How It Works

GLF does not advance money, but our program can be viewed as a type of recourse financing.  We provide a secure and automated lending platform that allows us to collect installment payments from the client, deduct our fee, and forward the remainder to the lawyer.  All of this is accomplished via automatic withdrawal from the client's account and deposit into the lawyer's account so that you are paid quickly and efficiently when your client makes a payment.  The participating lawyer has access through a portal on our website to view and monitor the status of the accounts of all of his or her clients.  The client also has access to his or her account from our website.

The interest rate is 17.99%, which is often much less than interest rates charged by banks, credit card companies, and finance companies for unsecured loans.  We reserve the right to lower the rate for certain reasons, including to comply with applicable laws, but the rate will never increase - even if the client defaults.  There is never an application fee, and we avoid most other fees.  We do charge a late payment fee of $25, which applies if the client misses a payment, including having insufficient funds to cover an automatic withdrawal.

We do not in any way control or even suggest the fee that the lawyer charges.  That is completely between the lawyer and the client.  You may and should collect a down payment if possible, and the remainder can be financed through GLF.  We will finance amounts ranging from $500 to $10,000 (over and above any amount of down payment), for terms of 6-36 months.

Example (illustration purposes only)

Consider the client who comes to you for assistance with being appointed legal guardian of her elderly aunt.  Assume the going rate for such representation in your area is $5,500, but your client does not have this much money, and she cannot get a loan elsewhere.  You believe that the client is creditworthy notwithstanding her inability to borrow from a bank.  She pays $500 down in cash, and you set up the remainder through GLF over a 30-month term.  The following is the amortization table showing your collections and GLF’s fee:

 

 

Payment

Principal

Interest

Balance after payment

GLF Fee (15%)

Amount Paid to Attorney

1

$208.17

$133.21

$74.96

$4,866.79

$31.23

$176.94

2

208.17

135.21

72.96

4,731.58

31.23

176.94

3

208.17

137.24

70.93

4,594.34

31.23

176.94

4

208.17

139.29

68.88

4,455.05

31.23

176.94

5

208.17

141.38

66.79

4,313.66

31.23

176.94

6

208.17

143.50

64.67

4,170.16

31.23

176.94

7

208.17

145.65

62.52

4,024.51

31.23

176.94

8

208.17

147.84

60.33

3,876.67

31.23

176.94

9

208.17

150.05

58.12

3,726.62

31.23

176.94

10

208.17

152.30

55.87

3,574.31

31.23

176.94

11

208.17

154.59

53.58

3,419.73

31.23

176.94

12

208.17

156.90

51.27

3,262.82

31.23

176.94

13

208.17

159.26

48.92

3,103.57

31.23

176.94

14

208.17

161.64

46.53

2,941.92

31.23

176.94

15

208.17

164.07

44.10

2,777.85

31.23

176.94

16

208.17

166.53

41.64

2,611.33

31.23

176.94

17

208.17

169.02

39.15

2,442.31

31.23

176.94

18

208.17

171.56

36.61

2,270.75

31.23

176.94

19

208.17

174.13

34.04

2,096.62

31.23

176.94

20

208.17

176.74

31.43

1,919.88

31.23

176.94

21

208.17

179.39

28.78

1,740.49

31.23

176.94

22

208.17

182.08

26.09

1,558.41

31.23

176.94

23

208.17

184.81

23.36

1,373.60

31.23

176.94

24

208.17

187.58

20.59

1,186.02

31.23

176.94

25

208.17

190.39

17.78

995.63

31.23

176.94

26

208.17

193.25

14.93

802.39

31.23

176.94

27

208.17

196.14

12.03

606.25

31.23

176.94

28

208.17

199.08

9.09

407.16

31.23

176.94

29

208.17

202.07

6.10

205.10

31.23

176.94

30

208.17

205.10

3.07

0.00

31.23

176.94

Totals

$6,245.10

$5,000

$1,245.10

 

$936.90

$5,308.20

 

As this illustration shows, the lawyer receives the full amount of his or her fee.  Also, since GLF’s fee of 15% is less than the interest rate, the lawyer will earn some interest on the account.