It’s my money and I want it now. Cash now for your annuity is what you are probably clamoring. We have heard it over and over again. There are only a few options in the direct lending category that can help you out when you are in a financial pinch.
If you do not have an annuity or a structured settlement, you may know J.G. Wentworth as the company with the singing Vikings. If you do, however, you may have paid closer attention to the lyrics that they belt out. And if you find yourself in some sort of financial bind where you need cash sooner than later, you may even be considering doing some research to see how their services work.
Yet even before you get to this step, you may have some concerns about its claims of getting you the cash you need from your annuity or structured settlement. Some of these questions may revolve around the cost of their services.
As far as J.G. Wentworth is concerned, the company has been in the business of purchasing annuities since 1991.
How the Process Works
When J.G. Wentworth – and businesses that are in their industry – purchases an annuity or a structured settlement, you will receive a lump sum amount of cash in exchange. In the grand scheme of things, however, this lump sum amount is less money than if you were to receive your annuity or structured settlement under the terms and conditions of the payout. What this means is, you trade some of your money in exchange for immediacy. While some people may think that this process has all the earmarks of a scam, it’s the standard way in which this kind of transaction works.
How Much does it Cost?
In order to get comfortable with J.G. Wentworth’s fees for their services, you must first get familiar with how annuity purchase services work. In essence, if you receive a lump sum in exchange for your annuity or structured settlement, you should know that you will be receiving less money than you otherwise would in the long run. In exchange for their services, they will take a portion of your total annuity or your structured settlement before sending you your lump sum. Typically, this fee translates to around 9 to 15 percent of your total annuity or structured settlement. This may seem like a healthy chunk, but it may be small potatoes if you need money to pay off something that is a big financial burden, such as:
- Unpaid medical bills
- Student loan debt
- Credit card debt
Experience in More Ways than One
It should also be noted that J.G. Wentworth’s services extend beyond the realm of structured settlements and annuities. The company also can work with you and your needs regarding pre-settlement funding, mortgage notes, lottery winnings, inheritance advances, and more.