Financial burdens are a reality for numerous plaintiffs throughout the US. Considering personal injury cases take between 18 to 24 months before a settlement is granted, it’s easy to tell why.
Oasis Legal Funding is among the leading organizations offering lawsuit loans to victims of personal injury cases. Here, we explore the company’s overall reputation among customers and competitors, its leading practices and services, the pros and cons of seeking financial aid, and how it compares with Silver Dollar Financial. We can help you make an informed decision regarding your financial position when looking for legal funding.
Overview of Oasis Financial
Oasis Financial first opened its doors in 1996 and focuses on assisting such clients financially through pre-settlement funding as the lawsuit progresses. This is a great option for those requiring extra cash to sort their bills.
Plaintiffs get different loan amounts depending on the appraised settlement after closing the case, and the funding is non-recourse, just like Silver Dollar Financial. This means you’ll only pay back the loan if you win your case.
Oasis Legal Funding has served more than 250,000 clients, making it one of the most successful lawsuit agencies. Still, this doesn’t mean the company is automatically the right choice. So ensure you get the facts before deciding which reliable lender to work with.
What Does Oasis Legal Funding Provide?
Oasis offers several funding categories. Apart from pre-settlement funding for those awaiting their lawsuit settlement, you’ll also get options for inheritance funding and structured settlement funding. You must meet the following qualifications to benefit from the financier’s offerings:
- You must be a plaintiff in a current lawsuit
- Your case is already settled, but you want a lump sum, not structured monthly payments
- You need a lump sum as your inheritance is currently on probate
The company directly funds pre-settlement cases. However, clients looking for other funding options are referred to legitimate partner lenders.
What Is Oasis Legal Funding’s Reputation Like?
Oasis Legal Funding legitimately stands out among most of its peers in terms of trust. The company is a founding party of two key organizations offering ethical guidelines for legal funding companies: Americans for Patient Access and the Alliance for Responsible Consumer Lending.
The company boasts a Better Business Bureau A+ rating and a staggering number of Trustpilot reviews (about 2,000!) Other notable ratings include:
- Yelp Rating – 1.0/5.0
- Google Rating – 2.9/5.0
- BBB Average Customer Review – 1.5/ 5.0
- BBB Complaints – 7
A Look into Oasis Legal Funding’s Lawsuit Loans
There’s no significant difference between Oasis’ lawsuit funding structure with what you’ll get at Silver Dollar Financial. For instance, qualification isn’t based on your income level, job situation, or credit score, and you’ll not pay an application fee. What’s more, the loan is considered non-recourse.
You aren’t considered personally liable for the loan. So if the case outcome doesn’t favor you, you’ll not pay the debt at all. If you get a compensation package, you’ll simply refund the agreed amount and keep the rest. What’s more, there’s no effect on your bank account or personal finances and no monthly payments.
Other pre-settlement funding facts about Oasis include:
- An advance range of between $500 to $100,000
- Two days average approval time
- Focus case types include workers’ compensation, car accidents, workplace negligence, civil rights, general negligence, premises liability, and wrongful death
- Workers’ compensation funding is available in Florida, Connecticut, Illinois, Georgia, Indiana, Missouri, Louisiana, Ohio, New Mexico, South Carolina, and Oklahoma
How Silver Dollar Financial and Oasis Financial Compare
Comparing all the available options can aid your search for the best legal funding option. Here are the different ways that Silver Dollar Financial resembles Oasis Financial:
Low-Interest Rate Guarantee
Most legal funding providers offer varying interest rates based on the nature of a plaintiff’s case. Silver Dollar Financial guarantees the industry’s lowest interest rate.
Risk-Free Settlement Funding
Just like Oasis, Silver Dollar also offers risk-free lawsuit funding. You don’t have to repay if you don’t win your case.
Fast Approval Time
Oasis Financial promises to review funding applications in two days, but they also mention that the funding approval depends on the type of case. On the other hand, Silver Dollar takes 24 hours to approve most loans.
No Credit Checks
Both legal funding companies ignore their applicants’ credit history when reviewing applications.
What Customers Don’t Like About Oasis Legal Funding
Undoubtedly, Oasis features prominently among the top legal funding providers in 2021. The company stands out from other lenders because it’s exclusively focused on lawsuit funding, but clients have several minor objections. For instance, the company can’t offer beyond $100,000, and what’s more, its availability to serve clients in the southern states is limited.
Furthermore, plaintiffs who delay paying the cash advance stand to face more significant amounts of interest charges. Online review website Highya mentions that the most common complaint is that it charges relatively higher fees that can be more than the final settlement.
The state of Colorado sued the company in 2010 for unlicensed lending and deceptive trade practices. The state’s Attorney General wanted Oasis to facilitate proper disclosures to lawsuit funding applicants. The funding agency reportedly charged between 60% and 125% as interest rates. The company countersued the state, asserting that it was attempting to improperly regulate them.
Free Legal Funding Applications Are Available Today at Silver Dollar Financial
Oasis Legal Funding is among the United States’ key lawsuit loan providers. But it has its setbacks, and you don’t have to close this tab to find legitimate legal funding options elsewhere. As you’ve already seen, our ethical guidelines and general practices align with those of Oasis Legal Funding, and we can approve a higher amount.