i reivce a large payment from a trust fund once a year , can i take out a loan and pay it back when i reicve my payment.
2006-10-06 05:59:35 · 4 answers · asked by poeyteller 1 in Business & Finance ➔ Personal Finance
Assuming that you are old enough to enter into contracts, there are banks/finance companies that will accommodate you. You will likely have to assign the trust payment to them, and they will pay you a reduced amount up front. It's called factoring.
2006-10-06 08:14:34 · answer #1 · answered by morlock825 4 · 0⤊ 0⤋
Maybe. It all depends on the language of the trust document.
I doubt that you can use the trust as collateral for a loan. You will most likely just have to show that you are receiving income and therefore the loan would be a simple personal loan.
Most any bank can make this loan for you.
2006-10-07 12:15:08 · answer #2 · answered by derek 4 · 0⤊ 0⤋
Yes, just be sure that understand the implied rate you will be paying on the loan.
2006-10-14 02:01:16 · answer #3 · answered by Mr. ARJ 2 · 0⤊ 0⤋
Yes..u can
2006-10-13 07:29:47 · answer #4 · answered by samdesign78 6 · 0⤊ 0⤋