What is the difference between a Payday Loan and a Non-Recourse Cash Advance through Buckeye Legal Funding?

After being struck in an accident, you may be injured, hurt and out of work. You often have bills pilling up for medical treatment, physical therapy, chiropractic care, vehicle repairs and general life expenses like paying rent or a mortgage while you are waiting to win your accident claim. You will often receive low-ball offers from the insurance company hoping to entice you to settle your claim for much less than it is worth because they know your bills are growing.

As this continues, you often start considering loans from family members, payday loans, car title loans and any other available options all of which can have high interest rates and must be paid back regardless of whether or not you win your injury case.

You may not be aware that you have another option that is repaid only if you win or recover money on your accident case. That option is a non-recourse cash advance from Buckeye Legal Funding.

A non-recourse cash advance from Buckeye Legal Funding provides injury victims with an immediate cash payment while their injury claim is being pursued at rates much lower than that of payday loans and car title loans. A Buckeye Legal Funding cash advance is only repaid out of the successful recovery on your injury claim or lawsuit.

If you lose your case, you get to keep the full amount of a non-recourse advance from Buckeye Legal Funding. A non-recourse cash advance from Buckeye Legal Funding allows you to help pay your bills while having the comfort of knowing it does not have to be repaid if you do not win your case.

Here is a little more information about the differences between the two and a little clarification on what it is to be considered non-recourse.

NON-RECOURSE: Unfortunately, payday Loans and Non-Recourse Advances seem to be grouped together quite frequently, despite being vastly different in how they can help you. Most importantly is the character of repayment. A payday loan, as the name suggests, requires you to make payments as you receive income regardless of whether or not you have injuries, bills or other responsibilities that need paid. A non-recourse cash advance through Buckeye Legal Funding is only paid back once your case settles and only if you win. Essentially, the goal of the cash advance is to help you pay the debts that accidents create, whereas payday loans simply create more debt.

RATES: Payday loans also often carry very high interest rates that can triple or sometimes quadruple the amount of money you owe in a very short amount of time, and the terms of these rates are typically buried within the fine print. The rates and fees for a non-recourse cash advance from Buckeye Legal Funding are transparent from the beginning, and they are designed to only cover a small percentage of your settlement so that when it finally does clear, you’re left with the resources to move on with your life. At the end of the day, that is the goal of any non-recourse cash advance through Buckeye Legal Funding; to help you move on and help you take care of what’s most important.

October 6, 2018

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