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Should You Borrow Against Your Structured Settlement?
A structured settlement loan can be a godsend for people who are receiving their settlement monies in increments that just aren't keeping their heads above the water. Structured settlement loans are loan proceeds that allow a settlement winner to have his or her funds right away instead of waiting for the other party to start paying the settlement that they owe in a painstakingly slow manner. They help people to relieve stress when they have been in car accidents or have otherwise experienced traumatic emotional or physical pain. The following is some information about structured settlement loans for people who may need them.
Who Qualifies for a Loan?
People who have won a settlement in court qualify for structured settlement loans. A structured settlement is a settlement that has specific time intervals set up for which the person will receive funds.
Some people are not happy with their structured payments because they do not allow them to get enough money to pay bills each month. Such people may be interested in selling their settlements outright or receiving a lump sum loan distribution so that they can do what they need to do. Structured settlement loan companies are willing to provide these funds to anyone who qualifies.
The process of finding the best structured settlement funding company starts with a reputable comparison site. CStructured Settlement Watch has a list of some of the top providers. An interested person can sift through that list to find a good deal for himself or herself. Anyone who is searching for the best lender should pay close attention to those reviews and stay in the area of three to five stars for the best structured settlement loan.
The individual should select three to five of the top-rated companies and visit their websites. On their websites, they'll need to search for information about tenure, rates, loan amounts, processes and an "about page" that gives some more information about the company and why it does what it does. Making a phone call to gauge the level of customer service there is a good idea, too.
The structured settlement loan rates vary from lender to lender. That's why it's super important for a person to compare at least three companies. Preferably, the person would compare five companies, but three are acceptable. Each company has its own criteria for structured settlement advances and their rates, and some are much lower than others are. The companies may use various criteria to determine the rates for their advances. They may set their fees according to what state their customers live in or some other criteria. Ultimately, the client will want to find a provider that pays more money and attaches fewer fees than everyone else in the industry.
How The Lending Processes Work
The process of getting a structured settlement advance begins with a quote request. The prospective client can either call a number or complete a short form to get an estimate of what the lender will provide. If the person is happy with that offer, he will then have to prove that the settlement exists. Some companies may want to speak to the attorney who is handling the person's case to ensure that the person has a legitimate settlement in his name. The lender will provide the funds once the proof of the account clears, and the person submits identification and other paperwork.
Other Information About Structured Settlement Lenders
The companies that lend funds to people who have structured settlements also provide loans for other types of items such as annuities. Customers do not have to sell or take a loan on their entire settlement or annuity. They can opt only to sell or put up part of it if they want to do something specific with the proceeds.
If you are waiting for proceeds from a legal settlement, you have the option of calling one of the leading structured settlement loan companies and asking if they could help you with funds. Do that as soon as possible so that you can live comfortably and pay all of your bills like you want to.