Additional resources: How to Find the Right Legal Loan for Lawyer Fees
Family law legal fees can make an already traumatic experience unbearable. Specialised legal loans or lines of credit can be an excellent way to provide people with the necessary resources. But considering the right financier can be overwhelming on top of everything else you’re going through. How do you determine which line of credit or loan product is best for you? We’re here to help. Here are 5 Best Family Law Loans for Legal Fees in Australia we have reviewed.
We understand you may have been considering a personal loan and have learned that companies like JustFund specialise in financing options similar to legal fee loans.
Not sure how to find the best legal loan for lawyer fees in Australia? Read this guide for tips and advice on selecting the ideal financing or loan for your situation.
Five best lenders for legal fees
A quick note before you read on
You may have landed on this page because you were searching for ‘the best legal fee loans’ or loans for legal fees. We don’t prefer to think of JustFund or any provider as the best loan financier. Instead, this article has been written to help you better understand your options regarding financing for legal fees, whether a line of credit or a loan.
Everyone’s circumstances are different. We can’t determine the best product for your circumstances. The five lenders in this article provide excellent value for their clients and are a great place to start. If you are still trying to figure out what to do after reading the article, reach out to JustFund. A family law financial specialist can determine the best option for your circumstances.
1. JustFund - A Flexible way to pay family law fees
JustFund is a passionate, mission-driven, social lender. They provide an innovative and flexible line of credit to pay legal bills. This allows Australians to access legal representation when going through a marital divorce or separation. With our family law experience, we help you determine the best loan for your needs.
JustFund offers an innovative approach to financing legal fees, becoming the first lender in Australia to focus exclusively on family law matters. Their specialised legal finance product helps divorcing couples cover expenses related to property settlements and parental arrangements. With partnerships spanning over 500 family law firms across Australia, JustFund ensures they pay invoices within 24 hours, providing reliable support and peace of mind to their partners.
Why does JustFund stand out from other lenders? They tailor lending decisions to a client’s own circumstances and legal entitlements. Unemployment or a low credit score shouldn’t be a barrier to securing a line of credit. JustFund focuses on your unique situation rather than requiring a regular income stream. If you need financial assistance, they are here to help.
Their business is marked by an empathetic approach to clients experiencing difficult times, maintaining strict professionalism in all dealings. When you speak with their team, you will communicate directly with an experienced family lawyer, not a funding assistant. They understand the emotional and financial impact of family law matters. With JustFund, clients pay manageable instalments, and you can trust they will ensure your financial needs are met every step of the way.
JustFund prides itself on quick service, assessing most applications within 48 hours of receiving all necessary information. Clients can apply at any time during the settlement process and enjoy the flexibility to use as much or as little of their credit line as needed, without penalty. All approved funds are paid directly to cover legal expenses, ensuring a seamless financial solution throughout the process.
Why JustFund are liked for legal funding
JustFund’s singular focus on family law matters allows them to offer specialised financial assistance to people in emotionally stressful legal proceedings.
Their quick turnaround ensures peace of mind for lawyers and their clients by reliably covering legal costs on time.
JustFund wants to help people who need it. They want to get to know your situation rather than just your credit score.
Some lenders penalise borrowers to settle their fee loans for legal fees with an early repayment fee. JustFund doesn’t charge any client with such a fee.
Family Law Firm Client Feedback:
I just thought I would drop you and the team a message in [Client’s] matter to say a big thank you.
I know you run a business, but the fact that [Client] could secure litigation lending from you guys was life changing for her in this matter.
We ran the five-day hearing last week. I am pleased to say we settled parenting on day three but await a decision on property. She was empowered to settle parenting from a stronger position than she would otherwise have been because the first three days of the hearing ran. She now has parenting orders that protect her children and are very appropriate.
Best Family Law Loans for Legal Fees in Australia
Primary services
Loans for legal fees for people going through a family law issue.
Partnerships with law firms to help secure more clients and deepen the client/lawyer relationship.
Pricing
JustFund’s lines of credit for legal fees begin at $5000 and have no upper limit. The client doesn’t pay any fees or interest until their settlement concludes.
Like many other lenders, JustFund levies a monthly fee and an administration fee. Unlike other lenders, JustFund doesn’t tie interest rates or approval chances to a client’s credit history or income level.
With a JustFund line of credit, you incur interest on the funds that you use. Interest is charged on the total funds drawn calculated from the date you start your line of credit. The current rate is 9.85% per annum.
2. Plenti
Plenti offers a variety of products to people who want to get their lives on track. The application process is online. It takes around 10 minutes. Funding is usually delivered relatively quickly after approval. However, your circumstances determine this.
Their loans for legal fees only apply to those in a property settlement. However, they can assist with parental issues in addition to financial settlements. They have other general eligibility requirements. You must be an Australian resident with most of your assets in Australia. As a secured lender, applicants will need to provide security against the loan.
They have many reviews but a lower overall score than other lenders. Plenti’s commitment to lending ensures that clients can safely cover loans for legal fees.
Finding the right legal loan for lawyer fees can be overwhelming. Use this guide to simplify the process and make an informed decision.
Why we like them
Quick and fair personal loans ensure clients get funding relatively quickly and benefit from their property entitlements.
Good feedback from clients and industry peers shows that Plenti’s personal loans have improved people’s lives.
Primary services
Personal loans are available for various purposes, such as medical, travel, and debt consolidation loans.
Loans for legal fees for people going through a property settlement.
A lending platform allowing investors to invest in Australian consumer loans.
Pricing
Clients can borrow up to $65,000 for non-legal loans. Clients with poor credit histories will be penalised with higher interest rates. A fixed-rate may be available with a loan term between three and seven years. Variable rates apply to loan terms of between one and two years.
