What can I use it for?
When you borrow money as a legal fee loan, you’ve got flexibility in how you use the funds – but you can’t use them for just anything.
Accessing high-quality legal advice
If you don’t have income to cover the cost of your family law matter, or your money is tied up in a property settlement, a legal fee loan helps you cover the cost of getting the advice you need, when you need it.
Existing legal debts
Because marriage breakdowns can be complicated, you may already have legal debts to handle. Legal fee loans can be used to pay outstanding fees, as well as for future legal costs.
Matters handled outside of court
There’s no need to head to a courtroom to access funds through a legal fee loan. If you’re hoping to avoid litigation, legal fee loans can also be used for non-confrontational alternative dispute resolution (ADR) like mediation, arbitration and pre-action procedures.
Assorted fees
A legal fee loan also isn't just for legal fees – it can be used to cover a variety of costs associated with the legal process. These can include third-party costs like valuers and accountants valuing the asset pool, complicated structures and asset protection schemes.
Limited personal reasons
You might also be able to access a small amount of the overall loan for personal reasons. What are legal fee loans used for in everyday life? You can use them to:
- Improve your house prior to putting it on the market to increase the sale price
- Repay family members who have loaned you money
- Pay for advice on your new circumstances, such as from a financial planner
- Pay off a high-cost debt, such as a credit card or tax bill
- Tide you over while you’re waiting on a property settlement, helping you avoid interim applications and partial property orders