Structured settlements are a great way to make sure that you have a steady income for years to come, but some structured settlement annuitants will find themselves in a situation where they need money in the short term. When these situations arise you can sell your structured settlement for a lump sum cash payment to get the money that you need.
When you cash out your structured settlement payments for a lump sum you can use the money however you need to. Paying medical expenses, paying off debt, continuing your education and buying a house are all common reasons that a person will want to sell structured settlement payments.
Lots of companies exist to buy structured settlements and you want to be sure to find one that will give you a generous lump sum payment. Some companies buy payments with the intention of selling them to a bank at a higher price for a profit. The profit these companies make is money that you could be getting if you worked directly with a bank.
When you sell payments to a bank you are working with an established company. This can give you peace of mind as you trade your future income for a lump sum payment now. Some banks are willing to purchase only a portion of your settlement payments. Getting a cash advance on your next several payments while retaining payments in the future can provide you with the money you need now without forcing you to sell your full structured settlement.
A good example of a bank that purchases settlements from structured settlement annuitants is AnFed Bank. AnFed Bank has been a trusted structured settlement consultant for years and will give you a generous lump sum payment. AnFed Bank is a division of BofI Federal Bank. BofI Federal Bank is a publically traded company (NASDAQ: BOFI) and FDIC insured. Banks with credentials like these are unlikely to treat you unfairly when you sell your structured settlement payments.
Selling structured settlements is an important decision and you need to make sure that you choose the right company to purchase your structured settlement. Working directly with a bank is the best way to eliminate any middlemen that want cut into the money that you could be making.
