Updated on 12/28/2022
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in New Mexico. Below you will find the following information:
Lawsuit loan companies serving New Mexico
Below you will find a list of companies that provide funding in New Mexico. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding New Mexico residents
We recommend the following companies for plaintiffs residing in New Mexico.
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.
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 New Mexico
Compare Lawsuit Loans does not currently cover any local lawsuit lending companies in New Mexico. Local funding companies interested in being included on this page may contact us at [email protected].
Regional pre-settlement funding companies that serve New Mexico residents
- 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.
Other pre-settlement lawsuit loan companies serving New Mexico 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.
- 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.
- Case Cash Funding – Case Cash Funding is a New York lawsuit lending company that claims to provide advances at 2.99%, compounded monthly with a $100 processing fee and a delivery fee ranging from $0 to $99.
- 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.
- Golden Pear Funding – Golden Pear Funding is one of the largest lawsuit funding companies in the US. They are primarily focused on funding plaintiffs residing in New York. Since 2008, they have extended more than $600 million in funding.
- Liberty Settlement Funding – Liberty Settlement Funding is a Florida-based lawsuit settlement funding company serving plaintiffs nationwide.
- 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.
- 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.
- 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.
- 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.
- Signal Funding – Florida-based Signal Funding claims to provide $500 to $500,000 in pre-settlement funding with same-day service. They provide funding to injured plaintiffs nationwide. Signal Funding has solid reviews on Google but a less impressive reputation on Yelp.
- 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.
- 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.
Lawsuit funding laws, regulation, and relevant ethics opinions in New Mexico
New Mexico does not have laws directly relating to lawsuit lending in the state. It is likely that legal funding agreements would be struck down in New Mexico court if challenged based on case law. Lawyers are not allowed to lend to their own clients in New Mexico.
Legal funding case law in New Mexico
In Rienhardt v. Kelly the court’s opinion was that because Plaintiff Rienhardt had an interest in the assigned claim, the agreement to assign the claim was not champertous. It is likely that courts in New Mexico would strike down assignment agreements where the assignee is a third-party.
Source: Rienhardt v. Kelly
Can a lawyer lend money to a client in New Mexico?
Lawyers in New Mexico may not provide financial assistance to clients except for court costs.
Source: New Mexico Rules of Professional Conduct 16-108(e)
Lawsuit loan alternatives in New Mexico
Lawsuit loans are expensive. Plaintiffs in New Mexico should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- New Mexico Low Income Home Energy Assistance Program (LIHEAP) – this program provides financial assistance to minimize energy costs for heating and cooling. Eligibility requirements include an income threshold.
- Supplemental Nutrition Assistance Program (SNAP) – SNAP is a federal program available in New Mexico that gives low-income families monthly vouchers for nutritional purchases.
- Emergency Food Assistance Program (TEFAP) – TEFAP maintains food banks throughout the state of New Mexico, allowing those who meet eligibility requirements immediate access to food resources.
- Temporary Assistance for Needy Families (TANF) – families who are at or below the resource guidelines for the program can receive a monthly cash stipend to assist with costs of living.
- Rental Payment Assistance in New Mexico – this program offers help with rental costs for those who meet program requirements, including unemployment and demonstrated housing instability.