Updated on 6/5/2024
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in Louisiana. Below you will find the following information:
Lawsuit loan companies serving Louisiana
Below you will find a list of companies that provide funding in Louisiana. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding Louisiana residents
We recommend the following companies for plaintiffs residing in Louisiana.
Our pick for low rate lawsuit loans
USClaims offers some of the lowest, non-compounding rates in the industry. Many companies claim to offer “the lowest rates in the industry” – we recommend comparing them against an offer from USClaims to see for yourself.
Our pick for fast lawsuit settlement loans
Thrivest Link Legal Funding offers reasonable funding terms often with simple, non-compounding rates. Their expert underwriting allows them to fund larger sums than many of their competitors. They frequently approve claims for funding within 24 hours.
Highly rated on Google
High Rise Financial is a California-based lawsuit loan company. They have the most five-star reviews of any funding company in the industry. In addition to pre-settlement funding, High Rise provides medical care scheduling and financing services.
See our full list of recommended companies here.
Lawsuit funding laws, regulation, and relevant ethics opinions in Louisiana
Louisiana statutory law prohibits the sale and assignment of claims to officers of the court but otherwise allows the practice. The Louisiana Bar does not opine specifically on lawsuit lending but does allow lawyers to guarantee or secure loans to clients with specific rate limitations.
Laws regarding lawsuit loans in Louisiana
LA Civ Code 2447 prohibits the sale or assignment of claims to officers of the court but does not otherwise prohibit the sale and assignment of claims to other parties.
Source: LA Civ Code 2447
Legal funding case law in Louisiana
The court asserted in Martin v. Morgan Drive Away, Inc. that as Louisiana is a civil law jurisdiction, it does not apply common law champerty and maintenance doctrines. The court referenced LA Civ Code 2447 (above) and clarified that state law does not prohibit the sale and assignment of claims to those who are not officers of the court.
Source: Martin v. Morgan Drive Away, Inc.
Can a lawyer lend money to a client in Louisiana?
Lawyers in Louisiana can advance the costs of litigation on behalf of a client that will have to be repaid if the case is successful. However, an attorney cannot help with living expenses.
Source: Louisiana Rules of Professional Conduct 1.8(e)
Can attorneys help clients receive lawsuit loans in Louisiana?
Lawyers may provide a guarantee or security on a loan to a client in the event that the rate charged does not exceed 10% above the prime rate.
Source: Louisiana Rules of Professional Conduct 1.8(e)
Lawsuit loan alternatives in Louisiana
Lawsuit loans are expensive. Plaintiffs in Louisiana should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- Get Help Paying for Utilities in Louisiana – LIHEAP is a state-sponsored program that helps Louisiana residents get discounts on their utility bills. To qualify, household income has to be under 60% of state median levels.
- Get Help With Affordable Housing in Louisiana – the Louisiana Balance of State Continuum of Care (BOSCOC) helps people who are homeless or in danger of becoming homeless find resources in their area.
- Northwest Louisiana Food Banks – website that helps residents of the Northwest region of Louisiana find nearby food banks. May require proof of residency.
- Northeast Louisiana Food Banks – website that helps residents of the Northeast region of Louisiana find nearby food banks. May require proof of residency.
- South Louisiana Food Banks – website that helps residents of the Southern region of Louisiana find nearby food banks. May require proof of residency.
- Central Louisiana Food Banks – website that helps residents of the Central region of Louisiana find nearby food banks. May require proof of residency.