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A Helpful Guide to Understanding Structured Settlement Loans In almost all US states, you can receive structured settlement loans. After a lawsuit, many individuals decide to pursue a structured settlement from a company or individual. Compensation is provided in equal installments and over a fixed period. The installments are delivered through as collateral or in the form of a life insurance agreement. Applying for a structured settlement loan is very easy. In order to apply for a loan, there are a few prerequisites that must be met. First things first, you need to know what type of structured settlement you have. If you are planning to take out loans or financial leverages, so you can use them as collateral, there may be a clause that permits you from doing so. You are eligible to apply for a loan if there are no such restrictions permitting you from doing so. If the settlement has been reached, you still may need permission of court. Also, if the settlement took place out of court, then you may need permission from the defendants or the insurer. After you are sure there aren’t any legal restrictions, you’ll be ready to begin the loan application process. Next, either the bank or financial institution will evaluate your documents before it can accept your loan application. The processing length can take up to 120 days in some cases. Another option to consider is to sell your annuities. Selling your annuities, will make it possible for you to receive the money in 6 weeks or less. There will be a fee after your application has been processed and your loan has finally been approved. The fee and other charges will deduct income tax from the total loan amount. If you only spend what is needed, you will be able to pay back the loan via the annuity payments made to you.
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The disbursal of your loan should be compared with the sale of your settled agreement. After you sell your annuities, you might be responsible for more fees and a deduction of taxes. This will end your settlement agreement, which means you won’t receive any future payments. The way to keep your settlement plan in place, is to apply for a structured settlement. You will still have to repay the loan.
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It’s common for most annuity buyers to only buy half of the settlements, yet the majority of the loans will cover the entire payment plan. This option provides you with the most leverage, as it will give you a number of spending options. Always check the structured settlement loan lender’s credentials before you proceed. Hiring a lawyer is recommended,because they will thoroughly investigate the contract papers and make sure you understand every detail before signing the contract papers.