Consumer legal funding (CLF) is a type of alternative litigation funding (ALF) for any plaintiffs involved in legal disputes like personal injury cases. CLF refers to a transaction between a plaintiff and CLF company. A CLF company provides the plaintiff money in exchange for a portion of the future judgment or settlement awarded.
Many myths surround CLF. One myth, for example, an individual may believe obtaining money through a CLF business is like going through a bank or payday lender. While legal funding is similar to a traditional loan like interest rates-- it’s not. CLF isn’t a loan at all. Instead CLF is non-recourse legal funding. Thus, there’s no repayment when a plaintiff loses the case. Also, the CLF business doesn’t check credit history and doesn’t require collateral before providing money to a plaintiff.
Along with myths surrounding CLF, there are also facts. These facts can help a plaintiff decide whether seeking legal funding from a CLF company is a good deal or potential problem.
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