Have you been considering selling your structured settlement recently? If you want access to your structured settlement loan funds now instead of waiting but are not sure whether to do it or not and how to do it, you are in the right place.
Keep reading to learn more about structured settlements, why sell a structured settlement, and how to sell it if you choose to.
What Is a Structured Settlement?
Before we dive into structured settlement loans let’s clear up what a structured settlement is. A structured settlement is a large sum of money that is paid to settle a lawsuit where the defendant was found guilty for the injury or death of someone.
The insurance company typically holds the money and then distributed the portions however they have been structured to be paid over time. This can be monthly, quarterly, or annually.
Why Sell a Structured Settlement?
Sometimes people choose to sell structured settlement to make a big purchase like a vehicle or a home, to pay off any high-interest debt, to pay for education, or to pay off any outstanding medical bills.
If you have an unexpected bill comes up and you need a lump sum of money upfront to cover that bill, selling your structured settlement might be your best option. If you try to take a regular loan out for your emergency you might be denied because banks do not consider structured settlement payments as an income source.
Answering these questions honestly will help you make the right decision when it comes to selling:
- Do I truly need the cash right now?
- Is what you will be spending the money on a want or a need?
- Will selling the rights to your future payments put your financial security at risk?
Make sure that you answer these questions with complete honesty to help you make a decision you will not regret in the future.
How to Sell a Structured Settlement?
When you decide that you want to sell your structured settlement you contact a company that purchases structured settlement and have them give you a free quote. You can compare quotes to make sure that you accept the best offer.
The company might give you a cash advance to help you pay for your emergency while you wait for the court date where a judge will review your case. The company you choose should be familiar with the laws and be able to walk you through the legalities with no issues. Every structured settlement that is sold is governed by state and/or federal laws.
Once the judge makes the final approval you will send the approved transaction order to the insurance company and then you will receive the rest of the payment.
Now You Know All About a Structured Settlement Loan
As you can see getting a structured settlement loan is not too complicated when you find the right company with experience in making this type of purchase. You want to ensure that you have a reputable buyer on your side if you choose to sell your structured settlement.
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