Inheritance loans are cash advances paid by a lender or a private company to an heir of the estate while the will is in probate. Unlike a loan, accrued interest is not charged during the payment period that the loan is extended. This is because the “inheritance loan” is more accurately described as a cash advance or as a sale of a piece of your inheritance.  If you received cash in a transaction like this then in return you sell a portion of your expected inheritance.  

The primary reason that most people have for getting inheritance loans is inheritance delays.  Often probate can take many months or years to complete.  We recently have seen an increase in the time it takes to sell real estate in an probate situation.  When the primary asset in an estate is real estate, then the heirs will often have to wait until the property sells before the probate can close.   

The only place to really get an inheritance loan is a private company that specializes in this area.  Traditional banks do not typically want to lend money in this way. 

Requirements for a cash advance are relatively simple.  The financial company that you work with will need to see documents proving that the estate exists and showing the value of the expected inheritance.  Additionally a credit check is pulled only to check to see if there are significant credit problems.  There is usually no particular credit score required in order to receive the advance.

  The amount that you can get advanced is based on the value of the inheritance that you are expecting.  The company will only be able to advance a percentage of the expected inheritance.  This is because the company is taking on the risk that the inheritance will not pay out or that it will take longer than expected.  Quick Review of the Process: 

• Make a call to an company specializing in inheritance loans
• Provide the actual documents proving the estate (or provide access to the person who has them)
• Allow a quick credit check
• The company talks to the attorney or lawyer involved in the probate
• You usually receive your money in 3-7 days from your first call.