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'Advance pay' after winning the jackpot?

Topic closed. 13 replies. Last post 2 years ago by Stack47.

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Inland Empire
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Posted: October 20, 2014, 12:00 am - IP Logged

I know that you have to wait for up to six weeks to wait to get the check if you win the jackpot. But...if you need money ASAP, can you ask for some portion of the prize in advance, on the day when you submit the ticket?

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    Kentucky
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    Posted: October 20, 2014, 3:57 am - IP Logged

    I know that you have to wait for up to six weeks to wait to get the check if you win the jackpot. But...if you need money ASAP, can you ask for some portion of the prize in advance, on the day when you submit the ticket?

    You can ask but that doesn't mean you'll get it. But some states will give jackpot winners a tiny check after everything is verified and some give the winners a voucher so they can a quick line of credit at a bank.

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      London
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      Posted: October 23, 2014, 11:54 am - IP Logged

      I remember watching a documentary about a UK lottery winner, the lottery didn't give them any money but their bank gave them a zero interest loan to tide them over (like 10k i think....). that was pretty cool of them..

      2016 Won/Lost

      EuroMillions / Spent: £22 / Won £0 / Total -£22

      UK Lotto / Spent: £4 / Won: £0 / Total: -£4

      2016 Total: -£24

      Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

       

      EuroMillions = £2 Line / Played: x11 [old price] 

      EuroMillions = £2.50 Line / Played: x0

      UK Lotto = £2 Line / Played x2

        RJOh's avatar - chipmunk
        mid-Ohio
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        Posted: October 23, 2014, 4:36 pm - IP Logged

        I remember watching a documentary about a UK lottery winner, the lottery didn't give them any money but their bank gave them a zero interest loan to tide them over (like 10k i think....). that was pretty cool of them..

        Why would a jackpot winner need a loan to tide him over for a few weeks if he wouldn't have needed one if he had lost?  Sounds like the sort of person that having a couple of nickels in his pocket would burn a hole in his pants.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking       

          JonnyBgood07's avatar - Patriots logo1.jpg
          Connecticut
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          Posted: October 23, 2014, 4:46 pm - IP Logged

          Why would a jackpot winner need a loan to tide him over for a few weeks if he wouldn't have needed one if he had lost?  Sounds like the sort of person that having a couple of nickels in his pocket would burn a hole in his pants.

          some of us want to get lost as in move somewhere to decide what we will do for the rest of our lives.

          I've told my girlfriend several times if I win a JP we're going to Maine far from where anyone would recognize us.I was hoping to speak with a realtor

          to get a small house on 'loan'..till the dough gets here.I have a hard time thinking they would say no.  lol

          "No matter how bad things may get, I'd like to thank my middle finger

          for always sticking up for me.."

           


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            NASHVILLE, TENN
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            Posted: October 23, 2014, 6:53 pm - IP Logged

            When one wins a huge amount of money, such as MM or PB, one would be forced to move away.  You will soon discover all sorts of relatives, most you have never heard of before, knocking on your door.  Strangers will accost you on your front lawn saying they need $50,000 to save their mother's life.  Others will just want money.  Each person you denied would then threaten you with bodily harm.

            No, you will need to get out of town until the heat dies down.  You will need money for that.  My need for traveling money would prompt me to ask for at least a 10% advance (and then settle for 1%).

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              Kentucky
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              Posted: October 23, 2014, 7:30 pm - IP Logged

              Why would a jackpot winner need a loan to tide him over for a few weeks if he wouldn't have needed one if he had lost?  Sounds like the sort of person that having a couple of nickels in his pocket would burn a hole in his pants.

              It depends on which LP members you talk to. Some think it's a crime when a winner of $600 or more sells their ticket to a "ten percentor" apparently because the winner is avoiding child support payments, back taxes, or something else. Other members believe they should get a jackpot check anonymously "no questions asked", while other members believe in doing both.

              In other words, "they can't get out of paying child support, but should allow me to collect my winnings anonymously".

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                Posted: October 23, 2014, 7:47 pm - IP Logged

                I remember watching a documentary about a UK lottery winner, the lottery didn't give them any money but their bank gave them a zero interest loan to tide them over (like 10k i think....). that was pretty cool of them..

                If the money is being wired to THAT bank I could see them writing a loan that is backed by the money coming in.  So it gets wired in and the first thing that happens is it pays off the loan.  Thus NO danger for the bank. 

                Simply show them the documents from the Lottery and sign the agreement - all set! 

                  mikeintexas's avatar - tx avatar-1.gif
                  Texas Panhandle
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                  Posted: October 23, 2014, 8:30 pm - IP Logged

                  If the money is being wired to THAT bank I could see them writing a loan that is backed by the money coming in.  So it gets wired in and the first thing that happens is it pays off the loan.  Thus NO danger for the bank. 

                  Simply show them the documents from the Lottery and sign the agreement - all set! 

                  Ever since I first read the original post a few days ago, I've been thinking about it.  I believe bringing the ticket to the bank and showing it to your loan officer or preferably the bank president would gain you a fairly substantial signature loan.   A promise to keep a hefty chunk of your winnings in the bank would probably seal the deal.   If they balked on it, just tell them it would be their loss because you'd park your money in their competition's bank and would tell the reason for your choice in an interview.

                  I found this on the Powerball FAQ page

                  HOW LONG DOES IT TAKE TO GET MY MONEY?

