The Center For Debt Management
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Cash Advance, Annuities,
And Structured Settlements

The term cash advance is often used to refer to a number of financial services, each being very different from the other.

For example, a cash advance is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit. For a credit card, this will be the credit limit (or some percentage of it).

Payday Loan Cash Advance

Payday loans and paycheck loans, which are short-term loans, are also commonly referred to as cash advances. These types of loans are described more fully in our Payday Loans sector.

Lawsuit Cash Advance

Cash advances are also used to advance funds to consumers who expect to receive funds in the future, for example, from a lawsuit. In the case of a lawsuit, it can take a long time to get a settlement. Instead of waiting months or even years to get paid, there are companies that are very willing to advance you fund based on your particular situation. These funds can typically be used by the borrower for their immediate needs or long-term goals; to cover their medical bills, living expenses, legal expenses, vacations or however they wish.

Repayment for lawsuit cash advances are typically repaid only when the borrower's case is won and settled. And if the case is lost, the borrower may not be required to repay any funds that were advanced.

Insurance Claim Cash Advance
and Annuity Settlement

Have you been injured in an accident and are tired of waiting for the insurance company to settle your claim? There are many ways you can go about settling your injury claim. You can wait around for the insurance company to settle your claim but that could take months. You can have the money put into a structured settlement, which can take years to get fully paid, or you can get your money before you settle your claim via a cash advance, or what is also called, pre-settlement funding

Insurance Annuity Settlement

If you're receiving payments from an annuity, you may be better off with a lump sum instead of waiting years to get paid. To do this you would sell all, or just some, of your annuity payments.

The process of getting upfront cash for your annuity payments is relatively fast and easy, and the paperwork is typically handled by the company purchasing the annuity.

Structured Settlements

In a stuctured settlement arrangement, an individual, typically an injured pary, agrees to accept payments from a claim over a period of time in accordance with the agreed schedule. For example, the individual may agree to accept $500 per month for 25 years.

As time progresses, however, the individual's needs may change and want to receive a greater sum of cash upfront, rather than the agreed to schedule. To accomplish this, the individual can seek to sell all, or a portion, of the remaining payments to a structured settlement company.

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