If you find yourself facing expensive attorney fees and retainer fees for a lawyer and you haven’t the money to pay out of pocket than you are probably looking for other legal financing options such as bank loans.
Some of the quickest loans to provide extra money to pay for attorney fees are, Personal loans, Attorney loans and Auto Refinancing loans and are easy to get approved.
Acquiring a lawyer and settling your legal matters will require a “retainer fee“ payment in addition to the “attorney fees.” This retainer fee is standard for hiring good lawyers who can offer sound legal advice, guide you through the necessary paperwork and represent your legal rights in court.
As you have probably found out, legal representation does not come cheap
Your Finance Options, If You Need Money For An Attorney
What are my best options? The fact is that most people that need to hire an attorney, need the money now. You probably need to know how you are going to pay for a lawyer and retainer fees today.
Securing a loan with low interest will get you the money you need for a retainer fee and attorney fees fast and will let you take your mind off of the financial complications.
You will be able to put your money problem behind you and get back to the legal matters at hand.
However, what is the best type of loan for your situation? What do you need for collateral?
If you cannot afford an attorney, we will explain different loan options the easiest, fastest way to obtain the funds you need to pay for attorney fees, court fees, a retainer fee or any other debt with a minimum amount accumulated debt at the lowest possible interest rate. If you cannot qualify for a loan, then we will also show you how to find low cost or free lawyer services.
Many people in this situation will choose one of these four ways to pay for their retainer fees and attorney fees:
Pay out of pocket- This is great if you have a substantial savings built up. However, in many divorce, separation and child custody cases the persons involved are young couples that haven’t had time to build a substantial savings account.
Take out a loan- This is sometimes easy if you have good credit and some collateral. But what if you don’t? We will show you the best course of action to borrow for attorney fees even if you have bad credit.
Borrow from friends or family members- Many relationships have been devastated by money issues and unsettled debt. This is a road that the wise will avoid at all cost.
Find legal assistance at a reduced or no charge basis- Some lawyers will even offer a payment plan for those who qualify. Most free assistance will require you to prove a low income status and it takes time to set up.
What Is a Retainer Fee and What Does It Pay For?
A legal attorney retainer fee in simple terms, is a down payment to retain the services of your chosen attorney. Most retainer feesare not a flat ratefee and do not represent the total cost of the services offered by the attorney or their firm for your case.
What is a retainer fee for? The retainer fee shows the lawyer that you are committing to hiring them to be your legal representative and/or legal counselor.
The retainer fee pays them for the initial start up services and allows them to proceed with investigating your needs to prepare your case. As your case and their services progresses you will accumulate other charges that make up the rest of your attorney and legal fees.
With some attorneys, the retainer fee can be negotiated down to a flat rate, but many of their services will be limited.
People seeking divorce are not usually financially prepared for the required lawyer retainer fees along with the high cost of the other legal fees as well.
You should request an estimate of the total charges from your attorney. Some attorneys will work on a flat rate price but will still require you to pay the retainer fee up front.
Don’t panic. We have some options you can try to get the money needed for the best legal assistance fast. We also have some tips to help you make good choices in selecting a lawyer and preparing for your court case.
Attorney Fee Loan Options, Providing Money For Your Legal Fees.
If you do not have the money for an attorney sitting in your savings account, your next best option is to get an affordable loan. Loans are a good option because in many situations you can have the money available to you the same day you apply.
Just remember that loans are different, and the type of loan you get could cost you a lot more in interest charges than necessary.
If you have bad credit, and you have to apply to several lenders to get approved, it may take longer for you to get the actual check in hand. Retainer fees need to be paid up front so a loan will get you the money you need the fastest.
Valley Auto Loans has a free service that can find a lender for your loan fast without paying too much for it over the long run. Their nationwide pool of lenders review your application and offer loans that fit your needs with no obligation to accept their offers. Using a simple budget can even show you how to get extra money out of your paychecks each month.
Option 1- Personal Loans For Lawyers and Attorney Loans
Getting a personal loan from your bank or credit union is a fast way to get the money you need for any legal fees or lawyer retainer fees. Many come with a short term so you will not have a long-term financial burden.
Some legal firms offer attorney financing for the purpose of paying for a lawyer but like personal loans, they have high-interest rates. If your credit rating is low, you probably will not qualify for their in-house financing.
Taking out a personal loan or attorney fee loans has many drawbacks. For instance, These loans require either a good credit history and a high credit score or collateral.
Applying for multiple personal loans will put a strong hit on your credit rating. This will actually lower your credit score.
Most young people are already paying on a car loan. Adding another loan payment to their budget simply won’t do.
