Complaint Review: fair rate funding/universal funds - Select State/Province

   You are actually going to say I didn't inform you when I put the request in for funding about the prior small loan? I was told universal would pay that loan off right from the start,it was never hid from anyone. I am the one that got the other company to fax the payoff right at the start. All I heard from your end is that universal liked the case very much from day 1. And yes,after 4 long weeks of wasting my time you ask for the insurance coverage of the guy that hit me.That is not information my attorney or myself is privy to,as you well know.And it is very unethical and unprofessional of you to keep requesting info each week.You knew the injury,you knew the specifics and you knew I needed help until I got back to work.For you to even insinuate I "hid" information explains exactly how low you will go.I wasn't even asking for much,the loan requested was only $3,500 or so.And universal led me to believe I could start paying off when my fractured back healed up enough to work.I told everyone I wouldnt wait until comp or the pi case got settled,that I would take care of it.For "liking" my case,you sure have a knack of spinning reality....

While we regret we were unable to help Bob from Ohio, he fails to mention that he obtained funding from another source while his application was being processed with us. 

Once this was uncovered, we could have simply declined the case, and in hindsight, probably should have.  But it is our policy to try to help if at all possible, and we thought it was still possible to obtain more funding for him.

As a result, we continued to process the application (at considerable cost to us) to see if there was any additional financial help we could provide. 

In many cases, part of the underwriting process is having a telephone conversation with the client's attorney.  Multiple calls were left unreturned (we suspect because he already obtained funds elsewhere).  Our records indicate, the attorney was finally reached several weeks after the application. This explains the amount of time it took to reach a decision.

Insurance coverage limits are a key factor in deciding an amount of funding for personal injury lawsuits.  We use this information to assess the risks involved with funding a particular case because it may set a limit to the recovery against a particular defendant. 

We were unable to obtain coverage limits on the at-fault party.  Further, the client's attorney also informed us those specifics were unavailable. 

In this case, the client's taking funding from another company prohibited additional funding because the available insurance coverage was unknown.  This explains our reasons for denying his case for pre-settlement funding.

At Fair Rate Funding, we process approximately 1,000 inquries a month.  Not all applications are approved for funding.  And a decision is not always made in the customer's ideal time frame.

We have been in business since 2007.  We are not in the business of "stringing people along".  We do not intend to waste people's time. 

We gain nothing from an unfunded application.  Like all businesses, we only gain if we help people get what they want.  We have helped thousands of people in their time of need. 

We understand Bob's frustration with his situation and with what he believes to be flaws in the lawsuit funding process.  Although we would like to help everyone that applies with us, this is simply not possible.