- Is a settlement loan the right choice for the client?
We always suggest to clients that they explore traditional borrowing options first before considering a settlement loan. These options might be family or friends or a secured line of credit through a bank or other financial institution. But if these are not options for your client, a settlement loan may make sense, helping them pay their bills, live more comfortably, while allowing you more time to receive the highest settlement possible.
- What is the Rate Protection Program?
We recognize a case may not proceed exactly the way everyone anticipates. For those cases taking longer than expected we have a provision that reduces the rate of interest charged. This begins on the second anniversary of the loan so instead of the rate going UP as you would expect, our rate is DECREASED. This gives you confidence to explore all avenues of claim maximization without the ongoing concern of interest charges impinging heavily on the claim.
- What are the rates my client pays?
The rate your client pays is case dependant, but ranges anywhere from 1.65% - 3.1% monthly.
- How does my client getting interim help do anything for me?
Reducing your client's anxiety associated with their financial struggles as their case proceeds is always positive. However, a pre-settlement loan can also increase your earnings. If your client can withstand the pressures of settling, you will maximize your contingency fee. For example, a client forced to settle at $40,000 would mean your firms earns on average $12,000.00. If that same client can withstand the financial pressures and settle the claim for $100,000 your firm would earn $30,000.
- What is required from me?
We require very little of your time. Our application process often requires only 10 minutes of your time to confirm case facts and any supporting information. We will also need you to sign a notice of assignment prior to advancing the funds to your client.
- Where does the client execute legal documents and receive funds?
An approved client can choose to either to go to a convenient broker location to execute the loan documents and be funded immediately or they can choose to do it at your office. It is up to you and your client.
- Do I guarantee my client's obligation?
No.
- Do you ever interfere in the direction or management of a borrower's claim?
Never.
- Where do my fees and disbursements rank vis-a-vis this loan?
Re-payment of our loan ranks behind all legal fees and disbursements.
- How much can your client get?
We have set a general guideline of providing an loan that does not exceed 10 -15% of the anticipated value of the settlement. This ensures that the amount owing on the loan by the time the case is settled is reasonable and allows for occasional delays in the settlement process and other unforeseen developments.
- What if the case is lost?
Provided the case was actively pursued and a legal judgement rendered, the client would not be required to pay back the loan. There are some exceptions but only what you'd expect. If the client obtained the loan through fraud or misrepresentation, if they abandon or fail to prosecute their claim, if they claim bankruptcy, if they fail to keep us informed about their whereabouts, if they cease to be legally represented or if they otherwise breach the terms of their loan agreement.
- What if my client has a poor credit history or no employment income?
Our loan is based primarily on our review and assessment of the merits of the case and a future settlement. This loan is independent of the particular circumstances of the client and so we do not require credit history, income or employment income information.
- How are decisions made to provide a settlement loan?
Rhino Legal Finance independently reviews each case assessing the risks and merits before making a final decision to fund. Each lending decision is made on a case by case basis. We will assess the merits of their lawsuit including their injuries, liability and negligence, and the ability of the defendant to pay damages amongst other factors in determining if we can be of assistance.
- Can the client pay back the loan before the case is settled?
Yes, but we have a minimum 4 month term for the loan.
- Can my client be approved for funding in installments?
Yes
- Is there a need to make monthly instalments or payments on the loan?
No payments prior to receiving a settlement are made. Re-payment is made in full at that time.
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