Oasis pre-settlement loans are loans that plaintiffs in personal injury lawsuits take out to fund the legal process prior to settlement, reports Oasis Legal Finance. In most states, if the plaintiff wins, Oasis receives a percentage of the settlement award, but if the plaintiff loses, Oasis charges no fees.
Because usually the plaintiff does not pay back Oasis upon losing the case, the financial transaction is not considered a loan but a non-recourse purchase of part of the settlement award, according to Oasis Legal Finance. Some states have exceptions to this policy, and in those few states, Oasis provides loans. Plaintiffs are able to apply for consumer legal funding by filling in an application on the Oasislegal.com website. To qualify, the plaintiff must have suffered personal injury, and the defendant must have the assets to cover any award the court grants the plaintiff. The plaintiff must have an attorney hired on a contingency-fee arrangement, and the lawyer must be amenable to consumer legal funding, review the agreement with Oasis, and sign it.
After a plaintiff submits an application, Oasis reviews the extent of the personal injury damages, the liability of the defendant, and other possible expenses that may be paid from the award, such as medical bills, states Oasis Legal Finance. If Oasis determines that consumer legal funding is justified, plaintiffs often receive funding the same day as the application. Oasis works with the plaintiff's attorney to work out the details of the funding.