If you are looking to know how reliable Oasis Legal Finance is, then you just got to the right place. Based on various experiences with the company, this detailed review will be of much help to you, if you are presently thinking of getting a loan from them.
So here you go…
What is Oasis Legal Finance?
This is a company that claims to help people who have got lawsuits going get funding for their legal services and help the plaintiffs afford the best legal services to assist them get justice and settlement for their accidents and injuries. It was brought to existence back in 2002 and became part of the great American Legal Finance Association. It is located in Illinois, to be specific, in Chicago. Over the years, the company has received thousands of complaints from a huge pocket of its previous clients with their major concern being the high charges which usually go above and beyond the settlement fees.
The company had initially received an A rating by the Better Business Bureau (BBB), with the idea that it was actually a great legal servicing company, but after a continuous flow of complaints from their clients, the rating was taken down to an ‘F’. Well, the owners of Oasis did take BBB to court for this, but their effort didn’t really amount to anything. Supposed to get a ‘D’, the company’s mischievous practices and loss of the case is what got them the current rating, ‘F’.
Who is it For?
The company is found to be best suited for people who are looking for financial assistance after getting involved in a lawsuit and need financial assistance as they wait for the final verdict. They get monetary funding to help cater for their daily needs and bills as they continue to wait for settlement from the court. But, based on other clients who’ve worked with the company, Oasis still gives funding to people with other needs, but those that are closely related to lawsuits and financial help for legal matters.
But going by the negative reviews that people who have had an encounter with it, it’d be best if you got help from the company if you are in a life and death situation where you need money with extreme urgency. If you want to get money for other purposes, you’d better look elsewhere if you don’t want frustrations and surprises that would give you a heart attack in the near future.
How Does it Work?
Ideally, Oasis Legal works pretty much the same as other funding companies like Peachtree and Annuity with the exception of specializing only in legal matters.
The company works with the notion that, if you happen to be involved a lawsuit where you are claiming settlement for any injuries you might have gotten out of an accident, it means that your financial ability may be crippled as well due to the inability to work. But this doesn’t mean that you won’t have to meet your daily needs. The needs, the bills, insurance and others will be waiting for your payments.
And this my pose a challenge on your side due to your situation. So Oasis steps in and “helps” you manage the bills as you wait for the settlement. So, it seemingly appears as a friend in need, which is not exactly the case, as you’ll see later on.
In a nutshell, here is how the funding process takes its course:
- You hand in your loan application request to the company and then give them time to communicate with your lawyer to see how eligible you are for the loan.
- After communicating, the lawyer should then give out some of your personal documents like the report of the incident and the summary of your medical bills among others.
- After close evaluation of your case by Oasis’ legal team of financial experts, if you’re found worthy of getting the loan, the deposit process of the funds is going to start immediately.
- If you’re not worthy, based on the evaluation, the team will contact you and let you know what happened. (A good deal of applicants have gotten disapproved)
The company claims that it doesn’t make its decisions to give you a loan depending on your credit score. It claims that it doesn’t really consider this, which should raise an alarm. But it may happen so since there is a catch in this anyway, which you’re not made aware of prior to getting the loan.
After two days, you should have gotten the loan in your account with the options of getting it through Western Union or your personal account. The company also claims that the time taken to deposit the money can reduce upto a day or a few hours if you’re a regular client.
Be aware that, if you loose the case, you are not obligated to pay the loan. The loan and the interest are all cleared.
You should also note that the charges for your loan will often depend on various factors, and you’ll have to talk to one of the company’s customer care executive to clear up everything over the phone.
Pro’s and Con’s
- A well detailed website with plenty of information about legal funding services.
- If you happen to loose your case, you’re not going to owe the company anything.
- Has gotten a rating from Better Business Bureau.
- False advertisement on TV. The promises they give are often not what they deliver.
- They take advantage of most vulnerable people, people fighting for settlement, and deceive them with that false ‘help’ for their own personal gains.
- Hidden charges that accumulate everyday. They assign a certain percent for this and another one for that, for no tangible reason, and end up adding up to a huge amount.
- The total amount you end up paying is usually more than the settlement you get. After paying your whole settlement that you get from the court to them, you still have to dig deep into your pocket to clear the whole accrued amount.
- Many lawyers are sort of affiliates of Oasis and will push their clients to get the funding from them by misguiding them with false information. So be careful with the lawyer you get.
Most, not all, customer care representatives are rude to the clients.
Final Verdict – should I sell my structured settlement to Oasis Legal Finance?
The company has been relatively helpful to some people who are fortunate enough to clear the loan months after getting it, but most of them, end up complaining when it comes to paying the loan, especially if the lawsuit has taken years to be settled.
And looking at all the hidden catches the company has, the evil partnership it has made with many lawyers out there to talk people into the company, the bad customer service and many other red flags, it is clear that this is not a company you’d want to get help from, if you want to keep your peace intact during these troubled times.