Most people are aware of structured settlements in the legal industry–but are you aware of the benefits of a structured settlement loan?
A structured settlement loan is very different than other types of personal loans. In fact, it is not truly a loan at all.
Instead, it is more of a source of funding a payment ahead of time that is already on its way.
Things can often move slowly in the legal industry, so this is one way of speeding up the process and cutting down on wait times to receive the money that is rightfully yours.
Keep reading to learn more about what a structured settlement loan is, and how to know if it’s right for you.
What Is a Structured Settlement Loan?
Once you have already won your civil case and been granted a funding amount, time can feel like it’s standing still. Waiting around for payments to begin is one thing. After that, they may come in a slow trickle on a set schedule.
A structured settlement is designed to pay out your award in small, periodic payments. However, this may not be what’s best for your unique situation. Depending on your liquidity and cash needs right now, a lump sum paid out quickly may be more advantageous.
Instead of receiving small payments over time, a structured settlement loan allows you to receive a lump sum upfront. After all, the money is rightfully yours. Why wait for the funding to come through a slow trickle?
Furthermore, this does not function as a traditional loan might. It has no risk to yourself or your credit record and acts as more of a cash advance than a line of credit.
The process also does not require collateral or co-signers, as other traditional funding sources might. This is great for individuals with poor or limited credit history.
Finding the Best Structured Settlement Loan for You
It is extremely important to compare sources for structured settlement loans. Not all lenders are created equal, and as with any financial decision, it is imperative that you fully understand what you are agreeing to.
Naturally, these services come at a cost. Be sure to compare the total amount you will be receiving, and how much you are sacrificing over time to benefit from the lump sum funding now.
For example: learn about RightWay Funding. With one of the highest average lump-sum payouts for structured settlements, they might just be able to help you as well!
Turning to the Experts
For those who find themselves with higher cash needs right now, a structured settlement loan is an easy way to start getting your life back on track without the same risk of credit denial as with traditional loans. The funding can even come in as quickly as 24 hours.
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