Borrowing money from an inheritance
Is borrowing money from an inheritance possible? The short answer is usually a ‘yes’.
Should you be borrowing money against a future inheritance, that can be a bit more complicated.
Usually if someone is interested in borrowing money from an inheritance before it is distributed they need some money in the short-term. There are many options when looking for cash fast including by credit cards, personal loans and even an inheritance advance. All can be expensive options and it’s usually best to wait for the inheritance and any associated probate or other legal processes to complete.
But if you can’t wait, first off you’ll want to know that when you access money early from an inheritance it is not an inheritance loan but actually an inheritance advance on your future inheritance that you are owed. An inheritance advance is also referred to as an estate loan, probate loan or inheritance loan though none of them are actually ‘loans’.
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Borrowing money against inheritance? Here are some information to consider.
What is an inheritance advance?
With inheritance cash advances, you borrow against your inheritance, using your inheritance as collateral. Though your inheritance is used as collateral typically you can not get an inheritance loan from a traditional source like a bank. Inheritance advance companies like Heir Cash Now have taken the time to learn all about the vast inheritance and probate rules. When they are able to evaluate your loved ones estate and determine how much you may inherit.
We then can take on part of the risk in advancing you money on your future inheritance. Like with a traditional loan the risk we accept is covered in the interest we change once you. As the lender we will likely offer you an immediate payment in cash that you can use as needed with a fixed interest rate. We then will be repaid the full amount owed when probate ends or the inheritance is distributed.
What Are the Benefits of an Inheritance Advance?
With an inheritance advance, you are borrowing against inheritance money to receive part of your inheritance quickly giving you the ability to cover funeral costs, mortgage payments, debt repayments or other needs you may have. Another benefit is not taking on additional debt or negatively affecting your credit rating.
What Are the Disadvantages of an Inheritance Loan?
We as the lender are involved in the estate’s probate and bring us in as a third party to your estate & probate process. This can sometimes be stressful for you and your family members as everyone has their own opinion on how inheritance money should be used. They may not like that your taking some of the money early and that is cost more than waiting months or years for the inheritance to be distributed.
So now you know how to answer the question – can you borrow money from your inheritance? The answer is yes!
Because probate advances as an industry are largely unregulated, lenders can be seen as taking advantage of you. Many people don’t know much about the inheritance process, which can make it easy for lenders to use predatory practices. If you still want an inheritance advance, please carefully review the information a lender provides whether its Heir Cash Now or other lenders.
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After you’ve found an inheritance advance company near me, reach out and…
We chat with you about your inheritance and money you need
We work to qualify you ASAP
Upon approval we send a contract electronically to be signed
You can have your money in just MINUTES after signing the contract
Meet Matt, your guide to a fast advance against inheritance.
“I’ve helped hundreds of people get cash fast through an inheritance advance loan.
Let’s get on a call, discuss your situation, and get the process started with no hassles.
I look forward to speaking with you and getting the job done ASAP.”
~ Matt, HCN Manager