Most personal loans will not require collateral if you have good credit, but are harder to get if you do not own anything of value such as a home or a late model car.
Overall, Personal loans for lawyers cost more for the money you borrow than most other types of loan options. Many loan companies that offer personal loans for paying attorney fees or child custody legal fees take advantage of those in desperate situations because of their client’s limited loan options.
Option 2- Refinance Your Present Car Loan to Use The Equity For Cash
Refinancing your car to reclaim the equity that you have paid into it is wise. This is in many ways the fastest, easiest way to borrow money for lawyers’ fees, court fees or any large purchase that you did not plan for.
If you have a car loan that you have paid faithfully on for a couple of years, “you have built up equity in that car.”
By refinancing the car loan, you can take out the equity you have built up and use it for legal fees, court costs or however you need to. Here is an example.
Refinancing your car loan to pay for your lawyer fees
If your car is three years old and it is worth $17,000 and you owe $9,000 to pay it off you can refinance the loan to get the $8,000 difference in cash. Of course, this is a simple example, and there will be some small loan fees, but the loan fees can be rolled into the new loan as well.
Refinancing your car loan to get the cash out does not require a down payment, thus more money is available for your lawyer retainer fee and other legal fees.
However, if you add your first car loan and its payments, plus a personal loan to pay for legal representation with high-interest rates you will probably find you cannot afford both loans at the same time. If you compare the interest rates, and the amount you will pay with two loans, a single loan with a lower interest rate will be better for you, and can even lower your monthly loan payment.
One easy way to get a lower interest rate (APR) is to move your loan from your present lender to a new lender. The new lender will be more competitive to offer you a lower rate to get your business.
Money For Your Lawyer Through Loan Refinancing
If you think an auto refinance is a good option for you, there are a few things you will want to do first to get the most cash and the best interest rates available.
Check your credit score– start by checking your credit score. If there are any errors on it, then call the credit department and get them resolved as soon as possible.
Raise your credit limit– If you are like most young persons you may have a few credit cards that are at or close to their credit limit. If you apply for a loan with maxed out credit cards, you will get a lousy interest rate or may get turned down altogether. Most young people have never asked for their credit limit to be raised on their cards. This is an easy process that only requires you to call the credit card company and request a higher credit limit on that card. Once you get a higher limit on your cards, you will see that your credit score has just automatically gone up. This is because you are no longer close to your maximum credit allowance of the credit you have established. Just remember why you increased your credit limit and do not add more credit charges to those cards until you pay them down some.
Find the correct value of your car– If you own the car outright, and you want to refinance it, you will need to know the correct resale value to get the most for the equity from the car. Kelley Blue Book is a good place to start. Just remember to use the resale value and not the trade-in value. The trade in value is only used if you are trading in the car to a car dealer. It always represents the lowest value of your car.
Search online for lenders– If you have a low credit score, you will not have much luck getting a good auto refinance loan from banks or credit unions. Most Credit Unions offer lower interest rates than standard lenders. However, you need excellent credit to qualify for those low rates. Car refinance loans offered by subprime credit lenders supply some of the lowest rates for those with slow or bad credit.
Fill out your application at home–If you fill out your application online, you can do it in the privacy of your home and can take your time finding the correct information the lender will ask for. Your application should be filled out completely and accurately to prevent any delays.
We Will Search Loan Refinance Lenders For You, You Save Time And Money
Valley Auto Loans is an auto loan broker that reviews your application with our large pool of select auto loan companies. This process gives you the advantage of finding the best refinance company for your new car loan without multiple credit checks on your report.
With one application we can do the looking for you. Then all you have to do is review the offers and choose the one you like.
There is no obligation to choose any loan, and our application service is free. It does not get any easier than that.
Auto refinancing should be your first option.
Let’s look at a real life example of a woman going through a separation and needed to get money to cover her lawyer fees and other legal fees for separation and child custody case.
Real Life Example Of A Bad Loan Choice For A Lawyer
This is a real story of a bad loan, corrected by an auto refinance loan to pay for her retainer and lawyer fees. With most cases of legal separation, divorce, and child custody lawyer fees, this mom needed to move her and her child to a new location with no time for proper planning.
She needed money fast and didn’t have savings that could pay for her lawyer and legal fees. She had good credit, but without good counsel or advice, she took out a $10,000 personal loan to pay for her attorney retainer fees and all court costs that would accumulate.
Her $10,000 Personal loan term was for seventy-two months at 8.99% APR, and her payments would be around $200 a month. She thought she did OK until she found out that she could have refinanced her car for a much better deal.
Her car was valued at $17,000, and she owed $9,000 to pay it off. Her original car loan APR was only 2.78% with payments of $278.00 a month. With the two loans together she would have to pay almost $500.00 a month in loan payments.
