Founded in Atlanta in 2011, Cherokee Funding provides plaintiffs with lawsuit funding. Cherokee Funding operates by providing plaintiffs with settlement advances to pay living expenses while awaiting a lawsuit settlement.
How Cherokee Funding Works
After a plaintiff applies for a settlement advance with Cherokee Funding, the company reviews the case. Cherokee Funding contacts the plaintiff’s attorneys and reviews documentation before determining if the plaintiff is eligible for a lawsuit advance.
Cherokee Funding advertises that they fund the following types of lawsuits:
- General, Construction, and Premise Negligence
- Medical Malpractice
- Product Liability
- Wrongful Death
The company indicates that “same day funding” applicants can receive between $500-$50,000 by the next day. Cherokee states that they fund up to 10-15% of a case’s settlement value.
Cherokee Funding Pricing
Cherokee advertises no up-front fees to apply for a lawsuit cash advance. Plaintiffs repay the settlement advance, plus fees, once they receive a settlement. However, if a plaintiff loses their case, the plaintiff does not have to repay Cherokee Funding.
Cherokee Funding advertises that their goal is to provide legal funding “at the lowest cost possible.” The company also lists transparency as a core value. However, the company website does not disclose the interest rates or fees charged to clients.
Cherokee Funding indicates that the client contract discloses fees and a repayment schedule. On the FAQ section of their website, Cherokee Funding indicates that they do not have consistent rates: “Our rates change from time to time so please make sure to ask at the time of application.”
Benefits of Using Cherokee Funding
Cherokee Funding promises the lowest rates in the industry. They claim to be 100% transparent and to hold membership in the watchdog American Legal Finance Association (ALFA).
Cherokee Funding lists these values:
- Helping those in need
- No finger-pointing
- Going the extra mile
The company indicates that some clients have achieved higher settlement offers by taking a lawsuit cash advance. The advance apparently gave those clients financial stability that enabled them to wait for a larger settlement. Applying for a Cherokee Funding settlement advance, like settlement advances from other lawsuit funding companies, should reduce financial stress for plaintiffs waiting for cases to settle.
Disadvantages of Using Cherokee Funding
Former clients sued Cherokee Funding in 2017 in Ruth v. Cherokee Funding. One client claimed that Cherokee Funding advanced him less than $10,000 but demanded repayment of $84,000.
Based on this lawsuit, applicants should carefully review interest rates and fees before signing with Cherokee Funding. Applicants should consider repayment terms and whether fees seem excessive.
Cherokee Funding may prove a helpful source of cash flow while waiting out a lawsuit. However, clients might owe much more money than they originally borrowed due to interest and fees. The money owed could use much of the plaintiff’s settlement.
Positive Cherokee Funding Reviews
“Real friendly and helpful. I was new to the process and they walked me thru how it worked. Got my money the next day!”--Tyler Stevens, 5-star Google review
“Great and fast service!! I recommend them to anyone.”--Teresa Evans, 5-star Google review
“Extremely helpful in my time of need. Wouldn’t even let me off the phone until they were sure that I completely understood the process and felt 100% comfortable moving forward. And the process was super quick. 24 hours later they called to tell me I was approved. They are awesome and have my highest recommendation.”--Pandora Swint, 5-star Trustpilot review
“When I needed it they came through. I wish the fees were not so high but I appreciate them nonetheless.”--Talib Shabazz, 5-star review on Trustpilot
Negative Cherokee Funding Reviews
“Run Don’t Walk Bad Management.”--Former Employee Administration in Atlanta, GA, Glassdoor review
“Didn’t get my check on time don’t know where my checks it not really happy”--Damon Locke, 1-star Trustpilot review
“Horrible experience. Customer service was off and on almost depending on who you talked to. I made the calls and my loan stayed in underwriting over a week with no explanation. Waist of time!!”--SB, 1-star review on Trustpilot
“Worse experience ever the company policy must be to tell lies because that's all I heard web states same day and a week later they came thru totally discussed with the service I received”--Shy Shy, 1-star Google review
“In the event you're waiting for a settlement and need funds, DO NOT use this company to acquire assistance unless you absolutely cannot find help otherwise. The amount of interest these people charge should be illegal. For a $500 loan, you could end up paying almost $1500 in a little over a year's time.”--Bree Johnson, 1-star review on Google
Get a Lawsuit Funding Quote Today
If you need cash while you wait for your lawsuit settlement, contact Ally Lawsuit Loans. We offer the lowest rate guarantee and will let you know if you qualify within 24 hours. If you lose your lawsuit, you owe Ally Lawsuit Loans nothing. Lawsuits are stressful, but Ally Lawsuit Loans can help.
Apply today, and reduce your financial stress while you wait to settle.