Oasis Legal Finance

September 4th, 2015

A TINA.org reader recently forwarded this ad for Oasis Legal Finance, aka Oasis Financial. The company claims to lend cash to plaintiffs in personal-injury lawsuits while they wait for the long legal battle to resolve and finally get their money. The pre-settlement advances, which range from $500 to $25,000, seem like a pretty good deal: no out-of-pocket fees, no payment until your case is settled, and no repayment if you lose your case. But consumers should know that Oasis has come under scrutiny in the past for predatory lending. In 2010, the Colorado Attorney General filed suit against Oasis and LawCash, another lawsuit lending company, for violating state lending laws.

The lawsuit lending industry is largely unregulated, and its interest rates can exceed 100 percent per year, according to a review by The New York Times and the Center for Public Integrity:

(C)ompanies are not required to provide clear and complete pricing information — and the details they do give are often misleading.

A growing number of lawyers, judges and regulators say that the regulatory vacuum is allowing lawsuit lenders to siphon away too much of the money won by plaintiffs.

That means that even if you do win your case, you may not be able to keep much of the money. In response to accusations, Oasis has claimed that it lends “out of compassion” and has done nothing wrong. But with the lack of regulation in lawsuit lending, you may want to double-check interest rates and think twice before using Oasis or any other similar company.

This article was originally published 7/8/2015.

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One Response to Oasis Legal Finance

  1. Rosa O. says:

    I applied for a small amount against a clear liability case when I was rearended by a negligent driver and my car was repaired by the other drivers insurance I received a rental car while waiting and he even got a ticket and had to go to court, I had to treat for soft tissue injuries, spasms in my back and neck and headaches I never had before the accident and waiting for my settlement through a reputable law firm that took my case and yet this company Oasis declined me twice and would not give me a reason why. I needed the money to urgently move from a moldy noisy apt which was my plan before the accident and believe this company continues its false advertisement saying even if your case does not settle you can keep the money??? Really? They also say they don’t check your credit even though my credit is really not so bad they would have been paid back when I got my settlement, the underwriters had some reason to decline me but they were rude enough to not want to reveal the reasons I suspect because my case is not worth a million dollars or maybe its race prejudice or if I have other obligations or something on my credit Oasis is a scam. They need to be more transparent in their business practices to let people know why they turn you down or they are just enticing people with lies and false advertisement. There ought to be a law against companies like Oasis to stop them from making people think they can help you when you need help from being inconvenienced by a clear liability accident case. They wont be successful with their false advertisement because people will eventually find out their false business practices.

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