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And If You Lose, You Keep the Advance, Says Oasis

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Chicago, ILAs a former trial attorney and for the last eight years the executive director of the most active lawsuit funding company in the US, Elizabeth Pekin genuinely believes in what Oasis Legal Finance (OLF) does. "As a trial attorney in Chicago, I used to meet face-to-face with people who were often at the lowest point in their lives," she says. "All they needed was maybe $1,000 to help them with living expenses and they just could not wait until their case settled."

Oasis Legal Finance offers pre-settlement financing to people involved in litigation. Although pre-settlement financing companies have taken some criticism for the amount they recover from the final settlement, OLF's Pekin believes those views come from people who don't understand what it's like to be backed into a corner waiting for litigation to settle.

"They will have to return the principal and a fee based on how long it takes," says Pekin. "I want to make sure we are being conservative. My goal is to see that the client has enough money to pay the attorney, the expenses or any liens on the file, pay us and still have a nice check at the end."

"The most typical is an auto accident case," says Peking, "but we deal with all kinds of injury cases, slip and fall, premises liability cases and workers compensation in certain states. We look at many types of cases, but these are the most typical."

"We will often give them small amounts, $1,000 or $1,500, to cover their living expenses, to pay their mortgage, because otherwise they will lose that home," says Pekin. "If they have large values in their case, we will sometimes give them $5,000 if they need it."

And the advance comes with a guarantee from Oasis.

"If they lose the case, they don't have to repay it," says Pekin.

In Colorado, the attorney general's office alleges that OLF charges clients excessive and illegal interest rates. However, OLF has countered saying the company does not provide clients with loans. Pekin points out that OLF offers pre-settlement advances, not loans.

"These plaintiffs have no access to traditional financing while their claims are pending," answers Pekin. "Oasis takes the risk and provides them the money they so desperately need during the pendency of their legal claims."

"Furthermore, there is no 'front-end load fee' or any application charge," says Pekin.

"The contract provides that should sufficient funds be available, Oasis will receive a pre-set multiple of the amount funded increasing over time until repaid."

"I believe we are helping people," says Pekin. "My job is to help the client manage their financial situation."


Oasis Legal Finance is headquartered in Northbrook, Illinois, and is active in 45 states in the US. In addition to providing pre-settlement funding, OLF also provides services for the sale of structured settlements. Elizabeth Pekin, the executive director of legal funding at OLF, holds a JD from Tulane University in New Orleans. OLF is active in the regulatory and legislative areas of the legal industry that deal with pre-settlement funding.

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READER COMMENTS

Posted by

on
Wrongfully fried from my job, they fired me because somebody said they saw me take money, but they called me back to work 2 1/2 hrs after my shift ended. They didn't show me proof of me taking anything they just fired me.

Posted by

on
I would like information on how to get money on my lawsuit against Harris teeter concerning a fall in there store

Posted by

on
Dennis.... YOU SUCK! Quit Assuming what you don't know!! BTW SOCIAL SECURITY is EARNED by how much she's worked and how many credits she's earned. So before you degrade someone with your assumptions, find out what you're talking about! Loser...

GET EDUCATED!!

Posted by

on
The comment was good but do you have a heart

Posted by

on
I have a pending lawsuit but I need money now. I do receive comp but that doesn't include the big over time I've become accustomed to and based my living on. I need help.

Posted by

on
I have two screws in my right knee an I went to an appointment I had with the doctor who did my surgery but they said I couldn't be seen cause I don't have insurance so by been insurance or don't have any it was still 150 for that day to be seen , these screws or whatever that's in my knee been poking me leg getting weak , knee keep popping out of place

Posted by

on
As a lawyer, most of these funding companies compound the interest rate that they charge the consumer so that the annual rate comes to like 65% a year. They also charge a fee to administer the advance and add that to what the consumer owes with interest. Take that for what it is worth. I know of only one company that never charges a fee and never compounds their fixed rate of interest. I believe Redwood Funding Group charges a fixed 15% every six months and that's it.

Posted by

on
I stay in Memphis Tennessee. And I have a pending. Lawsuit. With my. Attorney. Available. Is it possible. U can help me please I have been looking everywhere.

