- What is needed to qualify for a settlement loan?
You need to have been injured in a motor vehicle accident (through no fault of your own) and be currently working with a lawyer to obtain a settlement. If you have been injured in a motor vehicle accident and do not have a lawyer we would be happy to refer you to lawyer in your area.
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- How long will the loan application take?
Rhino Legal Finance can provide a settlement loan in as little as two hours provided we are able to discuss the matter with your lawyer and receive all the necessary details and support. Rest assured we understand the importance of processing your loan as quickly as possible and we pride ourselves on the fastest turnaround times in Canada.
- Is a settlement loan the right choice for me?
We always suggest to clients that they explore all their borrowing options from traditional sources prior to 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 options are not available to you, a settlement loan may make sense. We can help you pay your bills, live more comfortably and, allow more time for your lawyer to receive the highest possible settlement
- What are the interest rates charged?
Rhino Legal Finance offers competitive interest rates of between 1.65% and 3.1% monthly with our unique Rate Protection PlanTM available exclusively to our customers. The Rate Protection PlanTM is designed to lower the interest paid on the second anniversary thereby reducing the risk and associated costs if the case takes longer to settle than anticipated.
- How much will I qualify for?
We have set a general guideline of providing a loan that does not exceed 10-15% of the anticipated value of the settlement to date. This ensures that the amount owing on the loan by the time your case is settled is reasonable and allows for occasional delays in the settlement process and other unforeseen developments.
- What if I lose my case?
Provided the case was actively pursued and a legal judgement rendered, you would not be required to pay back the loan. There are some exceptions but only what you'd expect. If you obtained the loan through fraud or misrepresentation, if you abandon or fail to prosecute your claim, if you claim bankruptcy, if you fail to keep us informed about your whereabouts, if you cease to be legally represented or if you otherwise breach the terms of your loan agreement, exact terms will appear in your loan agreement.
- What if I have a poor credit history or have no income?
We are providing you a loan against a future settlement. This loan is independent of your particular circumstances and so we do not require credit history or employment income information. Our loan is based primarily on our review and assessment of the merits of your case.
- Can I pay back the loan before the case is settled?
Yes, but we have a minimum 4 month term for the loan. Otherwise there are no additional penalties or charges.
- Do I need to make monthly instalments or payments on the loan?
No payments prior to receiving your settlement are required. Payment is made in full at the time of settlement.
