If you’re headed for a settlement in your lawsuit, but your finances need help right now, pre settlement loan funding might be a good choice for you. Pre settlement loan funding is when you agree to sell the structured settlement payments you get from your lawsuit to a pre settlement loan company, in exchange for a lump sum of money. Here are five reasons to consider this option:
1. You Can Get Out Of Debt
If debt collectors are knocking at your door, you need money sooner rather than later. Carrying all that debt is having a damaging affect on your credit, which could prevent you from achieving future goals, such as getting your own apartment, or even getting a job. Selling a structured settlement could allow you to pay off all your debt right away, relieving yourself of a huge burden.
2. You Can Finally Purchase A Home
Maybe you don’t need to get out of debt, but rather you want to make an expensive purchase, like a house. On average, a structured settlement payout comes to $324,000. If you get cash for your settlement, you could have enough money to buy a home with no mortgage!
3. You Can Use The Money For Your Education
Maybe you’re struggling to pay back the loans you took out to go to college, or maybe you’ve been delaying going to college because you don’t have enough money saved up. If you opt for pre settlement loan funding, you could use the lump sum you get to pay off your loans, or pay tuition to earn the Bachelor’s or Master’s degree you’ve been wanting to get for a while.
4. You Can Change Your Career Path
Another use for a lump sum payment could be starting your own business. Having a great idea and a degree in business is a great start, but you also need a large amount of money in order to actually start your business. Pre settlement loan funding can provide you with this large amount of money that you need in order to reach your goal.
5. Most People Who Do It Are Satisfied
Ninety-two percent of people who decide to sell their structured settlement payments are glad they decided to do so. Whatever they end up using the money for, they are satisfied with their decision.
The only downside to selling a structured settlement is that it can cost surrender charges of up to 10 percent, so be sure to consider this when making your decision. However, giving up that 10 percent might be worth it if you can get all the money right now, rather than having to wait for smaller payments. Consider the option; it could be a great choice for your future.