After winning a lawsuit, there is a chance that you will receive a structured settlement. This means that your money will arrive in installments, rather than a lump sum payment. If you have gone into significant debt while waiting for your settlement to arrive, or you have dealt with additional financial problems, these installments might not be enough to cover your expenses. In these cases, you should be aware of how structured settlement companies work and how they can possibly help you.
What Settlement Companies Do
The main benefit of a structured settlement lender is that you will receive your money faster in the form of an advance. For example, if your settlement pays you $1,000 per month for the next five years, structured settlement companies can give you a lump sum payment and then recoup the money through these monthly installments. Keep in mind that you will have to pay interest and other fees, so make sure that it’s worth these costs before you begin.
Look at the Prerequisites
Not all settlement types are eligible for structured settlements. For example, some agreements state that you cannot use the settlement as collateral for a loan, which effectively means that you cannot apply for this type of loan. Even if your agreement is eligible, you will have to receive permission from the courts in certain jurisdictions before you can begin if the settlement was reached in court..
File an Application
Once you are sure that you meet the standards or if you have any questions you can fill out an application and the funding company can answer any of your questions. When your application is accepted, you assign a portions of your payments directly to the funding company.
Resolution Funding Group helps those suffering from a personal injury get through life until their settlement money arrives. To contact this lender or to apply for a loan, visit.
