Updated on 8/11/2021
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 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.
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 companies serving Maine
Recommended lawsuit loan companies funding Maine residents
US Claims 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 US Claims. to see for yourself.
Thrivest Link Legal Funding offers fair terms with a fast, efficient funding process. Many companies claim to offer same-day or 24-hour lawsuit loans but Thrivest Link Legal Funding often actually makes it happen.
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]