Structured Settlement Loans

Get the Money You Need Now With Structured Settlement Loans

If you receive payments from a long-term structured settlement or an annuity but you need cash right now, a structured settlement loan may be the best answer to your problem. Structured settlement loans advance you the money you need now and take the loan repayments from your future settlement payments. If you live in Elliott MS, you'll find a number of companies that offer structured settlement loans for your needs. Here's what you should know about structured settlement loans and their terms.

The Basics

Structured settlement loans are business arrangements between you and the lender. The lender agrees to advance you an agreed-upon sum of money. In return, you assign a number of payments from your structured settlement funds to the lender until the loan is paid in full.

Payments for Structured Settlement Loans

Many people mistakenly think of structured settlement loans as "selling" their settlement. In fact, it's not much different than an advance on your salary at work, where you agree to have the repayment of the advance taken directly from your paycheck. Depending on the arrangements you make, the loan company may get part of your monthly settlement check or all of it for a specific number of months until your loan is paid in full.

Restrictions on Structured Settlement Loans

In some states, structured settlement loans must be approved by a court or court-appointed official before they can be completed. Be sure to check the laws in [statetitle] regarding structured settlement loans before you enter into any agreements with a lending company.

Uses for Structured Settlement Loans

In some states, there are no restrictions whatsoever on how you use the money from a structured settlement loan. Some states, however, require that loans taken on structured settlements be used for non-frivolous purposes. In those states, a court or your attorney may make a determination that it's not appropriate to take out a loan for a cruise, while structured settlement loans to make repairs to your home or to pay for college or training may be acceptable.

If you get payments from a structured settlement but you need money now to pay bills, deal with an emergency or take advantage of an opportunity, talk to a company in Elliott MS that provides structured settlement loans today.