FAQ
About us
What is the difference between selling my payments and taking a loan against them?
Selling payments provides a larger sum of cash up front, but you never receive that payment income again. If you need a smaller amount of money, you can take a loan against your payments and you repay the loan from your future payments. Once the loan is repaid, you begin receiving payments again.
Can an annuitant take a loan first and then decide to sell payments?
Absolutely. Loans are smaller, flexible options for quick cash needs. An annuitant can continue to take additional loans or sell payments for a larger cash payment as needed. We provide the flexibility to meet each individual customer’s financial situation.
Does My Payment Source require annuitants to sell their future payments?
We do not. Selling payments is an option, but it’s never required. We want annuitants to have flexibility and control in how they access cash from their payments.
Do annuitants have to go to court to take a payment loan?
No. You do not need to go to court to get a payment loan, but it is required to sell your payments or a portion of your payments.
Do credit scores impact loan amounts or interest rates?
No. Payment loans are unique because future payments secure the loan. Loan payments are automatically deducted from future payments so we can offer the same low 2.9% interest rate to every annuitant regardless of their credit score. The amount an individual can borrow depends on the value of their future payments, not their credit score.
Where are your loan agents and customer service representatives located?
We are a US-based company with a strong presence in Mexico. All representatives are fluent English speakers and available to help you make the right financial decision with no hard sales tactics.
What does customer-centric mean to My Payment Source?
We want to offer customers:
- Flexibility: Customers choose how they want to access cash from their payments
- Simplicity: Streamlined processes that leverage technology to make a same-day loan entirely possible on a mobile phone
- Fair Costs: Tech-enabled loan processing and smart staffing reduce our costs
- A Great Experience: Customer service and loan agents who actually care about your financial situation and don’t pressure you into solutions that you don’t need