Updated on 12/17/2021
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in Virginia. Below you will find the following information:
Lawsuit loan alternatives in Virginia
Lawsuit loans are expensive. Plaintiffs in Virginia should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- Virginia Rent Relief Program – the Virginia Relief Program (RRP) provides rental assistance to qualifying Virginians with the opportunity for annual renewal if required.
- Food Assistance – food assistance in Virginia is through the federal SNAP program, which offers aid to those who meet eligibility requirements based on income and resources.
- Medical Assistance Programs – there are a variety of medical assistance programs available in Virginia, including programs for children, pregnant women, families, and aging adults, as well as family planning and cancer detection services.
- Temporary Assistance for Needy Families (TANF) – the TANF program in Virginia offers financial assistance for families with eligible children. It is required to be administered in accordance with federal and state program statutes.
Lawsuit funding laws, regulation and relevant ethics opinions in Virginia
Virginia state law allows assignment of legal case proceeds meaning that lawsuit loans are legally allowed in Virginia. Lawyers are allowed to help plaintiffs obtain loans from third parties, but are not allowed to lend to clients for living expenses themselves. Most lawsuit funding companies provide services to residents of VA.
Laws regarding lawsuit loans in Virginia
Virginia state law allows for assignment of legal case proceeds.
Source: § 8.01-26. Assignment of causes of action
Can a lawyer lend money to a client in Virginia?
In Virginia attorneys cannot give clients financial assistance to their clients.
Source: Virginia Rules of Professional Conduct Rule 1.8(e)
Lawsuit loan companies serving Virginia
Recommended lawsuit loan companies funding Virginia 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 Virginia
Compare Lawsuit Loans does not currently cover any local lawsuit lending companies in Virginia. Local funding companies interested in being included on this page may contact us at [email protected]
Regional pre-settlement funding companies that serve Virginia residents
- Ally Lawsuit Loans – Ally Lawsuit Loans is affiliated with or closely related to Nova Legal Funding. They claim to be located in Houston, Texas.
- Baric Enterprises – Florida-based Baric Enterprises, Inc. provides non-recourse personal injury loans as well as several kinds of insurance and retirement planning services.
- Capital Now Funding – Capital Now Funding is a Kentucky-based settlement advance company founded in 2015. They claim to offer a fixed fee model with no interest. They claim that their fees vary from state to state.
- Client Legal Funding – Florida-based Client Legal Funding was founded in 2011. They offer pre-settlement funding, post-settlement funding, medical funding and attorney funding services.
- Glofin Funding – Founded in 2002, Glofin Funding is one of the longest standing providers of personal injury funding in the United States. They serve plaintiffs nationwide with a few exceptions.
- Momentum Funding – Headquartered in Florida, Momentum Funding focuses on personal injury and workers’ compensation lawsuit advances.
- 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 has solid reviews on Google but a less impressive reputation on Yelp.
- The Legal Funding Group – Based in Savannah, Georgia, The Legal Funding Group provides lawsuit cash advances nationwide. On their website, they quote a rate of 36% every six months.