She decided to refinanced her car for $17,000 for seventy-two months at an APR of 2.99% (This would have been lower if she had not taken out the personal loan) Her new refinanced car payment is about $254.00
She paid off $7,000 of her $10,000 personal loan, and this dropped her personal loan monthly payment to $98.26 for thirty-six months.
She now has about $11,000 to pay her lawyer and any court fees she may run into and her monthly loan payments total about $350.00
This gives her a savings of $133.25 a month with the two loans combined per month.
This regretful situation could have been avoided had this mom known to refinance her car first and not get mixed up in a personal loan for attorney fees.
Through this example, you can see the benefits of auto refinancing vs. getting a personal loan. Recapturing the equity from your car loan is like borrowing money from yourself or more correctly, from your vehicle.
With car refinancing, the car is collateral so people with bad credit have an easier time qualifying at a lower interest rate.
Other Options for Free or Low Cost Legal Representation
If auto refinancing loans are not an option, and you do not have the credit to obtain a personal loan from a bank or credit union, then there are some other options.
Here are a few ways to find low cost legal representation including free lawyers and low cost attorneys.
If you cannot afford an attorney and you need to know how much does a lawyer cost for your situation, here are several options that will help you get legal counsel at a minimal amount of money.
Option 3- Finding Free or Low-Cost Legal Assistance
Try to obtain help through local Pro Bono Programs- You can find lawyers willing to waive their fees through Pro Bono programs. Contact the “Bar Association” in your area. You will have to qualify for this free legal advice and Pro Bono service. Many non-profit legal help providers that can be found online, or by contacting the legal aid office in your city. To qualify for Pro Bono programs, you will have to prove your income is under a set amount. You can search local private law firms and ask about their “Pro Bono” programs many of which are set up for specific issues in the community such as civil rights issues or suits with government agencies. These cases typically involve social justice crimes like sexual harassment at work, discrimination, and freedom of speech.
Some local law schools will have Clinic Programs designed to offer free legal advice and attorney services. Law students supervised by experienced lawyers can represent your case, and the supervising attorney makes sure your case is handled correctly. These types of law schools can usually be found by an internet search in your area.
Find a legal aid program- Federal grants supply funds for a network of legal aid programs. These legal aid programs provide free attorneys and paralegals to help people who qualify for this type of legal aid. Because legal aid organizations are supplied with limited government funding, the number of cases they can represent are limited. These legal aid services often include divorce proceedings, landlord issues, child custody cases and employment issues just to name a few. Again, with this type of legal aid, you will have to prove a low-income status to qualify. A phone call to you local legal aid society should be able to give you the guidelines for qualified income requirements.
Get a Lawyer appointed by the court- You have the legal right to an attorney if you are the defendant in a criminal case. The proceedings for a court appointed attorney are determined by the state the court resides in. More information is available at your local Bar Association.
Find a lawyer willing to set up a payment plan- Some law firms will set up payment plans to spread out your payments over time. Ask about this arrangement when you first contact your attorney and be prepared to provide personal financial statements. In most cases, you will be required to pay the retainer fee or a down payment for legal fees in full, up front.
Attorney Contingency for Personal Injury- Lawyers that take on personal injury cases will offer contingency fee terms for their payment. These personal injury contingency fees are based on the outcome of the case. In most cases, the injured client will not be required to pay anything up front. The attorney works for a percentage of the case reward settlement. This percentage is on an average of 30-40% of the money rewarded in the settlement. In addition to these attorney fees, other fees will include court costs and filing fees. Most good attorneys can get the judge to award court cost in the judgment. However, if your case does not go to court, you could find yourself paying some legal fees such as filing fees and such.
Qualifying for free lawyer programs and free legal assistance is subject to many factors like:
Your job status and income level.
If you are the defendant of a crime.
If you are the victim of a case involving domestic violence.
If your total household income is below the national average for persons living in your home.
Your case involves defending your civil rights.
Being a disabled veteran.
You can check with your local bar association to see if you qualify for any free aid programs in your area.
Unfortunately, Lawyers and attorney fees are needed to provide good legal advice and the skills it takes to win your case. Finding the money you need in a short amount of time can be very stressful.
How to get a lawyer without going broke will take some financial planning. You need to have a good plan to secure the retainer fee and funds you need for the other legal fees as quickly as possible.
At Valley Auto Loans we understand the stress that comes with trying to find the right loan and dealing with legal issues that require a lawyers services and attorney loans. Our service takes the stress of finding the loan off of you and allows us to share your burden. This lets you pay your lawyer retainer fee and get back to the more important life changing, legal issues you are dealing with.