Updated on 2/29/2024
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 companies serving Rhode Island
Below you will find a list of companies that provide funding in Rhode Island. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding Rhode Island residents
We recommend the following companies for plaintiffs residing in Rhode Island.
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.
Highly rated on Google
High Rise Financial is a California-based lawsuit loan company. They have the most five-star reviews of any funding company in the industry. In addition to pre-settlement funding, High Rise provides medical care scheduling and financing services.
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
- 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.
- 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 have a 4.6 / 5.0 rating on Google.
Other pre-settlement lawsuit loan companies serving Rhode Island residents
- 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.
- 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.
- 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.
- 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.
- 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.
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 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.