Individuals who need a pre-settlement loan have several lending options available to them. One lawsuit loan lender in business today is Legal-Bay Lawsuit Funding. Before we dive into the specifics of the company, let’s recap the lawsuit loan industry as a whole.
How the Lawsuit Loan Industry Works
Both Legal-Bay Lawsuit Funding and Silver Dollar Financial provide loans to clients who have filed lawsuits and are in need of immediate cash. This type of funding is also called pre-settlement lending, a pre-settlement loan, or a cash advance against a settlement.
Most lenders in the lawsuit loan industry work in a similar manner. If a client needs money now and can’t wait until their legal case settles, they may qualify for a lawsuit loan. If they are approved, the loan is paid back after their lawyer secures their settlement.
Both Legal-Bay Lawsuit Funding and Silver Dollar Financial provide pre-settlement funding for many types of personal injury lawsuits. Where lenders can vary are areas such as customer ratings, transparency about the application process, and loan limits.
About Legal-Bay Lawsuit Funding
How long has Legal-Bay Lawsuit Funding been in business? What do customers have to say about their experience with the company? And lastly, how does Legal-Bay Lawsuit Funding stack up against Silver Dollar Financial?
According to Legal-Bay’s website, the company describes itself as “a national lawsuit funding company.” Their corporate office is located in Caldwell, NJ. Legal-Bay has additional offices in New York City, Los Angeles, Phoenix, Tampa, and Houston. The company also goes by the name, “The Lawsuit Settlement Funding Co.”
Is Legal-Bay Accredited by the Better Business Bureau (BBB)?
On the Better Business Bureau’s (BBB) website, searches for “Legal-Bay Lawsuit Funding” and “The Lawsuit Settlement Funding Co.” in Caldwell, NJ, do not produce any results.
An apparent lack of accreditation is ironic, as Legal-Bay has published blog posts that highlight the importance of BBB accreditation.
Silver Dollar Financial Better Business Bureau Accreditation
Silver Dollar Financial in Atlanta, GA has been accredited with the BBB since June 8, 2020. We currently have an “A” rating.
Legal-Bay Lawsuit Funding’s Facebook Reviews
At the time of this writing, Legal-Bay Lawsuit Funding has a 2 out of 5 star rating. On November 30, 2020, a customer left the following rating on Legal-Bay-’s Facebook page:
“[W]aited for almost 2 months, there was always excuses. emails and responses time was horrible and denied was out an explanation. this company is only good for wasting people time and energy!!!!!!”
And on June 30, 2016, another customer made this comment:
“This place is a scam do not use them under no circumstances, it took them 14 days so I asked them was this place a scam, Patty GOT MAD AND CANCELLED my application. . . [S]he did all of this knowing me and my family was homeless IN 115° weather with a four month old baby we have been sleeping in a car. And Chris is even a bigger liar[.]”
Legal-Bay Lawsuit Funding’s Google Reviews
Legal-Bay Lawsuit Funding currently has a 4.3 out of 5 star rating on Google. A customer named Sean Smith left the following comment:
“. . . Be aware, the process is a little more involved than you’d expect. Best to allow for about 2 weeks.”
Legal-Bay Lawsuit Funding vs Silver Dollar Financial
Now that we’ve discussed some of Legal-Bay Lawsuit Funding’s web reviews, let’s take a closer look at what the company offers its clients. How does Legal-Bay Lawsuit Funding compare to Silver Dollar Financial in several important areas, such as loan limits, credit checks, and employment verification?
What Are the Lawsuit Loan Limits for Legal-Bay Lawsuit Funding?
When asked about pre-settlement loan limits, Legal-Bay states, “Normally funding is limited to 15% to 20% of the total value of your estimated settlement.”
At Silver Dollar Financial, we provide pre-settlement funding up to $100,000. Our company exists to help people through a difficult time, not to add to their financial troubles. If your lawsuit loan is greater than your settlement amount, you will be responsible for paying the difference. We don’t want our services to ever be a burden to our customers.
Does Legal-Bay Lawsuit Funding Perform Credit Checks?
Legal-Bay Lawsuit Funding does not perform credit checks as part of its lending process.
At Silver Dollar Financial, we don’t perform credit checks. Our primary focus is the strength and legal merit of your case. Bad credit or no credit is not a barrier to our pre-settlement funding.
Does Legal-Bay Lawsuit Funding Verify Employment?
Legal-Bay Lawsuit Funding states that the company does not verify the employment of its customers.
At Silver Dollar Financial, we don’t need to verify your employment status or that of anyone in your family. We know that your personal injury likely prevents you from holding down a job. Your collateral for your lawsuit loan is your pending settlement.
What Happens If You Lose Your Lawsuit?
Both Legal-Bay Lawsuit Funding and Silver Dollar Financial offer non-recourse loans. That means if you lose your case and are not awarded a settlement, you do not have to pay back the loan. We believe that pre-settlement funding should never add to the burden of a lost lawsuit.
That’s why we carefully look over every application when it’s submitted. While we loan funds to those with a strong case, we know that a judge or jury may not see things the same way. Ideally, everyone who deserves a settlement would be awarded one, but we know this does not always happen.
Why Silver Dollar Financial Is the Right Choice
If you’re looking for a transparent and BBB accredited lawsuit funding company, look no further than Silver Dollar Financial. Customers and attorneys alike are satisfied with our services. When you choose us to fund an advance on your settlement, you can expect:
- A fast response, often within 24 hours
- No application fees or hidden fees
- Direct deposit into your bank account
- A loan agreement written in simple terms that you can understand
Contact us today to get started on your pre-settlement loan application.