Is there a cap on what I repay?
Yes. Repayment on a Get Lit Money advance is capped at 2× the amount advanced — charges stop at 100% of the advance and never increase after that. The two $100 fees sit outside the cap and do not grow, so a $2,500 advance repays at most $5,200.
On a pre-settlement advance the cap is reached in the fourth six-month period at 25% each — so a case that resolves any time after month eighteen repays the capped amount. On a post-settlement advance at 15% per period, the cap is reached in the seventh period, after month thirty-six.
There is no time limit on the cap and no exceptions to it. Many funders in this category have no cap at all; others cap at a fixed number of months, which is a weaker promise because it can still be exceeded.
We publish the fact that about 19% of pre-settlement files run long enough to reach the cap. A cap only means something if it costs the company money, and this one does.
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