Legal Finance

Get access to legal finance to reduce the burden of costs incurred during your case.

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Going to court is stressful, and this stress can be deepened when you’re worrying about the costs that are building up with your lawyer, along with any other legal costs incurred. Getting legal finance to offset some of these costs can be one way to ease your concerns. With most lenders, funds go directly to your lawyer so you don’t have to worry about whether or not they have been paid.

How does legal finance work?

Legal finance is a way for genuine claimants to fund their legal costs. Depending on the lender, this may only be available for certain types of cases, such as family law or contested probate proceedings. You are generally able to borrow a maximum of 30% of an estimate of your expected settlement in court. Once approved, the funds are usually invoiced directly to your lawyer or used as a balloon payment from the proceeds of the settlement. You are able to use this loan to cover solicitor’s fees, court costs, barrister’s costs as well as other disbursements that are relevant to your case.

How does legal finance differ from a personal loan?

Legal finance is different to a personal loan taken out to cover the costs of your legal case. Legal finance involves your lender working with you and your lawyer to prepare a funding solution that suits your individual circumstances.

When you apply for legal finance you need to provide details about your case so the amount you are approved for is tailored to your individual circumstances. Once you have been approved, funds can be paid directly to your lawyer instead of to you.

Compare a range of personal loans below

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Fixed Rate Personal Loan

From 5.99% (fixed)
6.27%
$2,001
3 to 5 years
From $99 to $499
$0
You'll receive a fixed rate between 5.99% p.a. and 15.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
ANZ Fixed Rate Personal Loan
10.50% (fixed)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate of 10.50% p.a. ( comparison rate 11.38% p.a. )
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 31 March 2021. Credit, eligibility criteria and terms & conditions apply.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.99% p.a. and 17.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 7.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: Waived $295 establishment fee for all applications submitted before 15 February 2021.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
ANZ Variable Rate Personal Loan
12.99% (variable)
13.86%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate of 12.99% p.a. ( comparison rate 13.86% p.a. )
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility. Note: These rates are available until 31 March 2021. Credit, eligibility criteria and terms & conditions apply.
NOW Finance No Fee Unsecured Personal Loan

From 6.95% (fixed)
6.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan advisor. No security required.
Wisr Personal Loan

From 7.95% (fixed)
8.22%
$5,000
3 to 5 years
$195 (Establishment Fee)
$0
You'll receive a fixed rate between 7.95% p.a. and 19.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
Plenti Variable Rate Personal Loan

From 5.59% (variable)
6.25%
$2,001
1 to 3 years
From $99 to $499
$0
You'll receive a variable rate from 5.59% p.a and 12.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
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Compare up to 4 providers

How to compare legal finance options

In order to compare your legal finance options, consider the following:

  • The loan terms available.Look into whether or not the loan terms you’re applying for match your case duration. Some lenders offer terms that start from six months but are able to be extended if your case goes longer than the maximum loan term.
  • Secured or unsecured. Whether or not you have security to offer when looking for legal finance is another comparison to make. If you don’t have any assets that can be offered as security, an unsecured legal finance option may be right for you.
  • Repayment flexibility. The flexibility of weekly, fortnightly or monthly repayments can be of benefit when you’re paying off your loan and is another point to consider.
  • Interest rates. As with any loan, a lower interest rate is beneficial as it allows you to pay off the amount owed faster, so compare rates when looking into legal finance.
  • Fees. Whether or not there are fees associated with your legal finance option is another thing to consider before applying. Some lenders require application fees as well as charging monthly administration fees for the term of your loan.
  • Credit ratings. Some lenders only accept applications from those who have good credit. Make sure you either meet the credit criteria or look into finding another lender.

Is there anything else to consider before applying?

Some things to consider before applying for legal finance:

  • Is this a dangerous habit? It’s easy to think that once you’ve been approved for a loan your financial worries disappear. However, it’s possible to get into too much debt and it becomes more difficult to break the habit with each loan you are approved for.
  • Have you already applied for legal finance? If you have applied for legal finance and are impatiently waiting for a response, give it a few more days or chase up the lender before applying elsewhere. Applying for too many legal finance options is risky and as excessive enquiries can damage your credit file.
  • Are you aware of the fees and charges? Make sure you have investigated all the fees and charges that will be incurred on the legal finance so there are no nasty surprises.

Have more questions about legal finance?

What about credit checks?

An initial credit check will be completed when applying for the loan. If you wish to extend your loan terms then another credit check will be done to ensure you can meet your financial obligations.

Am I able to use the funds for any other purpose?

No. This loan will only be made available for your lawyer’s invoices.

Does the other legal party have to know about my financial situation?

Depending on the circumstances, the other party may be able to apply to the court to find out how you are funding your case. Check with your solicitor.
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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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