LawCash, formerly known as LawCash.net, is one of the oldest pre-settlement funding companies, but is it the right company for you? Here is what we’ve been able to find out about LawCash through our web research.
One striking thing about the web reviews of LawCash we found is how few of them there are, and sadly the few that we found are quite negative. A single negative review should always be taken with a pinch of salt, but when that’s all you find that’s a warning sign.
LawCash is one of the founding members of the American Legal Finance Association, which is a huge plus in its favor. ALFA is the guiding group for the entire industry and enforces a code of conduct on its members.
LawCash provides, using their terms, lawsuit funding, settled case funding, and surgical funding. Here are the facts you need to know about this type of funding:
- Lawsuit funding is the same idea as pre-settlement funding.
- Settled case funding allows you to get a lump sum of money from a structured settlement.
- Surgical funding negotiates pay for your doctors to pay for necessary surgical procedures after your accident.
LawCash also has a list of testimonials on their site from satisfied customers and legal firms that you may want to read through. However, to have so few positive web reviews outside of the site is a trouble sign.
As far as their lending limits go, their minimum amount is $500, and there appears to be no maximum cap listed on their website.
Another feature of LawCash is that they use a rolling contract system. This lets you receive your funding in smaller payments over time, and might lower your overall interest rate. This will give you a “regular” income while you wait for your lawsuit to finish.
As nice as this sounds, we recommend speaking with an accountant or doing the math on the interest yourself before taking them up on this offer. We found some complaints about compound interest rates we’ll talk about more below.
What We Discovered
We searched on Google for review sites that mentioned LawCash or LawCash.net, and the few that we found were very negative about the company. A hazard of customer reviews is that usually only the very best and the very worst experiences get a review, and some sites cater to negative ones.
There are two major themes that we found, one that is common with legal funding companies and one that’s a danger sign. The common one is being denied for funding. This is always a possibility because these companies take on all the risk offering non-recourse funding.
If the fundamentals of your case aren’t sound, or if we cannot come to an agreement with your lawyer, then a company like LawCash might deny you funding. It’s very hard to receive that news, but you could always try again with another company like ours.
Compound Interest Warning
The big danger sign we found in the web reviews is that LawCash appears to charge compound interest with their funding offers, or at least with some of them. All pre-settlement legal funding companies charge interest, but not all of them compound it.
This means that if you get funding and your settlement drags on for longer than you expect, you could end up paying far more than you think! Compound interest is great if you’re an investor but it’s a horrible treadmill if you’re a borrower.
Since people get pre-settlement financing because they know their case won’t settle soon, compound interest offers are a trap. Stick with companies that offer simple interest funding. That way, if they charge 10% (as an example), you will only pay that extra 10%.
Our analysis of WebCash was last checked in July 2021 through public research sources. We encourage you to use what you’ve learned here as a starting point for further research. We have no method to verify the accuracy or veracity of the web reviews we found.
If you have experience with WebCash and find out that what we’ve learned is false, please let us know along with your sources and we will update this review.
Learn How We’re Different
We post these review pages so you can fairly compare and contrast companies in an industry that few people are familiar with. If you would like to see how we stack up, we encourage you to reach out to us for a consultation about your case.
High Rise Financial offers pre-settlement funding in ranges from $500 to $100,000 for auto accidents, personal injury, and medical device malfunction cases. Learn more by reading our website or contacting us.