Funding
Closing fee
A closing fee is a charge some legal funding companies apply when an advance is funded, sometimes as a flat sum and sometimes as a percentage of the amount advanced.
Where it is a percentage, it scales with your advance — the more you need, the more it costs you, on top of the rate.
It is one of the fees most often disclosed in the contract rather than on the website, which is why comparing advertised rates alone is unreliable.
Get Lit Money does not charge one. Our complete fee list is a $100 application fee on a first advance and $100 processing per advance.
Related terms
- Fee stacking — Fee stacking is the practice of layering several separate charges — closing, document filing, underwriting, servicing and wire fees — on top of the advertised rate, so the real cost of an advance is materially higher than the rate implies.
- Processing fee — A processing fee is a per-advance administrative charge — $100 at Get Lit Money — applied to every advance, added to the settlement repayment, and never growing over time.
- Application fee — An application fee is a one-time charge for processing a funding request — $100 at Get Lit Money, charged on a client's first advance only and never paid out of pocket.
Need the money rather than the definition?
Apply in two minutes, or call 813-798-5528 and we will explain any of this on the phone.