Oasis Financial, LLC was founded in 1996 by attorneys who wanted to find a financial solution for their clients struggling to pay bills and making ends meet during their lawsuits.
How Oasis Financial Works
Oasis aims to provide financial assistance via pre-settlement funding while the case is being handled, which is a good option for people who need extra cash to get the bills paid.
The funding amount is based on the estimated settlement once the case has been closed, and is non-recourse: meaning the client only pays Oasis Legal Finance, LLC back if they win their case.
How Ally Lawsuit Loans and Oasis Financial Compare
When looking for legal funding, you should compare all of your options. Here are some of the ways that Ally Lawsuit Loans compares to Oasis Financial.
Ally Lawsuit Loans Guarantees the Lowest Rate in the Industry
For most lawsuit funding companies, the interest rate depends on the nature of your case. At Ally Lawsuit Loans, we guarantee the lowest interest rate in the industry.
Both Companies Offer Risk-Free Settlement Funding
Both companies offer risk-free funding for lawsuits. This means that if you don’t win your case, then you do not have to pay back the funding amount.
How Long Does it Take for the Companies to Approve Applications?
Oasis Financial estimates two full business days to review funding applications. However, they also state that approval for funding varies based on the type of case. Ally Lawsuit Loans approves most funding within 24 hours.
Neither Company Performs a Credit Check on Applicants
Both Ally Lawsuit Loans and Oasis Financial ignore the credit history of clients applying for lawsuit funding.
What’s the Average Lawsuit Funding Amount?
Ally Lawsuit Loans provides lawsuit funding anywhere between $500 and $750,000, depending on the case value. As a standard, Oasis Financial only offers funding between $500 and $100,000 in most cases.
A pre-settlement fund is when a client receives part of their own settlement upfront and is repaid with the settlement the client receives at the closing of their case.
To get a lawsuit cash advance from Oasis Financial, plaintiffs apply on an online form. Oasis Financial reviews the case and contacts the plaintiff’s attorney for more information. After this review, Oasis determines whether to offer the plaintiff a settlement cash advance.
Oasis Financial Pricing
Customers do not pay an application fee to apply for a settlement cash advance from Oasis Financial, and the company requires no upfront charges. Oasis offers cash advances ranging from $500 to $100,000. Plaintiffs with higher settlement potential (as determined when Oasis Financial reviews each case) are eligible for more money in an Oasis advance. Cash advances are typically between 5-10% of the final settlement.
The company advertises that they will deliver funds to an applicant’s account within 24 hours, once Oasis Financial reviews and approves the lawsuit cash advance. However, this promise includes the disclaimer “as permitted by your state laws,” indicating the lender may not deliver cash that quickly in all states.
Benefits of Using Oasis Financial
Oasis Financial claims that it is the “largest and most recognized national brand in legal finance.”
The plaintiffs in extended personal injury litigation may find Oasis Financial’s cash advances helpful. While plaintiffs wait for their case to settle, their medical bills pile up. Many plaintiffs may be unable to work, putting them in a financially compromised position.
Oasis Financial steps in to fill that cash gap, claiming to be a “financial lifeline” for struggling personal injury plaintiffs. With a cash advance from Oasis or other lawsuit settlement advance lenders, plaintiffs access their award before their case settles.
Oasis claims that plaintiffs who lose their cases are not obligated to repay their lawsuit cash advance.
Disadvantages to Using Oasis Financial
Online review site Highya reviewed Oasis Financial. It found Oasis Financial stands out from some other lenders in that it focuses exclusively on lawsuit funding.
However, Highya determined that the most common customer complaints against Oasis Financial were “high fees, which in some instances amounted to more than the final settlement.” If plaintiffs do not repay Oasis cash advance quickly, fees and interest charges could add up to a significant repayment amount. So, if your case extends long after Oasis gives you funding, you face larger sums of interest charges.
The State of Colorado sued Oasis Financial in 2010 for “deceptive trade practices and unlicensed lending.” The Colorado Attorney General wanted the company to make proper disclosures to consumers who apply for lawsuit cash advances.
Get Out of Debt Guy reports that before the lawsuit, Oasis was charging customers interest rate APRs “ranging from 60 percent to 125 percent.” Oasis countersued the State of Colorado, asserting that “the state was improperly trying to regulate them as lenders under the Uniform Consumer Credit Code.”