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How is a Structured Settlement better than a Personal Loan?

Although the option of selling structured settlements and annuity payments can often have a negative connotation connected to it, most people do not realize that it can be a much better choice than taking out a personal loan from a bank.
One of the biggest misconceptions with selling annuities or structured settlements is that you have to sell them all or that you have to sell them all right away. This, however, is not the case. When you begin the selling process, it is important that you focus on finding a plan that suits you best. You have the option to only sell a portion of your monthly payments to ensure that you still have a form of income each month. Also, you can decide to sell payments farther out in the future in opposed to right away. When you do not start selling payments until a few years down then road, then you are not hindering your current financial situation which allows you to better your situation in the present rather than later.
Another factor that often goes unnoticed is the fact that a bank loan comes at a much higher rate than the price for selling your structured settlements or annuities. It is very rare for a bank to give a loan at a rate under 11%, unlike structured settlement rates. Also, when you take out a personal loan from a bank, you are expected to start paying it back right away. However, another plus for selling annuities is not having to owe money. When your payments are sold, you can still expect parts of your payments without the responsibility of paying back a loan.
When deciding which of these options is best for you, it is very important to look at it from every angle and consider all your different options.

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