CHICAGO, Dec. 20, 2018 /PRNewswire-PRWeb/ -- iQualify Lending is pleased to announce that on November 27, 2018, the American Bar Association (ABA) issued its publication in which it approved iQualify Lending's financing method for client legal fees for an attorney of their choice.
Until recently, clients who were unable to pay the necessary legal fees required to retain an attorney of choice were shut out of the legal system and were often overrun by better-funded opponents. The resulting disparity in access to justice has often resulted in outcomes that heavily favored those with greater financial means.
The issue of legal fees has presented an obstacle and tremendous challenge for many middle-class and working families. The result may have been the inability to seek redress through the courts due to the average family being unable to pay a fee of thousands of dollars, as is often requested by lawyers to take on a new case.
The result is often a roadblock. One, a client is unable to hire the attorney of choice. Two, an attorney may have to turn away a client for financial reasons that were out of their hands.
An attorney that's inclined to take on a case for a client who faces financial challenges could spend more time chasing fees, and less time required on each case to give the client the best representation.
iQualify Lending has developed a model that satisfies the needs of both parties – the attorneys and the clients. iQualify Lending provides financing options to more than 400 attorneys nationwide.
At the time of an initial interview, the attorney can provide the client with an application form that's submitted to iQualify Lending offices, and within a matter of minutes, qualified lenders will submit bids to the client to help finance the legal fees. Financing is granted with FICA scores as low as 560, and approval is based on income, debt, and debt-to-income ratio. The client will then be presented with an option to choose the method of financing that works best for him or her.
The result is that the client is now able to pay their legal fee in full, upfront, thus freeing the attorney to focus on the client while spending less time on collections. All loans made to the clients are non-recourse to the attorney.
iQualify Lending offers potential legal clients financing that helps to secure the best legal representation that can be afforded based upon a payment plan that best fits their budget.
The iQualify Lending team is founded by Jason Brown and Josh Utesch, who saw the opportunity to solve this problem and bring the perfect combination of experience and knowledge to create this unique product. Millions of dollars in loan offers and countless attorneys later, Brown and Utesch have helped iQualify Lending stand alone as the go-to company for attorneys looking for legal financing options.
SOURCE iQualify Lending
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