Updated on 3/26/2024
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 companies serving Virginia
Below you will find a list of companies that provide funding in Virginia. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding Virginia residents
We recommend the following companies for plaintiffs residing in Virginia.
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 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 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.