PROBATE LOANS VS A CASH ADVANCE

The term “probate loan” is usually a misnomer, meaning that this transaction is rarely a loan. Most lenders will not make a loan to the heirs of a probate estate. A simple reason is that this transaction does not have a due date for repayment.

The probate process is intended to be slow so that heirs and creditors have ample opportunity to protect their position. An administrator must be appointed by the Court, Creditors have time to file claims against the estate, and heirs have a chance to question how the funds to be distributed are shared. Traditional lenders do not want to be part of this process.

A Cash Advance is a non- recourse transaction, where the heir assigns a portion of their potential inheritance to a company such as Advance Inheritance for immediate cash. That means the party making the cash advance is not repaid until the estate settles and all the cash and assets are distributed. Traditional lenders cannot abide by process.

If you are looking for a cash advance on your inheritance, or for additional explanation, call us at Advance Inheritance today. You can also fill out a quick form on our website, and a representative will contact you for assistance.