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.
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|69 reviews → 3.4 out of 5 stars|
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Positive Cherokee Funding Reviews
“Always fast service and friendly yet professional staff”--Vanessa S., 5-star Google review in September 2023
“Cherokee funding has been nothing but the best! I've used the multiple times throughout my issue I'm going through and they've been spot on every time! They are very courteous fast and professional! I will always refer them to anybody hands down...Keep up the good work Cherokee you guys are awesome! Thank you for helping me if I could give you a thousand stars I would! Again thank you very much God bless each and every one of you!”--Jerrel F., 5-star Google review in June 2023
“It took 4 years to get my case to meditation... they covered my bills. Things got very tight for me, but they always came through. Of course at a price but when it's a life decision it's important. I'm grateful they believed in my case and stood by me.”--Marian C., 5-star review on Google in September 2022
Negative Cherokee Funding Reviews
“Totally disgusted with the service I received with this company! Will not return calls or emails, lies about talking to your attorney, staff is incompetent and makes simple mistakes then refuses to fix them. Talked to supervisor and still no help after he said he would try to "get it done tonight ". Shut their phones off 1/2 hour before they closed so they didn't have to deal with me anymore. There are other companies that charge a flat fee instead of daily interest like them. Beware of this company!!!”-- Michelle M. left a 1 star review on Google in February 2023
“They sent a payoff letter to another funding company when we had NOT even signed a contract with them nor received any money from them. To top it off it was the risk manager that made the error. I had to make 2 phone calls and then the supervisor I spoke with had an attitude. Would never recommend them to anyone after this hassle.”--Amy D., 1-star review on Google in September 2022
“WARNING: Your loan will triple in intrest when your case settles. I am speaking from experience. The partnership they have with the attorneys they work with should be illegal. They will take a huge chunk of your settlement and you will be left with pennies.”--Southern B., 1-star review on Google in September 2022
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.