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April 22, 2013

FoxBusiness.com: ‘Cash-now Promise of Lawsuit Loans Under Fire’

Over the weekend, ILR’s Justin Hakes was quoted in a FoxBusiness.com expose about the growing lawsuit lending industry.  Hakes sums up well the need to protect American consumers from this burgeoning practice:

“The lawsuit lenders charge sky-high interest rates on these loans, often more than 100% annually … Even when the consumer ‘wins’ or settles the case, he or she often recovers no money, because the entire amount of the award or settlement goes to pay the plaintiff’s attorneys or to repay the lawsuit lender.” 

For a great background on lawsuit lending, please click here to watch a brief video with former Georgia Attorney General Thurburt Baker discussing “Why Lawsuit Lending is a Problem.”  

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