The period between filing a claim and getting the deserved settlement amount can be extensive. During this time, you’ll still grapple with your daily living expenses and must cater to your medical expenditures if you experience bodily injuries. All this financial anxiety is what leads plaintiffs to apply for lawsuit loans.
With many options available, it can be hard to select a reliable lender. You must ask the right questions, research a company’s details, and check what the agency’s previous clients say about their services.
In this comprehensive review, you’ll learn more about Fair Rate Funding, its funding approach, the positives, and the setbacks. With all these insights, you’ll make an informed choice regarding your lawsuit financier.
An Overview of Fair Rate Funding
Fair Rate Funding is based in New Jersey. It first opened its doors in 2007 and has grown to be a leading provider of pre-settlement loans for plaintiffs with pending claims who need a financial boost to address their daily needs.
The company doesn’t charge a standard interest rate for their loans, but you’re assured of a reasonably lower interest rate if your likelihood of winning is high. What’s more, the lender accepts numerous types of cases.
A positive aspect of the lawsuit loan company is the vast cases they accept. Since its establishment, Fair Rate Funding boasts serving over 2,000 plaintiffs with lawsuit loans totaling over $5.4 million.
Fair Rate Funding’s Online Reputation
A company’s online reputation should be among your key considerations when looking for a legit lawsuit loan provider. Of course, online comments shouldn’t be your end-all-be-all, and you may find misleading information. But they’re a deciding factor when looking for the right pre-settlement funding agency.
There aren’t many online reviews about Fair Rate Funding, but the available ones speak well of the company. For instance, it has 22 customer comments in Google Reviews, and all praising the agency for:
- A supportive and friendly team
- Tailored customer service
- Favorable interest rates
- Willingness to partner with plaintiffs through injury and damages valuation
Here’s an overview of the company’s ratings on leading review platforms:
- Google – 4.6/5.0 (21 reviews)
- Yelp – 3.5/5.0 (3 reviews)
- BBB – A+ rating, (0 reviews)
- Facebook – 5.0/5.0 (1 review)
Industry Organization Membership
Another essential item that requires your attention when appraising your lawsuit lender’s reliability is its membership in industry ethical standards and watchdog organizations. In this category, Fair Rate Funding performs dismally. Reputable legal funding agencies are members of associations like the Alliance for Responsible Consumer Legal Funding (ARC).
Notably, membership in such industry organizations isn’t a requirement, but it solidifies a company’s legitimacy. It indicates that an organization is dedicated to the most current best practices and ethical standards. Typically, you would wish to partner with a lender associated with leading industry watchdog groups.
Availability of Funds at Fair Rate Funding
The company has an all-inclusive scope of acceptable lawsuits. You’ll likely qualify if your case lies in any of the following categories:
- Civil rights abuse
- Personal injury claim
- Medical malpractice
- Product liability claim
- Nursing home neglect and abuse
- Wrongful death
Notably, the minimum loan amount you can borrow is $1,000, and there’s no maximum cap. This can worry many borrowers because it could lead to borrowing so much that it takes up your entire compensation package during repayment, leaving you with nothing. However, the lawsuit loan provider tampers this risk by guaranteeing due diligence when qualifying plaintiffs for different loan amounts.
How Lawsuit Funding Works
Just like Silver Dollar Financial, borrowers can get non-recourse lawsuit loans from Fair Rate Funding. So you don’t have to repay the loan if you’ve lost the case. This also limits your company on how you’ll pursue their cash. The money is deducted from the settlement package instead of your bank account or personal cash. So you’ll not be anxious about your lender seizing collateral.
Once they get the jury award or settlement amount from the defendant, your attorney will write a repayment check that equals the agreed-upon amount from the money to the company.
How Silver Dollar Financial Compares with Fair Rate Funding
Comparing all the available options offers many insights into a lender’s services and tells you what you should expect. For instance, here’s how Silver Dollar Financial and Fair Rate Funding compare:
Most funders offer varying interest rates for their lawsuit loans, which primarily depends on the nature of the case. The same applies to Fair Rate Funding, and the company mentions that a slip and fall injury victim will likely pay a higher interest rate than someone who sustained injuries from a car accident.
Similarly, Silver Dollar Financial doesn’t have a typical fee that you should expect to pay. But the lender guarantees a relatively lower interest.
Risk-Free Lawsuit Loans
Both Fair Rate Funding and Silver Dollar Financial provide risk-free loans for acceptable cases. So if the outcome of the claim doesn’t favor your side, you won’t bear the repayment burden. Furthermore, none of the lenders will touch your personal finances or bank account.
Loan Approval Timeframes
Both lenders promise to approve lawsuit loans within a similar duration. Fair Rate Funding guarantees an approval process lasting between 24–48 hours. Once approved, they’ll wire the funds to the plaintiff within a day. On the other hand, Silver Dollar Financial accepts and disburses most legal funds within 24 hours, with only a few exceptional scenarios.
It’s rare to find a lawsuit loan company checking a plaintiff’s credit history when reviewing their funding application. Similarly, neither funder subjects their applicants to credit checks because the loan is usually against a projected settlement amount. As such, both Silver Dollar and Fair Rate ignore this part.
Minimum and Maximum Loan Amounts
Depending on your lawsuit’s value, Silver Dollar Financial offers up to $100,000 as pre-settlement funding, and there’s no minimum mark. On the other hand, Fair Rate Funding has a minimum level of $500 and doesn’t provide the maximum cap.
Work with a Reputable Lawsuit Loan Provider
Fair Rate Funding is an excellent choice if you’re looking for a lawsuit funding advance, but there’s still something to be desired. But why search elsewhere when you can apply for a lawsuit loan for free at Silver Dollar financial and get the cash you need in as low as one day? Apply today or talk to our knowledgeable executives if you’re still on the fence.