Back in 2010, we did a review on Oasis Legal Finance and gave them a favourable review, based on information available at that time. However, there are now complaints on Oasis Legal on several forums, we have retracted the review below since over a year ago.
The Old Review (No Longer Stands)
Oasis Legal has been in the lawsuit financing business since January 2003. It became a BBB (Better Business Bureau) accredited business in year 2006.
has been rated A+(out of the range of A+ to F) by BBB. Based on the reliability report provided, this financing company has had 8 customer complaints over the last 36 months. Do take note that this amount is not a lot considering the number of lawsuit financing advances they provide. In addition, Oasis Legal has taken reasonable steps to resolve all the complaints. BBB is satisified that Oasis Legal’s efforts to resolve the issues comply with the accreditation standards. We conclude that Oasis Legal has proven to be reliable, and is the most established company for settlement financing.
Please read the updated review with links to Oasis Legal complaints below.
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Updated Oasis Legal Finance Review
Oasis Legal has its A+ rating revoked and is no longer accredited by the Better Business Bureau. This was due to government action and complaints against Oasis Legal Finance.
There were specific complaints received by Lawsuit Financing Info from our readers regarding Oasis Legal and upon further investigation, more Oasis Legal complaints have been found. Complaints usually revolve around hidden costs. Had the hidden costs been discussed openly, most complainants would not have signed a lawsuit funding agreement with Oasis in the first place. It seems, according to The New York Times, that the interests attached to the funding was hefty.
For instance, a lady who had approached Oasis Legal ended up in a larger debt as Oasis took the majority of the settlement. It seems also from the below quote by the lady, the manner in which business was done with her was misleading.
I would’ve done ANYTHING else to make do until my settlement funded and I wouldn’t have mentioned my personal life to, who turned out to be just a ‘client liaison’, who I thought was my lawyer that was supposedly giving me INFORMED AND TRUSTWORTHY advice!
In December 2010, Colorado Attorney General John Suthers filed a counterclaim lawsuit against some lawsuit financing companies, including Oasis Legal Finance. These lawsuit funding companies were accused of deceptive trade practices and unlicensed lending. The counterclaim lawsuit has determined that Oasis Legal and the other companies are subject to Colorado’s consumer protection laws, which may have prevented many of the complaints.
Based on the factors reviewed, we retract the earlier review and do not recommended engaging in Oasis Legal Finance.