Rhode Island (RI) Lawsuit Loans

Updated on 12/17/2021

This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in Rhode Island. Below you will find the following information:

Lawsuit loan alternatives in Rhode Island

Lawsuit loans are expensive. Plaintiffs in Rhode Island should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:

  • Low Income Home Energy Assistance Program (LIHEAP) – LIHEAP is a federal government program available to qualifying Rhode Islanders who need help with paying energy bills. Aid is available in the form of heating and crisis assistance.
  • Rhode Island Low-Income Rental Housing – this program provides vouchers and housing assistance for eligible low-income Rhode Island residents. A 24/7 hotline is available for those in need of emergency aid.
  • Homeowner Assistance – Get Help Making Mortgage Payments – homeowner Assistance provides temporary relief for those struggling to make mortgage payments. This also includes HUD-approved counseling services.
  • RI Rent Relief – a program for both tenants and their landlords, RI Rent Relief has $200 million in rent relief funds to help those facing potential eviction and homelessness.

Lawsuit funding laws, regulation and relevant ethics opinions in Rhode Island

Rhode Island has introduced bills in an effort to regulate lawsuit loans, but not have passed to-date. Rhode Island common law indicates that the courts still uphold common law champerty doctrines and legal funding contracts could be challenged. In RI, lawyers are not allowed to lend money to clients for living expenses. Most national funding companies provide loans to plaintiffs in Rhode Island.

Laws regarding lawsuit loans in Rhode Island

RI S2457 was introduced in February of 2018. The bill sought to regulate litigation lending agreements as loans. The bill did not pass and there is currently no statutory regulation of lawsuit loans. The common law maintenance doctrine is in effect in Rhode Island, but modern funding agreements that do not allow the funder control over the litigation should not be impacted.
Source: RI S2457 (2018)

Legal funding case law in Rhode Island

In a dispute about the dissolution by sale of a partnership agreement, at the advice of a lawyer, one of the parties began pursuing baseless litigation in an attempt to force the other party to settle for more favorable terms. Though the lawyer was not retained to pursue the lawsuit, the lawyer continued to assist with and direct the lawsuit. The court found that this constituted maintenance. Because most modern pre-settlement lawsuit lending arrangements disallow the financier from controlling the litigation, this would unlikely be an issue for legal funding companies in the state.
Source: Toste Farm Corp. v. Hadbury, Inc.

Can a lawyer lend money to a client in Rhode Island?

If there is pending litigation on a case, attorneys cannot help clients out financially according to the Rhode Island bar association. They can, however, cover or advance litigation expenses.
Source: Rhode Island Rules of Professional Conduct Rule 1.8(e)

Lawsuit loan companies serving Rhode Island

Recommended lawsuit loan companies funding Rhode Island residents

US Claims Logo

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.

View US Claims’ profile

Triumph Legal Funding Logo

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.

View Triumph Legal Funding’s profile

Thrivest Link Legal Funding Logo

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.

View Thrivest Link Legal Funding’s profile

Lawsuit loan companies located in Rhode Island

Compare Lawsuit Loans does not currently cover any local lawsuit lending companies in Rhode Island. Local funding companies interested in being included on this page may contact us at [email protected]

Regional pre-settlement funding companies that serve Rhode Island 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.
  • 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.
  • Golden Pear Funding – Golden Pear 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.
  • National Lawsuit Funding – National Lawsuit Funding is a funding provider based in Pennsylvania. They focus on smaller advance amounts and charge interest rates as high as 8.99% compounded monthly.
  • Necessity Funding – Necessity Funding’s claims of two hour funding puts them among the fastest legal advance companies in the US. Their ‘No Doc’ advances may make them a good pick if you have a relatively new case.
  • 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 frequently approve claims for funding within 24 hours.
  • Tribeca Capital Group – Tribeca Capital Group is a broker and direct funding company headquartered in both Los Angeles and New Jersey. They indicate that the rate they charge varies from case to case.
  • 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.
  • US Claims – 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.

Other pre-settlement lawsuit loan companies serving Rhode Island residents