- What is required of me?
Our application process is simple and quick, usually requiring 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.
- How does financial assistance for my client impact me?
Reducing your client’s financial anxiety as their case proceeds, creates a less stressful working environment between you and your client. 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 firm earns on average $12,000. If that same client can withstand the financial pressures and settle the claim for $100,000 your firm would earn $30,000.
- I know many of my clients have an income deficiency every month. Receiving a monthly payment instead of a lump sum amount would be preferred for these clients. Is this available?
Yes, Rhino Finance is pleased to provide this unique option to clients with the introduction of our new Monthly Income Support Program ™. We will work with your clients to quantify their monthly financial income needs. Based on this assessment, as well as their underlying claim, each month an established amount of money will be deposited into their bank account. As with our existing loans, all Monthly Income Support Program ™ deposits will qualify for our very popular interest lowering Rate Protection Plan ™. Providing your clients with smaller monthly income support loans allows them to maintain some measure of normalcy and continuity with their life before the accident. Importantly, reducing your client’s financial stress will allow you to focus all of your efforts on the case, maximizing the settlement outcome.
- What is the Rate Protection Plan ™?
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 DECREASES. This gives you confidence to explore all avenues of claim maximization without the ongoing concern of interest charges impinging heavily on the claim.
- How do I know if my client is struggling financially? What are the signals?
Beyond the obvious - where a client simply comes right out and says they having financial difficulties, there are signals to watch for that could prompt a helpful discussion concerning financial difficulties. These include frequent calls to inquiry about the status of the case, inability to adhere to medical treatment or follow up, the mention of marital or family difficulties, loss of disability or government/employer income support and a willingness to settle early and/or against your advice. Recognizing these signals may allow you to intervene earlier before the financial stresses become acute, providing your client with the option of receiving financial support before the settlement is available.
- What is the rate my client pays?
The rate your client pays is case dependent, but ranges anywhere from 1.65% - 3.10% monthly however the rate drops to 1.65% on all loans beginning on the second anniversary.
- Where does my client execute legal documents and receive their funds?
An approved client can choose to go to either 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.
- Where do my fees and disbursements rank vis-a-vis this personal injury loan?
Re-payment of our loan ranks behind all legal fees and disbursements.
- 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 personal injury loan. There are some exceptions but only what you’d expect: If the client obtained the loan through fraud or misrepresentation, abandon or fail to prosecute their claim, claim bankruptcy, fail to keep us informed about their whereabouts, cease to be legally represented or otherwise breach the terms of their personal injury loan agreement.
- Do I guarantee my client’s obligation?
No.
- Is a settlement loan the right choice for my client?
We always suggest to clients that they explore traditional borrowing options first before considering a settlement loan or our Monthly deposit program. 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 and live more comfortably, while allowing you more time to receive the highest settlement possible.
- Do you ever interfere in the direction or management of a borrower's claim?
Never.
- How much can my client get?
We have set a general guideline of providing a personal injury loan that does not exceed 10 -15% of the anticipated value of the settlement. This may be allocated Monthly or be received in a lump sum or in some combination to the two. This ensures that the amount owing on the loan at the time the case is settled is reasonable, and allows for occasional delays in the settlement process and other unforeseen developments.
- What if my client has a poor credit history or no employment income?
Our personal injury 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 my client pay back the advance before the case is settled?
Yes, but we have a minimum 4 month term for the loan.
- Is there a need for my client to make monthly instalments or payments on the personal injury loan?
No payments prior to receiving a settlement are made. Re-payment is made in full at that time.
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