LegalPay Launches Zero Interest Credit Line, To Disburse Rs 200 Cr In 2024

LegalPay, a litigation funder and legal solutions provider, has launched a zero-interest credit line for enterprises, startups, individual business owners, and freelancers to settle legal disputes while preserving their working capital. LegalPay aims to disburse Rs 200 crore in 2024 through its own NBFC Padmalaya Finserve along with other partner NBFCs. 

Named Quick Settle, this structured financing is designed to streamline the resolution of legal disputes with a flexible six- to-twelve month repayment plan, enabling parties to resolve conflicts without depleting their working capital, the company said in a statement.

It aims to facilitate amicable dispute resolution by enabling parties involved in disputes to settle claims without impacting their working capital through a zero-interest credit line offered to the defendants with a flexible six–to twelve-month repayment cycle. 

Kundan Shahi, Founder and CEO of LegalPay, said, "Our vision is to bridge the gap between legal disputes and swift resolutions. Quick Settle is not just a financial product. It catalyses change, fostering a culture of collaboration and resolution. By allowing defendants to manage their working capital efficiently through a zero-interest repayment cycle, we aim to foster a more conducive environment for businesses to thrive. Quick Settle embodies years of litigation funding expertise, adopting a tailored approach because we understand that one size does not fit all. This structured financing option enables defendants to settle claims seamlessly, alleviating the stress of legal battles without compromising their working capital."   

Quick Settle is expected to disrupt innovation in legal finance, specifically tailored to improve the efficiency of the Indian judicial system, which is currently burdened with an overwhelming backlog of 61 lakh cases in the country’s 25 High Courts, the company stated.

Founded in 2019, LegalPay has claims to have funded over 44,000 commercial cases and underwritten a staggering 92,000 cases nationwide. With Quick Settle, LegalPay aims to further disrupt a potential USD 200 billion market by bringing financial relief to businesses and having a positive social impact by expediting dispute settlements. 

As per the company, Quick Settle ensures that the businesses receive their claim amount on day one, thus proving to be a game-changer for companies looking to bolster their financial strength.