Lottery winners are usually paid in installments over time. It allows them to receive a steady stream of income while creating less of an immediate impact on the lottery system. These payments work out well for both parties in most cases, but sometimes the winner needs more money than the scheduled payments. When this happens it is important to know that you can sell your lottery payments for a lump sum.
People who choose to sell their lottery payments often need to eliminate debt, pay for education, or put money into their business. Sometimes people sell their lottery payments just because they would rather have money now to purchase a new car, add on to their home, or improve their lives in some other way. No matter why a person chooses to sell their lottery payments, it can be very beneficial and they can receive a lump sum payment in the short term.
To get the best value when selling your lottery payment it is important to know about the company that you are working with. There are a lot of companies that will buy your lottery payment and give you money, then turn around and sell the same lottery payments to a bank for a larger payment. This means that the lump sum payment you received was not the best value that you could have received.
To avoid the middleman and get the best value for your money you can sell your lottery payments directly to a bank. When you are working with a bank you want to make sure that they are reputable and can offer you a good deal on your lottery payments. Banks that are firmly established can give you peace of mind that you will receive a good value for your payments. Banks that are subsidiaries of public companies, like AnFed Bank, are good examples. Because AnFed is a subsidiary of the BofI Federal Bank (Nasdaq: BOFI) you know that they have a responsibility to keep their shareholders happy and will not unfairly take your money.
If you are on a scheduled lottery payment plan but want a lump sum payment now, selling your lottery payments to a reputable bank is the best way to feel confident about the deal you are getting.
