Updated on 3/26/2024
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in South Carolina. Below you will find the following information:
Lawsuit loan companies serving South Carolina
Below you will find a list of companies that provide funding in South Carolina. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding South Carolina residents
We recommend the following companies for plaintiffs residing in South Carolina.
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.
See our full list of recommended companies here.
Lawsuit funding laws, regulation, and relevant ethics opinions in South Carolina
Due to stringent regulation in South Carolina, the few lawsuit loan companies that legally service the state have a minimum funding requirement of $90,000 to $110,000. The South Carolina Bar has issued an advisory opinion indicating that lawyers may participate in these transactions.
Laws regarding lawsuit loans in South Carolina
South Carolina regulators treat pre-settlement funding as traditional loans. According to §34-31-20, loans of less than $90,000 are capped at an 8.75% annual rate. No reputable funding companies provide funding in South Carolina of less than $90,000.
Source: South Carolina’s §34-31-20
Can a lawyer lend money to a client in South Carolina?
South Carolina attorneys cannot give financial assistance to plaintiffs, because to do so would give them a greater stake in the litigation. Additionally, doing so might encourage plaintiffs to pursue lawsuits they otherwise wouldn’t.
Source: South Carolina Rules of Professional Conduct Rule 1.8(e)
Can attorneys help clients receive lawsuit loans in South Carolina?
An attorney may ethically assist a client with obtaining legal funding from a lawsuit lending company.
Source: South Carolina Bar Ethics Advisory Opinion 94-04
Lawsuit loan alternatives in South Carolina
Lawsuit loans are expensive. Plaintiffs in South Carolina should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- South Carolina’s Temporary Assistance for Needy Families (TANF) – South Carolina’s Temporary Assistance for Needy Families (TANF) is an extension of the federal program that provides cash stipends to qualifying families. The average monthly payment is $207.
- Low-Income Home Energy Assistance Program (LIHEAP) – LIHEAP is a federal program that offers assistance to pay for home energy use. Eligibility is determined by county-specific Community Action Agencies.
- South Carolina’s Supplemental Nutritional Assistance Program (SNAP) – SNAP offers financial resources for food purchases for individuals and families deemed to have sufficient need in South Carolina.