The average personal loan is between $25,000 and $400,000, with an annual percentage rate. Loan terms are typically up to two years. Plenti charges a 3% credit assistance fee on its family law loans.
A 5% per dollar drawn down on the personal loan is charged. If a security fee applies, Plenti charges $980 for caveats and $1300 for mortgages.
Plenti’s legal loan clients typically incur 8.55% to 10% costs over a two-year loan.
2. AMC Financial
AMC Financial understands how taxing a legal matter can be, and the last thing you want to worry about is covering legal expenses. One of the primary benefits of an AMC Financial legal fee loan is the peace of mind it provides, allowing you to focus on your case. With a quick approval process, AMC Financial can provide funding within approximately 48 hours, ensuring you have timely financial support when you need it most.
One consistent point of client praise is AMC Financial’s flexibility. They offer a variable or fixed interest rate, ensuring clients can find a solution that fits them. Clients can also opt for a repayment plan that lasts between one and seven years, depending on what works for them. Repayments can be made weekly, fortnightly, or monthly. This provides many options tailored to each case’s unique needs.
Some law firms offer clients short loan term funding loans to cover legal fees, often with rates of up to 16% over one year. AMC Financial’s loans for legal fees provide a more affordable alternative, with rates close to half that amount and the option for longer loan terms. This structure helps protect clients from high default risks and unmanageable repayments, offering a more sustainable and manageable solution for covering legal expenses.
Why we like them
AMC Financial has a flexible loan scheme that can be adapted on a case-by-case basis.
Legal Fees Finance can offer lower interest rates than other funding products.
Primary services
Legal Finance for loans for legal fees.
Financing for home renovations.
Professional guidance for self-managed super funds and mortgages.
Personal debt refinancing.
Pricing
AMC Financial can provide loans for legal fees of up to $50,000 without security. Their legal fees finance product can source rates down to 7.99% on loan terms between one and seven years in limited circumstances. As with many other lenders, AMC will consider a client’s credit history and income when determining their interest rate.
3. SmartFee
Anyone going through a legal matter should have access to quality legal representation. However, legal expenses can quickly add up, with clients needing to cover costs such as bills, court fees, and other expenses. SmartFee collaborates with lawyers and clients to find the best financial solution to help manage and cover these costs effectively.
SmartFee believes that access to legal services should be based on need, not affordability. With flexible repayment periods, clients can spread their repayments over a timeframe that fits their financial situation, reducing financial strain during challenging times. This approach allows clients to maintain control of their finances while resolving legal matters. Lawyers partnering with SmartFee benefit from having invoices paid within three days of the first installment. Additionally, partnering with SmartFee comes at no cost to the law firm and requires no lock-in contract, ensuring flexibility for both clients and firms.
Why we like them
SmartFee’s payment flexibility gives clients greater control of their expenses.
Lawyers don’t incur exorbitant fees or lock-in contracts when partnering with SmartFee.
Primary services
Funding for personal legal fees.
Funding for recruitment fees incurred by law firms.
Funds invoices issued between businesses.
Pricing
SmartFee doesn’t charge an application or administration fee. Clients can repay the loan in monthly instalments over three to twelve months. Other applicable fees and charges, such as processing fees, are set out in their personal fee schedule, which depends on the nature of the loan.
A strong credit score and stable income are required to receive competitive interest rates, which may limit SmartFee’s ability to support certain family law clients. In such cases, clients may need to explore other options, such as legal aid, to ensure they receive the financial and legal assistance needed for their legal matters.
4. Driva
Driva is an online directory. They partner with various lenders to provide the best deal for consumers. Shopping for traditional finance options can often be slow and painful. Lenders may not be upfront with their clients about what rates and fees will be payable. Also, loans for legal fees aren’t typically tailored to the specific needs of the client. They may begin at one generic rate and then change later.
Driva works with lenders to provide transparent funding options that include all fees. With nothing hidden, clients can make informed decisions about which lender is best for them. If you don’t know where to begin, Driva might be a good option. You can curate which lender offers the best deal over the life of the loan.
Why we like them
Driva provides a fully transparent look at what lenders will offer.
Driva ensures that the consumer only considers loan options for which they are guaranteed eligible.
Primary services
Directory of loan providers for various financial needs.
Directory of lenders for vehicle fee loans.
Novated lease calculator.
Insurance and warranty comparisons.
Pricing
Driva doesn’t charge establishment fees or monthly fees, and there are no early termination charges. However, Driva will charge a brokerage fee, which is paid by the lender.
5. Savvy
Savvy provides comprehensive assistance through its directory, featuring industry-leading brands and online calculators. As a trusted financial comparison site, Savvy helps consumers explore options with a competitive comparison rate across various areas, including funding for vehicles, insurance, utilities, personal loans, legal fees, and more.
Savvy’s online comparisons are completely free, offering competitive comparison rates to help consumers save money. They ensure clients fully understand their options, empowering them to make the best decisions. With a strong community focus, Savvy supports important causes through partnerships with organizations like the Childhood Cancer Association and Kids Under Cover.
Why we like them
Savvy is a free platform that partners with the best brands available to consumers.
Their simple and efficient personal loan assessment process provides clients with adequate access to financial support.
Primary services
Loan comparisons for various needs.
Savings account comparisons.
Comprehensive directory of insurance and utility plans.
Pricing
Savvy charges no fees to the consumer. They charge a commission to the lender upon matching a client with their product.
Conclusion on legal fee loans
Our only hope with this article is to put you on the right path to financial freedom. We’re confident these five lenders can offer you good value, but you need to consider your circumstances. Take these recommendations as a starting point to creating a secure future.
