Cherokee Funding is an Atlanta-based pre-settlement funding company that was founded in 2011. According to their website, the owners created it after doctors and attorneys approached them to provide a “completely reputable” option for funding for their clients.
Well, did they do it? We’ve looked over the Cherokee Funding web reviews and their website, and here’s what we’ve discovered.
What Does Cherokee Funding Do?
Like our company, Cherokee Funding provides pre-settlement funds to plaintiffs who are waiting for their settlements. They call themselves a “direct funding company” and offer both legal and medical funding to plaintiffs.
One big point in their favor is that they’re a member of the American Legal Finance Association (AFLA), a watchdog organization that ensures members adhere to their code of ethics for lending money to borrowers.
Besides plaintiffs, the company also offers funding to growing law firms and healthcare practices, whether by purchasing liens or outright offering capital.
Do They Offer Non-Recourse Payments?
Yes. Like High Rise Financial, the payments offered by Cherokee Funding are non-recourse, at least the ones offered to plaintiffs. They offer pre-settlement, post-settlement, and medical treatment financing to the injured. They like to use the term “cash advance” over loan.
They also emphasize that they will only approve 10-15% of the entire estimated award amount so that repayment and usage fees do not eat too large of a chunk of the settlement. There have been some web reviews of Cherokee Financial angry about this policy because they want more than that.
They also claim to have the lowest rates and fees, but they do not offer a specific number on their website that we could find. They also offer 24 hour approval and turnaround, though there are some conditions.
What Do The Reviews Say?
Unlike some lenders, Cherokee Funding has quite a number of reviews, both on-site, and off-site. As of this writing (July 2021), Trustpilot has over 350 reviews and nearly all of them are “Excellent.”
Furthermore, someone at the company is paying attention to the reviews. For many of the negative reviews we’ve found, the company reached out to get more information or thanked them for the feedback.
On a few we found in Google’s review section, the company actually called out the reviewers. They said they couldn’t find them in their customer database and asked for more information. So if you have an unpleasant experience with them, be prepared to back it up!
Downsides of Cherokee Financial
Many of the customer complaints are about the 24-hour turnaround time claim on the site. The site doesn’t clarify that if your case doesn’t meet the guidelines, it can take some time to study and approve the case for funding.
There are also complaints about rejected cases and not getting enough money, but these kinds of claims are pretty standard in the industry. Not everyone can get funding or get enough funding to meet their desires, and Cherokee is clear about their borrowing limits.
Finally, there are some complaints made about the add-on fees some lenders make to prepare contracts, deposit funds, and similar tasks. These are also part of the industry, but without knowing the actual amounts, we cannot say if they are reasonable or not.
Verdict and Disclaimer
On the whole, Cherokee Funding’s web reviews paint the company in a good light. The positive reviews do not look faked and few of the negative ones point out something that’s a danger sign. Thus, at least from the web point of view, they look like a solid choice.
We do wish to warn you that this information is accurate as of July 2021 when we researched this piece. We will update it as needed as time goes on.