Updated on 12/17/2021
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in Ohio. Below you will find the following information:
Lawsuit loan alternatives in Ohio
Lawsuit loans are expensive. Plaintiffs in Ohio should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- Ohio Low Income Housing Assistance – Ohio offers numerous forms of housing assistance, including the Community Housing Impact and Preservation Program (CHIP), the Housing Assistance Grant Program (HAGP), the Housing Development Assistance Program, and the Community Housing Development Organization Competitive Operating Grant Program.
- Ohio Supplemental Nutrition Assistance and Food Stamps Program – with the help of food stamps, qualifying low-income Ohioans can receive assistance to purchase food from stores and farmers’ markets.
- Home Energy Assistance Program (HEAP) – HEAP provides help with monthly heating bills for Ohioans who make at or below 175% of the federal poverty threshold.
Lawsuit funding laws, regulation and relevant ethics opinions in Ohio
Ohio state law now regulates lawsuit loans in the state, requiring specific items be included in contracts (see below). The Board of Commissioners on Grievances & Discipline in Ohio issued a formal opinion on pre-settlement loans in 2012 affirming that lawyers are allowed to assist clients in these transactions. Ohio attorneys themselves may not lend to their clients. Most legal funding companies service the state of Ohio.
Laws regarding lawsuit loans in Ohio
Ohio regulates lawsuit loans in the state. The Ohio statute 1349.55 Non-recourse civil litigation advance contracts requires specific disclosures and transparency with lawsuit lending contracts in the state. As in many other states, legal funding contracts must allow for a 5 day right to cancellation. Contracts must also include language indicating the funding company is not allowed to make decisions regarding the case.
Source: 1349.55 Non-recourse civil litigation advance contracts.
Can a lawyer lend money to a client in Ohio?
In Ohio lawyers cannot give loans to clients. They can however, cover the court costs or advance them until the end of the case.
Source: Ohio Rules of Professional Conduct Rule 1.8(e)
Can attorneys help clients receive lawsuit loans in Ohio?
In Ohio, a lawyer can inform clients about the availability of pre-settlement loans. Lawyers may participate in legal funding agreements as long as they do not breach other ethical
Source: The Supreme Court of Ohio Board of Commissioners on Grievances & Discipline Opinion 2012-3
Lawsuit loan companies serving Ohio
Recommended lawsuit loan companies funding Ohio 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.
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.
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.
Lawsuit loan companies located in Ohio
Compare Lawsuit Loans does not currently cover any local lawsuit lending companies in Ohio. Local funding companies interested in being included on this page may contact us at [email protected]
Regional pre-settlement funding companies that serve Ohio residents
- Mustang Litigation Funding – Mustang Litigation Funding is 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 has provided funding to more than 250,000 plaintiffs since 2003.
- Preferred Capital Funding – Preferred Capital claims to be the first pre-settlement funding provider in the US. They receive most of their business directly from referring attorneys.
Other pre-settlement lawsuit loan companies serving Ohio residents
- 5 Star Legal Funding
- Ally Lawsuit Loans
- Baker Street Funding
- Baric Enterprises
- Bridgeway Legal Funding
- Capital Now Funding
- Case Cash Funding
- Cherokee Funding
- Client Legal Funding
- Glofin Funding
- Golden Pear Funding
- High Rise Financial
- LawStreet Capital
- Momentum Funding
- National Lawsuit Funding
- Necessity Funding
- Nova Legal Funding
- Prime Case Funding
- Signal Funding
- The Legal Funding Group
- Tribeca Capital Group