Using a Pre-Settlement Loan to Get a New Home
A lawsuit can be a terrible and time consuming experience; especially when it’s due to accident or injury. However, the monetary reward after the lawsuit can be very advantageous to the plaintiff. Some lawsuits can turn into a large sum of money for many individuals, allowing them to buy new a home, automobiles andor be taken care of for the rest of their life. The downside is you have a long time span before your money is received, or you’ll receive a structured settlement plan where instead of a large sum payment you are paid monthly or yearly for a certain time period till the awarded amount is paid off. A structured settlement is usually the outcome of a large lawsuit verdict.
There are few options obtainable to you depending on your situation. If you’re nevertheless in the middle of a pending lawsuit you can get a settlement loan. If your lawsuit has already reached a verdict and has a structured settlement agreement you can sell your structured settlement for a one sum payment. Either option is a great way to get access to all your money and use it how you need it; there are no restrictions with either option you choose, below is a little bit about each option.
A settlement loan, or also known as a pre-settlement loan or lawsuit cash improvement is when money is lent too you, before a verdict is reached. This allows you to get access to funds before an awarded amount is given. The best part of a settlement loan is you’re not required to pay it back if you lose your case; making it a non-resource debt. If you do win you’ll pay back the loaned amount, a moderate fee and interest. This is a great solution to anyone who needs money during their lawsuit, to each put a down payment or pay in complete for a new home, medical bills or current debt.
A structured settlement loan, or buyout works on the same premises. If you get a loan, your basically get money progressive to you in lieu of your structured settlement payments for a specific period of time, including interest and a fee. If you do a structured settlement buyout you’re basically selling your complete structured settlement for one large sum payment and in return the provider or investor will receive the rest of your payments. This is great again for anyone looking to buy a new home out right or get access to all of their money at one time.