Posted by

on
Hi i have a claim with att.james becker hes dealing with my sons risperdol case due to gynecomastia ive been waiting two years im in debt please help me get a loan

Posted by

on
I have had three back surgery's since 2013 from a 18ft fall while hanging a 60ft piece of seamless gutter in south dakota and my back is going require another surgery in July.I have an attorney filing my case in court at this time ,but I'm unable to work with no income ,not even ssi which is in appeal cause I was denied. My bills are going to collections while I keep sinking in debt,question is what can you do to help or can you? Thanks tom

Posted by

on
I got my disability approved but have to wait 60 to 90 days to receive 3 years payback and also to receive my monthly check. Need a loan to catch up on bills I'm behind on car payment and other bills.

Posted by

on
I am also an attorney in Brooklyn, NY and have used Redwood Funding Group for my clients legal funding. They are cheaper than everyone else I have come across and their web site explains the whole process.

Posted by

on
I am a personal injury lawyer and I have dealt with many of these funding companies in getting advances for my clients. Without knocking any company, instead I will promote and support Redwood Funding Group. Unlike the other funders Redwood's rates are fixed. They don't compound to 40, 50 even 60%. Plus, they don't charge any fees. Some of these companies even add the fee to the principal that you pay interest on, so you pay interest on the fee as well. At Redwood there are no fees.

Posted by

on
Dennis you're an a$$. You presume that people in these situations haven't done ANYTHING to help their situation. Wake up. What's the old saying....."better to keep your mouth shut and let them think you're an idiot than open it and prove them right"!

Posted by

on
I like their BBB rating! LOL!
Sorry, this is has to be illegal! Not being light hearted, I just don't understand how they're still in business and not all in jail. Good luck getting your money back, in all truth. AG got some swag! Really people, USUALLY all it takes is a few minutes on the web to find these companies true objective.
Obviously gonna be a little easier for lawyers to manage and hide the different companies...Bastards!

Posted by

on
It's a loan, obviously. The collateral is the lawsuit reward.

Could be worth a lot, or not much, but these companies assess it same as they would a loan based on a gem or a house.

There's risk, but if 80% are profitable, then they're making money excessively praying on people newly in a bad situation who may not have their brain ducks in an order to read the fine print.

Posted by

on
I read what you just shared in full, I am sorry about your situation.
My opinion on it is, when you yourself are dependent on others to live (your SS check) then unfortunately you live by what you're GIVEN. Perhaps you should consider optimizing and shifting your spending habits, I guarantee you probably "play the numbers" scratch off, smoke, gambling or even consume alcohol, if you cut that out you'll be surprised about how quickly you could get that next hoopty.

Also, computers when you claim to be that destitute could be sold for extra cash, most communication can be done by mobile phone. Depending on your need for the internet TO LIVE, you could probably cut off other things you just forgot are luxuries in the end...

How long are you going to be a victim for? Call another lawyer, if you get no results call another one. Money is tight do SOMETHING to MAKE INCOME. public transportation is cheap when you buy it in monthly passes, you spend more pay as you go. I can get around the city by bus for around 34 dollars A MONTH having my grandmother getting her senior discount buying it for me then I pay her back so I got the good price you can be surprised on how to save money!!!

TAKE.ACTION

Posted by

on
I and a passenger were involved in an auto accident in Aug 2012. This has been over a year ago ...the driver of the other vehicle was found guilty of falure to yeild and that was Sept of last year. My vehicle was totalled. His insurance co will and has not even reimbursed me for anything at all. Please any advice could help .....I have an Atty but seems like I have only little ss check and child whom just started college. I have broken heartedly allow him to move in with my sister because I have no money except for car payment and barely enough to pay for transportation to and from Dr offices. I have no money for groceries ....that why my sister allowed my son to come to live with her. I am broken. This accident was in no way my fault and am allowing my mother to pay my electric and water bill. I have no extras. No cable no home phone nointernet ...the vehicle I had to replace totalled one takes over half of my small ss check. Please respond if you can help

Posted by

on
MY LAWYER IS TAKING TOO LONG TO SETTLE A CAR ACCIDENT WHICH INVOLVES MY CO- WORKER. I WAS THE PASSENGER. THIS ACCIDENT HAPPENED APRIL 7, 2012. I'M STILL WAITING.

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