                  It takes up to two weeks to collect the cash from the stores around the nation. If you go to the lottery to claim your prize after that two weeks, then, in many states, you can generally have the jackpot money (all cash or the first of the annual payments) hit your bank account the next day - maybe the following day if you come to the lottery office very late in the day. Some lotteries must work through the state system and that can delay the payment. That said, Powerball jackpot winners genneraly (sic) don't have trouble getting a little credit if you wish to buy something before the money arrives. Just mention my name - and that you are the Powerball winner.

                    Teddi's avatar - Lottery-008.jpg

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                    Posted: October 24, 2014, 11:34 pm - IP Logged

                    An account manager from the wealth management department of Wells Fargo was quoted in a news article this year saying that they do provide loans based on a winning lottery ticket. He stated that some of the bigger banks like Bank of America had already been providing those kinds of unusual loans and that Wells Fargo was following suit to fill that niche. They were doing short term loans based on winning lottery tickets, coin, wine and car collections, and other non-traditional forms of collateral.

                    I don't know if smaller banks will take the risk, but the big ones definitely will, whether or not you have an account with them.

                      Teddi's avatar - Lottery-008.jpg

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                      Posted: October 25, 2014, 12:13 am - IP Logged

                      Why would a jackpot winner need a loan to tide him over for a few weeks if he wouldn't have needed one if he had lost?  Sounds like the sort of person that having a couple of nickels in his pocket would burn a hole in his pants.

                      Unfortunately I am not one of those people who has a 'when I win the jackpot nest egg' stashed away that would cover things like a new or additional phone, a P.O.Box rental for at least a year, and a 1-3 month stay in a very private, security conscious hotel at least 2 cities away from my current address. Those are all things I would need to spend money on as a lottery winner that I wouldn't have to if I had the losing ticket. 

                      Couple that with no income coming in because I would have quit or taken a leave of absence and knowing that I still need to continue to spend money on food, gas, insurance, toiletries, prescriptions, phone bill, rent/mortgage etc etc etc, I would absolutely be one of those who would look into getting a loan but would never be one of those who will squander it all.

                      There's a difference between wanting financial security for a few months while keeping a low profile and burning through winnings with no thought to the future.

                        mikeintexas's avatar - tx avatar-1.gif
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                        Posted: October 25, 2014, 1:07 am - IP Logged

                        Unfortunately I am not one of those people who has a 'when I win the jackpot nest egg' stashed away that would cover things like a new or additional phone, a P.O.Box rental for at least a year, and a 1-3 month stay in a very private, security conscious hotel at least 2 cities away from my current address. Those are all things I would need to spend money on as a lottery winner that I wouldn't have to if I had the losing ticket. 

                        Couple that with no income coming in because I would have quit or taken a leave of absence and knowing that I still need to continue to spend money on food, gas, insurance, toiletries, prescriptions, phone bill, rent/mortgage etc etc etc, I would absolutely be one of those who would look into getting a loan but would never be one of those who will squander it all.

                        There's a difference between wanting financial security for a few months while keeping a low profile and burning through winnings with no thought to the future.

                        I Agree!  Well said.

                        As has been mentioned before and as I linked to in my earlier post, it will take a minimum of two weeks for Powerball to collect all the money from the states.  I imagine I wouldn't be able to sleep for a day or two after I hit, but I'd hope that I would be able to do my consulting w/ lawyer(s), financial planner(s), etc. in the rest of that time frame.  Getting all your ducks in a row BEFORE claiming is something that's pretty much a consensus, both in this forum and in articles about "What should you do after winning the lottery?".   You'd still need a pretty fair sum to get ready (to lie low) before you get the money handed over to you. As you said, you'll need to be able to survive (in the economical sense) until you have access to your funds.

                        I've mentioned this before in other posts, but I live in the Texas Panhandle and would need to travel to Austin to claim.  Even if I flew, there would be a gap of several hours before I got back home and when the local news got the information that I was the one who had won - I'd rather have my "hidey hole" in place before that and not come back here until the heat has died down.


                        A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                         - George Orwell

                          Drenick1's avatar - villiarna
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                          Posted: October 25, 2014, 3:11 pm - IP Logged

                          Why would a jackpot winner need a loan to tide him over for a few weeks if he wouldn't have needed one if he had lost?  Sounds like the sort of person that having a couple of nickels in his pocket would burn a hole in his pants.

                          Like many others have mentioned, most folks don't have stash of money sitting around in the event they win a lottery jackpot. Having access to a emergency loan would go a long way in allowing a winner to get their life and safety in order prior to receiving the prize money.

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                            Kentucky
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                            Posted: October 25, 2014, 5:39 pm - IP Logged

                            An account manager from the wealth management department of Wells Fargo was quoted in a news article this year saying that they do provide loans based on a winning lottery ticket. He stated that some of the bigger banks like Bank of America had already been providing those kinds of unusual loans and that Wells Fargo was following suit to fill that niche. They were doing short term loans based on winning lottery tickets, coin, wine and car collections, and other non-traditional forms of collateral.

                            I don't know if smaller banks will take the risk, but the big ones definitely will, whether or not you have an account with them.

                            "I don't know if smaller banks will take the risk, but the big ones definitely will, whether or not you have an account with them."

                            It would be much easier to simply open an account with the same bank your state lottery uses. Some lotteries give jackpot winners vouchers to take to that bank. If the big banks won't give you a loan, it's a waste of time going to a small bank.