Do I have to sell my entire lottery prize?
No. AnFed Bank can purchase all or a portion of your lottery prize depending on your financial needs. AnFed Bank custom tailors each transaction to meet our client’s specific needs. Call 855-88-AnFed (1-855-882-6333) today to speak to an AnFed Bank representative who can help you understand how to sell your annuities and find out which solution is best for you.
How long will it take to convert my lottery prize into a lump sum?
Because a court has to approve the sale of your lottery payments, the amount of time it takes convert a lottery prize into a lump sum cash payment depends on the court and state in which your payments are being assigned. At Annuitants Federal Bank, we understand that sometimes people need cash right away, so many times we are able to advance a portion of the funds within a few days after customers sign a contract with us. If your need for cash is immediate, call an AnFed Bank representative today at 855-88-AnFed (1-855-882-6333) and ask about getting an advance on your transaction.
Do I have to pay tax on the lump sum I receive from selling my Lottery Prize to AnFed Bank?
Selling your lottery prize payment is generally a taxable event, but the amount of the taxes that you will actually be required to pay depends on your individual tax situation. In all cases, however, you will no longer have a tax obligation on the portion of payments you have assigned. AnFed Bank also offers a unique loan product exclusively for lottery winners. Taking a loan is not a taxable event. We will be happy to discuss these options with you and your tax professional. Please note that nothing in this website is intended to constitute tax advice. Neither AnFed Bank nor BofI Federal Bank provides tax advice of any sort. AnFed Bank encourages you to consult a qualified tax professional before making any financial decision.
Can I use my lottery prize as collateral for a loan?
Yes. In addition to purchasing lottery prize payments, AnFed Bank offers a unique loan designed exclusively for lottery prize winners. Call 855-88-AnFed (1-855-882-6333) today to speak to one of our representatives and see which option is better for you.
What if I have previously sold some of my lottery payments to another company? Can I sell more now?
Absolutely. Many of AnFed Bank’s customers come to us after doing business with other companies.
What about those sites that offer quotes from multiple companies?
Websites that offer multiple quotes from competing companies are basically brokers for brokers. Our goal at AnFed Bank is to cut out the middleman, not add an extra one. When you work with AnFed Bank, you have the benefit of working directly with the financial institution that will purchase your lottery payments.
Do you charge any closing fees or other costs?
Absolutely not. Unlike other companies that claim to offer the best price but then tack on hidden fees, AnFed Bank never charges hidden fees. We simply offer the best prices for lottery payments, bar none.
Do I need to have good credit or a job to sell my lottery prize payments?
No. We work with lottery winners in all financial situations. If your credit score is not what you would like it to be, we will work with you to improve it if you wish. As a division of a federally chartered bank, AnFed Bank considers your financial wellness our foremost concern.
How much is my lottery prize worth?
The value of your future lottery payments depends on several factors, including the state in which you won, the size of each payment, and the time frame in which the payments are scheduled to be received. For example, a $50,000 payment that would be due tomorrow is going to be worth more than a $50,000 payment due in five years. Call AnFed Bank today at 855-88-AnFed (1-855-882-6333) and one of our representatives will be happy to calculate the worth of your remaining payments. Of course, there is no cost or obligation for this service.