I have a pending personal injury case and thinking about legal advance funding?

I'm not going to tout one company over another when it comes to litigation financing. The truth is nearly all of them charge extremely high rates of interest and should only be consulted as an ABSOLUTE LAST RESORT. It's not usury, because it's considered an "investment" in your case, but it's legal, so be careful.

The key is to find a company that does not charge "compound" interest, or the payback amount will likely double every year. That means if you borrow $2,000, at the end of one year it'll be $4,000, then $8,000, then $16,000, and so on. If your case takes longer than expected, gets stayed due to a bankruptcy or death of a party, the interest continues to accrue and there's nothing you can do about it. If your case goes up on appeal, the interest still accrues, and there's nothing you can do about it. Eventually, the case is no longer worth pursuing, or you are forced to go to trial because the largest settlement offer will only go to pay off the lending company.

I have found only one company, although I am sure there are others, that charges "simple" interest, charging 10% every six months, and it does not compound the interest. That means, using the same example, if you borrow $2,000, after six months you owe $2,200. After a year, it's $2,400. And it increases by $200 every six months. They do charge a processing fee of around $250, but that's all they charge. As you can six, a company like that one would leave you in a much better position to make a decision about your case in the long run than the company described earlier.

I'd prefer not to say the name of the company in a forum such as this one for obvious reasons, but if you e-mail or call me (my contact information is available on Avvo), I'd be more than happy to give you their name and number.

Best of luck in your case, and once again, be careful.

I agree with Mr Gabel. I have been asked my opinion by clients who see the advertisements for these companies and want to secure an advance. The ads are slick and make it appear to be a pretty good deal with little or no risk - until the fine print is explained rearding the effective APR you arte being charged.
I don't like them and echo the fact that they should be considered under only the most desperate of circumstances.

You did not mention whether health insurance is covering your medical expenses. In Florida, doctors can accept a Letter of Protection or LOP, and continue to treat you with the understanding that their bills will be paid from the settlement proceeds. I'm sure your lawyer is aware of the applicable practices in your jurisdiction.

If you are desperate, you still need to shop around and be sure to understand the financing terms. Good luck.