Legal Retainer Financing. What is it? How Does it work?
Legal Retainer Financing allows an attorney to offer the potential client an affordable financing option to pay for their legal case. If you’d like to see a short 2-minute video of how this works, click here.
Imagine being able to finance a $5,000 case for $150 monthly payments, and getting paid your full retainer fee upfront. That is the offering with iQualify Lendings ‘Easy Retainer Financing‘ program.
What kind of legal practices can benefit from this?
We can finance any type of legal case, except bankruptcy and contingency cases. This means that if you practice, family, immigration, criminal defense, business, or estate law, for example, you could be getting paid 100% of your retainer up front and in full, with no recourse.
Popularity
The popularity of legal retainer financing options has risen by 51.1% per quarter for the last 8 quarters. There are roughly $300,000 per day in approvals going out to clients. And that number is growing everyday. An attorney is Oklahoma tells us, The first week we were signed up we started looking at clients who owed us money for work already done. We received over $21,000 in a week from 3 clients by financing their balances.”
Why Does It Work?
According to an attorney in Illinois, “The reality is many people don’t have 5 or 6 thousand dollars laying around to hire a lawyer when they need one. I have been using iQualify Lending for about 2 months now and I’ve been able to retain a number of clients who may not have been able to afford my services otherwise.” According to CNBC, 69% of Americans have less than $1,000 in the bank account. The reality is, that people are used to making payments. The new iPhoneX costs $1,000. Consumers are happy to buy it as long as they can pay $29 per month. It’s the way the world works, and offering an option for clients to pay you is exactly what they are looking for.
How Does It Work?
With iQualify Lending, it’s simple. You can see the process here. In a nutshell, we give you a portal to allow clients to apply for financing 24/7. Approved clients receive instant offers from competing banks, and they pick the offer that works best for them. Within a few days the funds are released and you are paid in full. No chasing payments. No collection calls.
Is It A Good Fit For Me?
If you offer in-house payment plans, or terms, to your clients, then the answer is yes. Most attorneys collect less than 60% of the money owed to them. Getting paid up front is like an instant pay raise. You can offer this product to any client that owes you money currently as well. So if you would like to make more money from your existing clients, iQualify Lending is the perfect partner. here’s a quote from an Attorney in California, “The lender support is outstanding . Once a client is qualified, they walk the client through the formal process on-line and the loan is funded almost immediately. I think iQualify Lending also performs a valuable public service by making it possible for those accused of a crime to pay for a first-rate defense on a payment plan they can work into their budget. I am very happy to be associated with iQualify Lending.”