Winning the lottery is an incredible stroke of good luck. You now have a new stream of money that you can rely on to help you take care of your expenses and also buy some of the things that you might not have been able to afford earlier. Accepting lottery winnings over time is a common way to get your money but occasionally you can’t wait for your next installment.
Lottery winners sometimes struggle with newly accrued debt because they spend outside of their means. Lottery winners can also encounter bad luck that can force their hand and leave them without enough money to get by. No lottery winner should ever be strapped for cash because they can sell the lottery winnings for a lump sum cash payment.
Selling lottery payments is an important decision and it should not be taken lightly. You have to do your research to find the right company to work with that can help you get the most generous lump sum payment. There are a lot of companies that act as little more than brokers between you and a bank. They give you a lump sum payment for your lottery winnings, and then sell the winnings to a bank for a higher payment. These companies profit off of money that could be going to you.
To avoid companies like these and make sure that you are getting a good return when you sell your lottery payments you can work directly with a bank. Working with a bank helps you have confidence that you are getting a good lump sum payment because they have a responsibility to their shareholders and reputations to protect.
A good example of a bank with a reputation to protect is AnFed Bank. With years of experience in the lottery payment finance market AnFed is a reputable buyer that knows what they are doing. They are a division of BofI Federal Bank, which is a publically traded company (BOFI) and is fully FDIC insured. When you work with a bank that has a vested interest in making you happy, you are likely to get a better deal.
When you need to sell your lottery winnings for a lump sum payment, choosing to work with a bank can help you make sure that you are getting a fair value for your future payments.
