It happens every few months. A client needs money, and has a case with me. They contact some company (typically Oasis Legal Finance) who promises to loan them money until they settle their PI or workers comp case. If they settle soon, they won’t owe much interest, they’re told. If they don’t win, they don’t owe anything, they’re told.
But I won’t let them take the loan. I have to sign off on it, and I won’t do it. Why not?
Simply put, the interest rates are ridiculous. Not 25% credit card ridiculous…. much, much worse.
Yesterday’s New York Times had an article about it with some examples. Anyone read that and still want one of these predatory loans?
(Howard Zimmerle practices personal injury, medical malpractice, nursing home malpractice and workers compensation law in the Iowa and Illinois Quad Cities. He can be reached at 309-794-1660 or hzimmerle [at] mjwlaw.com).