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A Useful Guide to the Structured Settlement Loan Process Almost anyone residing in the U.S is eligible to receive a structured settlement loan. After a lawsuit, many individuals decide to pursue a structured settlement from a company or individual. Compensation is received over a set period and in installments. The installments are delivered through as collateral or in the form of a life insurance agreement. The process of applying for a structured settlement loan is simple and quick. In order to apply for a loan, there are a few prerequisites that must be met. The first thing you need to know is the type of structured settlement you’re going to get. You should be aware of any clauses that restrict you from taking out a financial leverage or loan to use as collateral. You are eligible to apply for a loan if there are no such restrictions permitting you from doing so. If the settlement has been met under its instructions, then you might need the permission of a court. Also, if the settlement took place out of court, then you may need permission from the defendants or the insurer. Once you’ve taken care of these initial steps, you’ll be ready to begin the loan application process right away. After evaluating the paperwork, either the bank or financial institution will accept your application. It’s rare, but there are instances where the loan can take up to 120 days for processing. Selling your annuity is a great option to consider. If you go down the path of selling annuities, you can receive the money in 45 days or less. There will be a fee after your application has been processed and your loan has finally been approved. The the total amount of the loan will also incur some other costs that will be deducted as income tax. 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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It’s wise to compare the settlement sale with the disbursal of your loan. After you sell your annuities, you might be responsible for more fees and a deduction of taxes. This will terminate your settlement, and will make you ineligible to receive payments in the future. If you want to prevent this from happening, you should take the loan as a structured settlement. That said, you will have to repay your loan.
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Usually, annuity buyers buy 50 percent of settlements, although most of the loans cover the entire payment plan. This option grants you a lot of leverage, as you can spend the loan in a variety of ways, or even invest in property. Always check the structured settlement loan lender’s credentials before you proceed. Relying on the expertise of a lawyer will protect you from any hidden costs, terms, or conditions.