Has the pandemic put you in a tough spot financially? As you may know, CrowFly is here to help. We’ve revolutionized individuals’ ability to sell the rights to their structured settlement payments for the most money. But what are your other options, aside from selling your future settlement payments for money now?
Now, more than ever, you have a range of options that are easy to find, thanks to the internet and extremely low interest rates at the moment. Before you speak with CrowFly or any organization about selling your future payments, be sure you have done research into other ways to get the funds that you need.
If you only need a small amount of money and you might be able to pay it back quickly, you can consider short term options such as credit cards or payday lenders. Both can be very easy for getting basic credit, but the interest rates are extremely high, so they are not good options if you will need the money for a long time.
If you have a significant asset like a home, you could consider refinancing an existing mortgage or engaging with a home equity line of credit. Rates are at historic lows, with many banks offering fixed-rate mortgages under 3% and home equity lines under 9%. This might be your go-to option if you have the resources.
If you don’t have a significant asset, but you do have reasonable credit, talk to your local bank. They still may have options for unsecured credit at rates lower than 10%. This process often can take several weeks, but it can take less time if you already have an account with an institution. Check quoting resources such as NerdWallet or Bankrate for online banking options with even better rates and faster processes.
If your credit is difficult, consider some of the online platforms that provide loans regardless of credit. CrowFly does not recommend any particular vendor, but there are many options worth consulting. Prosper and LendingClub both utilize capital from lots of individual investors (similar to CrowFly’s model) to provide low-rate loans generally under 10% currently.
In addition to all of these options, you may also be able to speak to the institution that holds your annuity. Some institutions are willing to structure a surrender of future payments in a way that can provide effective interest rates of 6% or 6.5%. However, since your future payments are not really meant to be changed, you may hit a dead end with this option. Still, it may be worth the phone call.
If all of this is confusing or overwhelming to you, you are not alone. There are lots of financial advisors who are willing to get involved and help you sort out the process. You could also call your lawyer and settlement planner who created the structure for advice on the best path for you.
We pride ourselves in helping to improve the industry and the process of selling structured settlements. We average 6% discount rates and have had some as low as 4%. If you have explored all of your other options and want to know more about CrowFly, give us a call.
With more than a decade of experience in behavioral science, teaching, research, clinical psychology, and data analysis, CrowFly Chief Operations Officer Nita Bhatia‘s training has positioned her to understand human behavior, communication, body language, and emotions.