Apply Now
Nova Legal Funding, based out of Los Angeles, specializes in pre-settlement financing for personal injury claims. But should they be the lender for you? With so many options out there, who should you choose?
We’ve searched around for current web reviews of Nova Legal Funding, as well as their website, to write this piece about the company. All information is accurate to the best of our knowledge as of July 2021.
What Cases Does Nova Fund?
It’s important to choose a company that has funded your kind of case in the past. They claim on their website that they fund “all types of lawsuits.” Some of the broad categories they fund include:
- Auto accidents
- Personal injury
- Medical devices
- Defective drugs
- Athlete concussions
- Labor disputes
- Employment law
- Product liability
They fund cases in all states but three. They do not offer lawsuit loans in Tennessee, Colorado, and Maryland. The legal climate in these three states makes it extremely difficult for any lawsuit lender to offer funds there.
What Are Nova Legal Funding’s Terms?
Nova advertises they can advance cash from $500 to $2,500,000 depending on the value of your case, and at interest rates as low as 1%-3%. This is a very low rate, but it does not state if this is simple or compound interest. Nova also states they can send cash to you within 24 hours of approval.
They also have a rate match guarantee, but you have to call them for details. As with all companies of this sort, not every case will qualify for funding, and the amount you qualify for will depend on the strength of your case.
Like our company, all of their funding is non-recourse debt. This means that they cannot go after you if you lose your case. However, any lender could do so if you break certain rules of the contract, like firing your lawyer after you get the money and defaulting on repayment.
What Do the Web Reviews of Nova Legal Funding Say?
Nova Legal Funding web reviews on Trustpilot give the company a 4.9/5.0 rating out of 279 reviews. This is an exceptional average! The few complaints found there all surround customer service issues or loan denial claims.
However, on Yelp, there are a few reviews with a danger sign. A few customers have claimed that Nova asked them to switch to a different “recommended” lawyer. If this is true, this is a tactic used by unethical lenders to drag out your case length and rack up big interest payments.
If any pre-settlement lender tries to convince you to switch to another lawyer, run away. Don’t be swayed by promises that their lawyer can get you more money, or threats that they won’t fund you if you don’t switch. There are other companies out there.
Our Verdict on Nova Legal Funding
Offering a rate match and advertising extremely low rates make Nova Legal Funding attractive on paper. They also have many positive reviews and some time in the industry. However, if there is someone on their team trying to get people to switch lawyers, that’s unethical.
We believe Nova should investigate those claims and put out a rebuttal on the review sites if this is a false claim. If it is true, then they should stop and consider conforming to a code of conduct like the one used by ALFA. That would increase their ethical standards.