Helping People Who Need It,
When They Need It Most
People injured in accidents often wait months or years for their cases to be resolved and to receive compensation from the defendant. Injuries sustained in an accident may prevent the victim from working, and even if he or she does continue to work, medical and other bills quickly may surpass a victim’s and their family’s financial means. In a very short time, victims may find themselves in a downward spiral of financial liability, escalating stress and depression, and fewer and fewer options to make ends meet.
Where can these people turn? Savings, families, communities, and employers often provide needed assistance and support. However, in many cases this support is not available or simply not enough. Banks may not be able or willing to provide a loan, as a victim’s credit rating may be damaged, and a pending lawsuit is not typically considered by banks to be an asset in loan applications. Additionally, the nominal amounts needed by most plaintiffs are not cost-efficient for most banks to process as a loan.
Throughout North America, ALFA’s member companies provide non-recourse advances to plaintiffs before their claims have been resolved in court. While the client awaits the resolution of their case, a modest advance provides relief from accumulating bills, potential eviction or loan foreclosure, and keeps food on the table for the client and their family. Tens of thousands of plaintiffs thank ALFA Members every year for the assistance they provide during a time of extreme financial difficulty and emotional distress.
ALFA: Raising the Industry Bar
The American Legal Finance Association, known by its acronym ALFA was established as a New York Not-For-Profit Corporation in July 2004. ALFA is comprised of 15 companies nationwide, which advance non-recourse funds (“Legal Finance”) to personal injury victims and commercial plaintiffs who have filed a claim or a lawsuit.
ALFA Members are collaboratively working together to establish industry standards in the Legal Finance industry, especially regarding transparency in transactions and clear disclosure to consumers. ALFA’s goal is to increase membership so that consumers throughout the U.S. can trust that reputable and fair Legal Finance is accessible when they need it.
ALFA will serve as the liaison with the public and the media to increase awareness of the Legal Finance industry and the service the industry provides to plaintiffs every day when they have nowhere else to turn for assistance.
On this site you'll find out about our industry, our members, how to reach us, and how we make a positive difference in the lives of thousands of people every day. Welcome to ALFA and enjoy exploring our site!
|
