Updated on 8/16/2021
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 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.
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 companies serving South Carolina
Recommended lawsuit loan companies funding South Carolina 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.
Thrivest Link Legal Funding offers fair terms with a fast, efficient funding process. Many companies claim to offer same-day or 24-hour lawsuit loans but Thrivest Link Legal Funding often actually makes it happen.
Lawsuit loan companies located in South Carolina
Compare Lawsuit Loans does not currently cover any local lawsuit lending companies in South Carolina. Local funding companies interested in being included on this page may contact us at [email protected]