Updated on 9/8/2022
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in West Virginia. Below you will find the following information:
Lawsuit loan companies serving West Virginia
Below you will find a list of companies that provide funding in West Virginia. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding West Virginia residents
Compare Lawsuit Loans’ recommended funding companies do not operate in West Virginia at this time.
Lawsuit loan companies located in West Virginia
Compare Lawsuit Loans does not currently cover any local lawsuit lending companies in West Virginia. Local funding companies interested in being included on this page may contact us at [email protected]
Regional pre-settlement funding companies that serve West 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.
- 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.
Other pre-settlement lawsuit loan companies serving West Virginia residents
- 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.
- Pegasus Legal Capital – Pegasus Legal Capital provides non-recourse lawsuit settlement funding to plaintiffs nationwide. They claim to provide approvals within four to six hours from receiving documentation from your law office.
- Prime Case Funding – Prime Case Funding is a legal funding provider located in New York. They have exceptional online reviews and quote a rate of 2.75% compounded monthly on their website.
- Triumph Legal Funding – New Jersey’s 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.
Lawsuit funding laws, regulation, and relevant ethics opinions in West Virginia
West Virginia’s interest rate cap of 18% APR has made it nearly impossible for pre-settlement loan companies to operate in the state. A few companies still claim to provide funding in the state, but this may be an error on their part.
Laws regarding lawsuit loans in West Virginia
Senate Bill 360 was passed into law in 2019. Lawsuit lending companies must register with the state to conduct business in West Virginia. Lawsuit loan companies are now prohibited from charging interest rates in excess of 18% per year in the state.
Source: Senate Bill 360
Can a lawyer lend money to a client in West Virginia?
Attorneys in West Virginia cannot grant financial assistance to clients with pending litigation.
Source: West Virginia Rules of Professional Conduct Rule 1.8(e)
Lawsuit loan alternatives in West Virginia
Lawsuit loans are expensive. Plaintiffs in West Virginia should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- West Virginia Utility Assistance – utility assistance programs in West Virginia include the Special Reduced Residential Service Rate Program, which offers a 20% discount on electric, gas, and water programs as needed, and Tel-Assistance/Lifeline LIHEAP opportunities.
- Mountaineer Rental Assistance Program – rental assistance in West Virginia provides assistance in covering rent costs and utility bills. Eligibility is open to those who make 80% of area median income and have a household member-facing homelessness or eviction, or a household member on unemployment or who has experienced significant financial hardships.
- West Virginia Food Stamps – West Virginia’s SNAP program offers food assistance to those who meet eligibility requirements, including household resources of under $2,001 for standard households Or $3,001 where one guardian is over 60 or disabled.