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J.G. Wentworth Blog

Selling Your Structured Settlement and Annuity Payments: Is That Really the Best Way to Get Cash Into Your Pocket? – Part 1

Hi folks, J.G. Wentworth here.

When you need cash quickly, there are plenty of places you can go to get that money. But are they really better sources for cash than selling your structured settlement or annuity payments? Let’s compare these common sources of cash to the lump sum you can get by selling all or a portion of your future payments.

Selling structured settlement or annuity payments versus borrowing money from a bank

Banks make loaning money their business, of course, and they’re very easy to find. Sometimes their loan terms aren’t even that unreasonable. Unfortunately, applying for a bank loan can be complicated and time-consuming, and require collateral. Even worse? – After waiting all that time, you still may be denied your application for the loan. And if you get the loan and don’t make your loan payments on time, your credit rating could be severely damaged.

Selling structured settlement or annuity payments versus borrowing money from a credit card

Certainly, borrowing money from a credit card puts cash into your hands quickly. The potential downside, however, can be enormous. Interest rates and fees assessed on that cash withdrawal can be exorbitant. Late charges and other penalties can also quickly pile up. And finally, you may find your credit rating severely damaged, should you not be able to make the credit card payments on time.

Selling structured settlement payments versus getting a home equity loan

Home equity loans allow you to tap into the value of your home and “borrow” against it. But these loans must be paid back in full, with fixed payments, or again, you can risk damage to your credit rating.  A home equity loan can be especially dangerous in today’s market, where home prices can fall or stay stagnant for months and even years on end. Even worse, because these loans involve a mortgage/lien on your home, failure to pay back the loan could lead to the chance that you and your loved ones may be forced out of your home for good.

Our next blog will continue to explore other options folks turn to when they need money quickly. However, we hope you already see why we believe selling structured settlement or annuity payments is frequently the best option for folks looking for cash. Because when it comes down to it, apart from all the risks highlighted above, what these other three options above have in common is that you are borrowing money from an outside source. But selling structured settlement or annuity payments does not require you to borrow money at all. All you are really doing is getting money that is already owed to you sooner – and not adding any debt to your life by doing so.

We hope you check out our next blog, which continues our discussion on this topic.  In the meantime, if you would like more information on how J.G. Wentworth can help you sell your structured settlement or annuity payments for a lump sum of cash, please give us a call at 1-877-227-4713.