The amount you receive today and the amount payable from a recovery are different figures. A useful cost review makes both visible, explains how charges work and considers what happens if the case takes longer than expected.
This guide provides a way to read and compare written terms. It does not supply a Cherokee rate or a payoff quote; those come from the offer and agreement for your case.
Chapter 1 / 6
Identify the amounts before comparing offers
Start with the funded amount in the offer. Ask how much cash will actually reach you, whether anything is deducted and where those amounts appear in the agreement. Keep a quoted advance separate from a payoff balance.
Then find the charges and the payoff terms. Ask the team to explain how the amount due is calculated, including what changes with time. A headline rate does not answer every question about the cost.
Use the same definitions for each offer. Comparing one company's cash received with another company's contract balance would give you an unreliable picture.
| Figure | Question to ask |
|---|---|
| Cash received | What amount will I actually receive? |
| Charges | What is charged, how is it calculated and when does it apply? |
| Payoff | What total would be payable at the date we are comparing? |
Chapter 2 / 6
Compare the payoff at the same dates
Ask for the total amount payable at several possible settlement dates. Use the same dates for each offer so the comparison is meaningful. Include a later date as well as the date you hope the case will resolve.
Ask which figures come directly from the written agreement and which depend on assumptions. If the timing or calculation is unclear, get an explanation in writing before signing.
An explanation should help you read the contract. It should not require you to choose between a verbal promise and different written terms. Keep the offer, the calculation and any clarification together.
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Questions to ask before signingChapter 3 / 6
Connect the cost to the expense you need to cover
Write down the essential expenses prompting the request, their due dates and any existing payment arrangements. Separate an immediate need from uncertain future expenses. This gives you a specific amount to discuss.
You can ask a biller about an extension or payment plan before deciding on funding. When considering an offer, compare the immediate help it provides with its written cost. Funding can be expensive.
A larger offer is not a reason by itself to request more than you need. Ask your attorney how the proposed payoff could affect the amount left from your recovery.
Chapter 4 / 6
Understand the repayment terms for your state
Cherokee's FAQ states that no monthly payments are due while the claim is pending. For non-recourse funding, repayment comes from a settlement or court award under the written agreement. If the claim produces no recovery, you owe Cherokee nothing under that agreement.
For non-recourse funding, the FAQ also states that the amount due comes out of the recovery and does not exceed it. The agreement and applicable state law control the precise amount payable.
In South Carolina, Cherokee offers a supervised consumer loan. The written loan agreement states the actual annual percentage rate, finance charge, amount financed and payment terms. Do not assume the summary for a non-recourse product replaces those loan terms.
Chapter 5 / 6
Read an additional offer alongside the existing agreement
If you have already received an advance, ask for the current payoff information before considering more. Identify the prior balance, the proposed additional cash and the total amount that would be payable.
Do not assume a new agreement cancels an old obligation. Ask how existing funding is treated and discuss all agreements with your attorney. A larger number on new paperwork may not all be cash paid to you now.
Cherokee allows additional requests on the same case, but each request receives a new review. The earlier approval does not establish another amount or a payment date.
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Reviewing a second advanceChapter 6 / 6
Use a written comparison sheet
For each offer, record the cash received, the charges, the payoff on the dates you selected and the documents that support those figures. Leave a question visible if the information is missing instead of filling it with an estimate.
Add your attorney's questions about how repayment fits with the other amounts due at settlement. That discussion concerns the money that could remain for you, not just whether an advance is available.
Before signing, identify any state-required cancellation terms in the agreement and ask how they work. Keep the signed document and the explanations you relied on. No fee is charged to submit the website application, but the terms of an approved advance must still be reviewed.
- Cash received is clear.
- Every charge and its timing are explained.
- Payoffs use the same comparison dates.
- Existing funding and other settlement obligations have been discussed.
- State terms and any cancellation provisions have been located.
