SenecaOne Review

SenecaOne can give you a lump sum payment for your structured annuity, whether it's a structured settlement or lottery winnings.

Why you can trust Top Ten Reviews Our expert reviewers spend hours testing and comparing products and services so you can choose the best for you. Find out more about how we test.

SenecaOne can give you a lump sum payment for your structured annuity, whether it's a structured settlement or lottery winnings. It also has a program for pre-settlement funding and cash advances on your lump sum as well as a debit card program that lets you draw interest on your lump sum payment while withdrawing the money you need as you need it.

This structured annuity settlement purchasing company doesn't discuss situations on its website where it's best to get a lump sum. As SenecaOne says on its website, "They are your reasons." Most states require that you speak with a lawyer or financial counselor before selling your structured annuity to ensure you are acting wisely. Structured settlement annuities are meant to provide a guaranteed income and should not be sold lightly, especially since the lump sum will not be as much as you'd otherwise earn if you kept the structured settlement.

The first thing a SenecaOne agent will do is discuss your financial situation to help you determine the best settlement transfer plan. This is common for structured settlement companies. J.G. Wentworth and Strategic Capital do this as well.

Next, you receive your contract, and once signed, SenecaOne petitions the court for the transfer of the settlement. Once approved, it sends you your lump sum via mail or direct deposit.

For lottery winners, there is an extra step, as the court order must go to the state lottery who will confirm the sale. Then SenecaOne can send the money via overnight mail or direct wire transfer.

If you are contracted with SenecaOne and need your money before the settlement transfer is cleared, it offers an advance program. This lets you get the cash immediately. For lottery winners, that advance can be as high as $100,000. Of course, if something happens and the settlement does not go through, you will need to pay the company back, but it does offer a way to get the money fast in case of emergencies.

This structured payments purchasing company offers you the chance to put your payments in a savings account with them and withdraw the money as needed using a prepaid debit card. This allows you to earn interest on your lump sum while still having instant access to the money as you need it. SenecaOne's interest rate may be higher than if you used a conventional bank account, and it is FDIC insured.

Need a better alternative?

Best Structured Settlement Companies of 2019

<a href="https://www.toptenreviews.com/best-structured-settlement-annuity-companies" data-link-merchant="toptenreviews.com"">Best Structured Settlement Companies of 2019

Top Ten Reviews has reviewed the Best Structured Settlement Companies of 2019 so that we're able to offer you the authoritative buying advice you expect. 

Eli McCormick

An SEO specialist and a former Senior Finance writer on Top Ten Reviews, Eli loves giving advice on finance and debt. He holds a Masters degree in Creative Writing from Chatham University, and currently resides in Utah. You'll see his bylines across a whole host of Top Ten Reviews' money features, especially those concerning loans and debt.