Updated on 3/26/2024
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.
See our full list of recommended companies here.
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.