Updated on 6/5/2024
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in Ohio. Below you will find the following information:
Lawsuit loan companies serving Ohio
Below you will find a list of companies that provide funding in Ohio. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding Ohio residents
We recommend the following companies for plaintiffs residing in Ohio.
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 Ohio
Ohio state law now regulates lawsuit loans in the state, requiring specific items be included in contracts (see below). The Board of Commissioners on Grievances & Discipline in Ohio issued a formal opinion on pre-settlement loans in 2012 affirming that lawyers are allowed to assist clients in these transactions. Ohio attorneys themselves may not lend to their clients. Most legal funding companies service the state of Ohio.
Laws regarding lawsuit loans in Ohio
Ohio regulates lawsuit loans in the state. The Ohio statute 1349.55 Non-recourse civil litigation advance contracts requires specific disclosures and transparency with lawsuit lending contracts in the state. As in many other states, legal funding contracts must allow for a 5 day right to cancellation. Contracts must also include language indicating the funding company is not allowed to make decisions regarding the case.
Source: 1349.55 Non-recourse civil litigation advance contracts.
Can a lawyer lend money to a client in Ohio?
In Ohio lawyers cannot give loans to clients. They can however, cover the court costs or advance them until the end of the case.
Source: Ohio Rules of Professional Conduct Rule 1.8(e)
Can attorneys help clients receive lawsuit loans in Ohio?
In Ohio, a lawyer can inform clients about the availability of pre-settlement loans. Lawyers may participate in legal funding agreements as long as they do not breach other ethical
Source: The Supreme Court of Ohio Board of Commissioners on Grievances & Discipline Opinion 2012-3
Lawsuit loan alternatives in Ohio
Lawsuit loans are expensive. Plaintiffs in Ohio should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- Ohio Low Income Housing Assistance – Ohio offers numerous forms of housing assistance, including the Community Housing Impact and Preservation Program (CHIP), the Housing Assistance Grant Program (HAGP), the Housing Development Assistance Program, and the Community Housing Development Organization Competitive Operating Grant Program.
- Ohio Supplemental Nutrition Assistance and Food Stamps Program – with the help of food stamps, qualifying low-income Ohioans can receive assistance to purchase food from stores and farmers’ markets.
- Home Energy Assistance Program (HEAP) – HEAP provides help with monthly heating bills for Ohioans who make at or below 175% of the federal poverty threshold.