Is a lawsuit loan actually a loan?
No. Despite the name people search for, a pre-settlement advance is not a loan — it is a non-recourse purchase of a portion of your future settlement. If there is no settlement, there is nothing to repay, which is not true of any loan.
The distinction is not marketing. A loan creates a personal debt you owe regardless of outcome, and a lender can pursue you, garnish wages and report to credit bureaus. None of that applies here.
It matters legally too. Most states treat non-recourse funding differently from lending precisely because the repayment obligation is contingent, which is why the licensing rules vary so much from state to state.
We use the phrase "lawsuit loan" on this site because it is what people type into a search box. It is not what the product is, and any company that lets you believe otherwise is telling you something important about itself.
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