Oasis Legal Funding, also known as Oasis Financial, is one of the biggest lawsuit lending companies in the industry. For nearly 20 years, they’ve been assisting people waiting for their cash from a settlement. But should you go with them?
We browsed web reviews of Oasis Legal Funding and came up with some surprising complaints. Some of these complaints may make you want to think twice before approaching them for a lawsuit loan. Speak with an experienced Colorado car accident lawyer about your injuries and how you can secure compensation. Here’s what we at High Rise Financial discovered.
Colorado Sued Oasis Legal Funding
First, let’s get the big fight out of the way. In 2010, the Colorado Attorney General counter-sued Oasis Legal Finance for failing to comply with state loan regulations. In the case of Oasis, the company was charging fees during the loan process for case servicing and review before they issued payments.
The suit also claims that Oasis customers paid APRs ranging from 60% to 125% and that many of their customers in the state had to pay a multiple of the fronted funds depending on how long it took to complete their case.
Colorado law requires licenses and adherence to certain regulations if a company offers an APR of over 12%, and Oasis was not licensed by the state at the time. When you have questions about legal funding for car accidents, motorcycle crashes, nursing home abuse cases, or other causes of injury, be sure to speak with an experienced legal funding attorney from High Rise Financial.
Did Colorado Win?
The countersuit responded to a lawsuit by Oasis saying that Colorado was improperly regulating them as lenders under that state’s Uniform Consumer Credit Code. Colorado won their lawsuit in 2015. It is uncertain what changes Oasis has made to comply with these and similar laws since then.
What do the Reviews Say?
Oasis is certainly the company with the greatest number of web reviews in our reviews of lawsuit loan companies. Still, they have a higher percentage of reviews, three stars, and fewer than other companies.
Many complaints point to these extra high-interest rates and additional fees as a problem, including fees required to get their checks delivered or deposited. To Oasis’ credit, they are responding to many negative reviews and trying to make things right.
There are also accusations that the company is somehow inflating its positive review count. This is possible in theory but very hard to prove in practice. We leave it up to the reader to decide. Here are Trustpilot’s web reviews of Oasis Legal Funding.
The Trouble with Compounding
The biggest red flag is compound interest. It’s impossible to estimate how long a case may take to finish. If a case goes on too long, the interest amount could quickly overwhelm the settlement amount.
Maybe this is why Oasis advertises its maximum loan amount as $100,000. If they are charging compound interest, a lower loan amount increases the chance that the final amount paid will still be within the limits of the settlement. At High Rise Financial, we protect the rights of our clients, treat them like family, and fight vehemently so they can focus all of their efforts on recovery.
Given these legal troubles and the continued evidence of high compound interest charges, we must say that you should seek a better option. Plaintiffs in personal injury cases are at a low point in their lives. Forcing fees and usurious interest rates on people desperately needing money aren’t ethical.
Call the office of High Rise Financial, or complete our contact form to schedule an appointment with a Colorado car accident attorney today.