There are very few people who can say that they have won the lottery but those who have won tend to take a payment plan rather than a lump sum payment. Choosing to take future lottery payments over a set period of time allows the winner to have a steady income in the future and can help them reach financial goals they otherwise could not.
There are times when a lottery winner needs to cash out future lottery payments to help them solve an unforeseen problem. Sometimes medical bills, debt, paying for education, buying a house, or other financial needs can arise that could not have been predicted. When a lottery winner with a payment plan needs money now they can sell their future lottery winnings.
Lots of companies exist that will buy future lottery payments with the sole goal of selling the payments to a bank for a profit. They essentially act as a broker between the seller and a bank or other financial institution. When you work with these companies you rarely get a fair offer for selling your future lottery payments because the company wants to increase their profits.
To prevent these companies from taking money that you might be able to receive for selling your lottery payments you can work directly with a bank. By working with a bank you can be relatively confident that the bank does not want to sell your payments and can offer you a more generous lump sum payment when they buy your lottery winnings.
Banks also have reputations that they must protect to keep their business in good standing. A bank like AnFed Bank has spent years building up a reputation as a respected institution in the lottery payment finance industry. Additionally, AnFed is a division of BofI Federal Bank, a publically traded company (NASDAQ: BOFI). Because AnFed needs to protect their own reputation as well as BofI you know that they will treat you the right way.
When you decide to cash out your lottery payments for a lump sum of cash working with a bank can help you get all the money you deserve.
