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If you receive a settlement from a lawsuit, it may be a structured settlement.
A structured settlement is a set of smaller settlement payments made over time. Instead of receiving a lump sum, a structured settlement provides a steady income. For example, instead of receiving $50,000 all at once, a structured settlement could provide $2,000 per month for 25 months.
In addition, structured settlements aren’t taxed, allow a beneficiary, and can be sold for a lump sum later on.
However, structured settlements aren’t for everyone. Since structured settlements have a set schedule, they aren’t flexible if your financial situation changes. There are also fees and penalties if you decide to withdraw from or sell a structured settlement at a later date.
If your situation ever changes and you need a lump sum, a judge must approve the sale of your structured settlement. The lump sum you receive will depend on the amount of payments you’ve received, the interest rate on the annuity, and more.
For more information about selling a structured settlement, contact Ally Lawsuit Loans today.
We approve applications within 24 hours and guarantee the lowest rates on the market.