Structured settlements are very common. America has billions of dollars tied up in these payment programs. For all their benefits, though, they can be lacking in many ways. In most instances, a structured settlement will offer a specific amount of money each month over a long period of time. Once set, you can’t get more money per month or increase the frequency of payments. For those who find that their financial needs are greater than what their settlement offers, the situation begs the question, “Can I get a cash advance on a structured settlement?”.
The Short Answer
To give you the short answer, yes, you can get a cash advance on your structured settlement. This gives you the means to improve your financial situation right away. However, the situation is not necessarily as simple as it seems.
In reality, any time you consider getting a cash advance against your structured settlement, you’re basically selling a portion of your payments to a buyer in exchange for cash on the barrelhead. You don’t have to sell all of your settlement to get a cash advance, and most people don’t. In fact, selling only part of the settlement is the most common action for payees, though full settlement sales are certainly possible as long as they meet the necessary legal requirements.
What to Know
There are several things to know if you’re asking the question, “Can I get a cash advance on a structured settlement?”. One of the first is that it’s hard to do this on your own. It’s not the same thing as putting a for sale sign on your car’s windshield and parking it by the road. You have to find the buyers – they’re not going to come to you except in certain instances. Not only will you have to find buyers, but you’ll have to make sure that they’re reputable and in adherence to both federal and state laws regarding structured settlement sales.
However, there is a way that you can avoid doing this on your own and to get buyers to come to you. Working with a reputable structured settlement company ensures that you have the helping hand necessary to streamline this process, as well as to take the confusion out of it. You can get a cash advance on your structured settlement and have buyers come to you to make offers, but you’ll need the help of an experienced broker.