Can I Borrow Against My Structured Settlement?
Structured settlements are financially beneficial for many people. They provide a steady stream of reliable income, made in small payments over time. But what if you suddenly hit a financial roadblock and you need more than your payments will provide? It can be frustrating to know that you have hundreds if not thousands owed to you, yet be unable to access those funds right away. The answer could lie in the legal funding industry.
How legal funding works
When a plaintiff files a lawsuit, that person may be eligible for a pre-settlement loan. This loan, which is really more of a cash advance than a loan, is made against the promise of a future settlement or jury award. If the plaintiff loses the case, nothing is owed, so it’s a risk-free venture. Loans made against structured settlements are a little different.
Since you already have a settlement, you could apply for a cash advance against the money you’re already owed. It’s a convenient way to access the money that’s already essentially yours, but that you only currently have restricted access to. A cash advance from a legal loan company like LawStreet Capital is a method of converting your long-term payments into a lump sum of cash that you can use today. You may choose to convert either some or all of your payments into a lump sum of cash.
What to know about structured settlement cash advances
Many people have a structured settlement as a result of a serious car crash or other type of personal injury case, like a dog bite, slip and fall incident, or product liability claim. It’s also possible to have a structured settlement as a result of wrongful termination, divorce, workers’ compensation, sexual harassment, or discrimination claim.
Although the monthly payments may have been working well for you for a while, you may have hit a few roadblocks recently. Perhaps you have unexpected medical bills, job loss, or a major home repair, or maybe the kids are going off to college.
One of the benefits of borrowing against your structured settlement is that you can use the money for anything at all—from unexpected bills to everyday living expenses. You could even use it to start your own business or go back to school to finish earning your degree and get a fresh start in life. There are no limits to legal loans.
Another perk of settlement cash advances is that, since they aren’t loans, there’s no credit check or employment verification required. And because they are cash advances made against money you already have owed to you, there’s zero risk involved.
LawStreet Capital: Your source for settlement cash advances
When you decide it’s time to borrow against your structured settlement, don’t settle for high interest rates and confusing terms and conditions. Choose one of the top legal funding companies in the industry. Here at LawStreet Capital, we pride ourselves on transparent terms, friendly customer service, and some of the lowest available interest rates you’ll find anywhere.
Our knowledgeable associates are standing by to help you understand your options for a cash advance against your structured settlement. Call 800-345-8500 toll-free or fill out the simple application on our website to get a free quote.
Additional resources on structured settlements:
- Forbes, What’s A “Structured Settlement”? https://www.forbes.com/sites/robertwood/2010/10/26/whats-a-structured-settlement/#6b103ae34422
- National Structured Settlements Trade Association, What Are Structured Settlements? https://www.nssta.com/structured-settlements