Cherokee Legal Funding Reviews
Cherokee Legal Funding is a company that specializes in providing cash advances to plaintiffs awaiting the conclusion of their legal cases. These advances are often referred to as pre-settlement funding or legal funding. The basic premise is that individuals in the midst of litigation may need immediate financial assistance, and Cherokee Legal Funding offers a non-recourse cash advance against the anticipated settlement of their case.
A non-recourse loan means that the plaintiff is not personally liable to repay the advance if their case does not result in a settlement or favorable judgment. The repayment of the advance is contingent on the outcome of the legal case.
Key Features of Cherokee Legal Funding:
- Non-Recourse: No repayment if the plaintiff loses the case.
- Cash Advances: Immediate funds to support plaintiffs during litigation.
- Pre-Settlement Funding: Financial support before the case settles.
Cherokee Legal Funding aligns with the standards set by the American Legal Finance Association, ensuring ethical practices within the industry. Plaintiffs turn to companies like Cherokee for financial support during what can be a challenging time, providing them with the means to handle expenses while they await the resolution of their legal matter.
The process for obtaining a loan from Cherokee involves an application and a review of the case details by the company. If the case qualifies, the plaintiff receives an advance, which they use to cover living expenses, medical bills, or any other costs incurred while their case is ongoing.
- Amount to borrow: Based on the case’s strength and potential settlement.
- Industry Compliance: Cherokee adheres to ALFA’s best practices.
- Funding Time: The time to receive funds varies per case complexity.
It’s crucial for those considering such funding to understand the terms, fees, and implications before proceeding with a cash advance.