What interest rate do you charge?
Our interest rates range from 17% per year to 23% per year, depending on the nature of the case and the level of risk involved. These are the lowest laws suit loan rates in Canada and are comparable to credit card interest rates.
What is the Lifeline Rate Match Guarantee?
Lifeline Litigation Loans guarantees the lowest law suit interest rates in Canada. If you have been approved for a law suit loan with a lower interest rate by another litigation loan company, we will not only match their interest rate but offer you a rate at 1.5% lower. Our rate match guarantee is contingent upon the approval of your loan application by Lifeline.
Do I have to pay any upfront loan fees?
No. We do not charge any upfront fees. All interest and fees are payable only once your lawsuit has concluded.
Do I have to pay ongoing monthly interest charges?
No. The interest will only become payable once your lawsuit has concluded.
Is the interest rate compounded?
Yes, the interest rate is compounded every 6 months.
Is there a minimum interest period?
Yes, there is a minimum interest period of 6 months.
Are there any administration fees?
Yes. There is a flat administration fee of $250 to $350 plus tax which is deducted from the loan advance.
Are there any hidden fees in the fine print?
No. There are no hidden fees of any kind.
What if I lose my case? Will I still have to pay?
Yes, the loan will still have to be repaid even if your lawsuit is not successful. However, we do offer the Lifeline Risk-Free Option which provides you with 100% principal and interest forgiveness in the event your case is not successful at trial.
What is the Lifeline Risk-Free Option?
The Lifeline Risk-Free Option is a loan option that provides loan and interest protection if your case is not successful. In exchange for a 5% annual interest premium, your loan (including principal and all outstanding interest) will be 100% forgiven in the event you lose your case at trial.
What are the maximum/minimum loan amounts?
We do not have minimum or maximum loan amounts. However, the maximum amount that we will loan to you will depend on the value of your case and the level of risk involved.
Do I need to be involved in a lawsuit to obtain a loan?
Yes, we only provide loans where a lawsuit has been commenced and you are being represented by a lawyer. If you do not yet have a lawyer, click here for a free referral to a top disability lawyer or personal injury lawyer in your area.
What types of cases qualify for loans?
We provide loans to Canadians who:
- have had their long-term disability claims denied by an insurance company, such as Manulife, Sun Life, Great-West Life, Desjardins, RBC, and others. Please note that we do not provide loans in CPP or WSIB cases.
- have been injured in a car accident, bicycle accident, pedestrian accident, or another type of accident involving a motor vehicle
- have been injured in a slip and fall accident or a trip and fall accident
- have been injured as a result of the negligence of another person or business. Please note that we do not provide loans in medical malpractice cases.
- have been unfairly terminated from their employment or otherwise involved in a legal dispute with their employer.
How long does the application process take?
Once you complete the application and we obtain the necessary information from your lawyer, a decision on your application will be made within 24 hours (usually sooner). After your application is approved we will courier you the loan funds.
Once my application is approved, how soon can I receive the funds?
Once your application is approved, we will courier you the cheque immediately. In most cases, you will receive the cheque on the following business day. We can also transfer the funds to your bank account.
Any restrictions on how I use the money?
No. You may use the loan funds for whatever purpose you choose.
Is there a penalty if I want to pay off the loan early?
No. You may repay the loan at any time without penalty. However, there is a six-month minimum interest period that is applicable to all loans.
Do you get involved in my case?
No. We do not interfere in any way with your lawyer’s handling of the case. All decisions pertaining to your case are made by you and your lawyer.
Can you give me legal advice?
We cannot give you legal advice. We highly recommend you consult a lawyer for any legal questions and we also recommend that you contact your lawyer and inform him/her of your desire to enter into this type of transaction.