Updated on 12/28/2022
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in Maine. Below you will find the following information:
Lawsuit loan companies serving Maine
Below you will find a list of companies that provide funding in Maine. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding Maine residents
We recommend the following companies for plaintiffs residing in Maine.
Our pick for low rate lawsuit loans
USClaims offers some of the lowest, non-compounding rates in the industry. Many companies claim to offer “the lowest rates in the industry” – we recommend comparing them against an offer from USClaims to see for yourself.
Our pick for fast lawsuit settlement loans
Thrivest Link Legal Funding offers reasonable funding terms often with simple, non-compounding rates. Their expert underwriting allows them to fund larger sums than many of their competitors. They frequently approve claims for funding within 24 hours.
Highly rated by consumers
Capital Now Funding is a Kentucky-based settlement advance company founded in 2015. They claim to offer a 45% fixed fee model with no interest. This could be advantageous for claimants expecting a lengthy legal claim.
Lawsuit loan companies located in Maine
Compare Lawsuit Loans does not currently cover any local lawsuit lending companies in Maine. Local funding companies interested in being included on this page may contact us at [email protected]
Regional pre-settlement funding companies that serve Maine residents
- 5 Star Legal Funding – 5 Star Legal Funding is based in New York and was founded in 2006. They advertise simple, non-compounding rates and capped repayment terms.
- Baker Street Funding – Baker Street Funding is a relatively new personal injury case funding company based in New York. Despite the company’s age, they are growing very quickly. They claim to provide rates between 1.5% and 3.4%, compounding monthly.
- Bridgeway Legal Funding – Bridgeway Legal Funding offers reasonable rates and fast processing of workers’ compensation lawsuit loans. Workers’ compensation funding is typically only available in states in which an attorney controls the settlement proceeds.
- Pegasus Legal Capital – Pegasus Legal Capital provides non-recourse lawsuit settlement funding to plaintiffs nationwide. They claim to provide approvals within four to six hours from receiving documentation from your law office.
- Prime Case Funding – Prime Case Funding is a legal funding provider located in New York. They have exceptional online reviews and quote a rate of 2.75% compounded monthly on their website.
- Thrivest Link Legal Funding – Thrivest Link Legal Funding offers reasonable funding terms often with simple, non-compounding rates. Their expert underwriting allows them to fund larger sums than many of their competitors. They have a 4.6 / 5.0 rating on Google.
- Triumph Legal Funding – New Jersey’s Triumph Legal Funding offers competitive rates and fast, friendly service. Triumph favors rolling contracts with pre-approved monthly funding amounts to help clients budget and offer peace of mind throughout the course of their lawsuit.
Other pre-settlement lawsuit loan companies serving Maine residents
- Ally Lawsuit Loans – Ally Lawsuit Loans is affiliated with or closely related to Nova Legal Funding. They claim to be located in Houston, Texas.
- Cherokee Funding – Georgia-based Cherokee Funding provides pre-settlement and post-settlement plaintiff and attorney funding. They claim to fund almost all types of legal cases, so long as there is solid liability, damages, and a defendant with the ability to pay.
- Client Legal Funding – Florida-based Client Legal Funding was founded in 2011. They offer pre-settlement funding, post-settlement funding, medical funding, and attorney funding services.
- Glofin Funding – Founded in 2002, Glofin Funding is one of the longest-standing providers of personal injury funding in the United States. They serve plaintiffs nationwide with a few exceptions.
- Mustang Litigation Funding – Mustang Litigation Funding is a relatively new but quickly growing lawsuit funding company based in Minnesota. They have provided more than $50 million in funds to plaintiffs and attorneys since 2018.
- Nova Legal Funding – Nova Legal Funding is a direct funder and broker of lawsuit loans based in Los Angeles. They claim to have provided more than $70 million of pre-settlement funding to plaintiffs.
- Oasis Financial – Oasis Financial is one of the largest pre-settlement lawsuit loan companies in the United States. Oasis Financial has provided funding to more than 250,000 plaintiffs since 2003.
- Preferred Capital Funding – Preferred Capital Funding claims to be the first pre-settlement funding provider in the US. They receive most of their business directly from referring attorneys.
- The Legal Funding Group – Based in Savannah, Georgia, The Legal Funding Group provides lawsuit cash advances nationwide. On their website, they quote a rate of 36% every six months.
Lawsuit funding laws, regulation, and relevant ethics opinions in Maine
Maine regulates lawsuit loans by law and requires registration in the state. They do not have an interest rate cap included in the registration. Many companies claim to service the state of Maine, but not all are registered with the state.
Laws regarding lawsuit loans in Maine
See MRS Title 9-A, Article 12. Legal Funding Practices. Enacted in 2008, Maine’s statute requires registration in the state. It mandates that lawsuit lending agreements be written in a clear and coherent manner to promote consumers’ understanding thereof. Maine does not cap interest rates.
Source: MRS Title 9-A, Article 12. Legal Funding Practices
Can a lawyer lend money to a client in Maine?
Lawyers cannot give their clients loans, as stated in the Maine bar Association guidelines. This is because there is a fear that in doing to, the clients will pursue lawsuits they otherwise would not have.
Source: Maine Rules of Professional Conduct 1.8(e)
Lawsuit loan alternatives in Maine
Lawsuit loans are expensive. Plaintiffs in Maine should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- Get Help With Mortgage Payments in Maine – Maine State Housing Authority (MSHA) resources that provides Maine residents who are having trouble a list of resources to help. Must be a resident of the state of Maine to use listed options.
- Get Help Paying Rent in Maine – an MSHA resource that connects low-income residents of Maine with housing voucher programs for public housing, low-cost short-term rentals, and more.
- Get Help Paying for Utilities in Maine – an MSHA resource that connects Maine residents with options to help get assistance with LIHEAP funds for paying their utility bills, as well programs to help afford heat pump installation, weatherization, and more.
- Maine Food Bank Map – a site that helps low-income Maine residents find their nearest food bank. Residency requirements may apply.