit loans. This is a good amount, but it could still make it hard for plaintiffs with large cases against wealthier parties.
One notable feature that former clients acknowledge is that the company insists on funding within the advance range of 10 – 15% of the entire compensation amount. This is important as the plaintiff is guaranteed to remain with a decent percentage of the settlement package after reimbursing the loan.
Securing a lawsuit loan from this company is as simple as the process used at Silver Dollar Financial. For instance, you won’t pay application fees, and your forms will be processed as fast as possible. After they’ve approved your application, you can expect the cash in as little as one day.
Notably, Cherokee Funding offers non-recourse loans, meaning you don’t have a personal liability to the debt. Consequently, the lender doesn’t pursue repayment from your bank account. Plaintiffs are also exempted from repayments if they lose the case.
How Much Will a Lawsuit Loan from Cherokee Funding Cost You?
Loan pricing is among the greatest concerns for lawsuit loan applicants. This includes the associated fees and interest rates.
The company doesn’t charge up-front costs to pre-settlement loan applicants. You’ll only pay the settlement advance and the associated fees after a settlement has been announced. But if you lose the case, you’ll not be forced to repay.
The company mentions that it’s focused on providing lawsuit loans at the lowest cost possible while listing transparency among its core values. However, it doesn’t disclose a standard interest charged on their loans. The website’s FAQs section mentions that the rates vary time after time based on an individual lawsuit’s overall risk profile. Therefore, plaintiffs should first consult during application.
How to Repay a Cherokee Funding Lawsuit Loan
The repayment amount has to be lower than your entire compensation package. The exact amount will be agreed upon before the company certifies and signs the funding arrangement, so you won’t be surprised by a figure you never knew about.
The Downsides of Cherokee Financial
Cherokee Financial works to maintain its solid reputation as a reliable lawsuit loan provider. However, you should expect several setbacks when you apply for a loan from the company.
A majority of clients’ complaints involve the single-day turnaround time guarantee on the site. The company doesn’t communicate that it’ll take more time to evaluate and approve lawsuit funding applications that fail to meet the guidelines.
While no clients have complained about getting less money and rejected applicants, such claims are pretty standard. Not every applicant qualifies for a loan, and you’re not always guaranteed the exact amount you’ve requested. Fortunately, the company is clear about its lending limits.
These setbacks don’t mean Cherokee Funding is an illegitimate company. However, they’re worth considering when looking for lawsuit funding options.
Silver Dollar Financial Is Here for All Your Legal Funding Needs
Cherokee has all it takes to be considered a reliable option for plaintiffs looking for financial boosts. The company has a great advance range and borrowing limits but doesn’t share many details regarding its interest rates.
Fortunately, you don’t have to make uninformed financial decisions during these tough times. Silver Dollar financial offers all the attractive features you’d find in Cherokee Funding and a little more. So apply on our site today or talk to our experts for more information.