Winning the lottery is a very exciting time. The promise of additional income that can help make your dreams come true is the reason that many people play the lottery in the first place. Oftentimes lottery winners do not receive their money in a lump sum payment. They are paid their winnings in installments over a period of time. When lottery winners want to get money quickly they can sell their lottery payments to another person or company.
A large, lump sum payment can dramatically change a person’s life. It allows them to pay down debt, get an education, make a big ticket purchase like a car or a house, or can even help them start their own business. Whatever the reason may be, when lottery winners want a lump sum payment they should sell their structured lottery payments.
When you sell your lottery payments for a lump sum you want to make sure that you get the best return from the sale. There are lots of companies that will buy your lottery payments for less than their true value. After they buy the lottery payments they sell them to banks for a profit and you wind up with less than the full value of the payments. To get the most out of your lottery payments you should work directly with a bank.
Working directly with an established bank not only means that you have bypassed the middleman. A bank that has an established reputation is not as likely to buy your lottery payments for an unfairly low price. For instance, AnFed Bank is a division of BofI Federal Bank. Because BofI Federal Bank is a federally chartered public company (Nasdaq: BOFI) AnFed Bank has a responsibility to uphold the BofI reputation a responsibility to the shareholders. Working with a bank can provide you with confidence that they will treat you fairly.
Selling lottery payments is a great way for lottery winners to get a lump sum payment up front. To protect yourself from seller’s remorse, it is important to make sure that you do your research and get the best possible deal for your lottery payments. Working with a bank is one way to make sure that you are receiving a good offer and cutting out the middleman.
