10/28/2020
What's the difference between a loan and an inheritance cash advance?
Most of us are familiar with loans. You borrow money and then pay it back with interest. The cost of the loan is based on the interest rate and any fees, and it continues to grow over time. Most loans require ongoing payments until they are paid off in full.
An inheritance cash advance is different. (We sometimes refer to it as an inheritance loan or probate loan as a form of shorthand since that's what people search for, but it's not actually a loan).
Consider this: Legally speaking, an heir or beneficially actually "owns" their expected inheritance. While the heir doesn't have access to it yet, it is still considered an asset. Since it's an asset, the heir has a legal right to sell a portion of it to a third party - in this case Heir Cash Now.
So, an inheritance cash advance is actually an immediate cash payment purchasing a portion of the eventual inheritance. It's secured through a legal agreement called a "purchase and sale agreement." Once you get your money, we handle the rest. We send a copy of the signed agreement to the Probate Attorney and the Personal Representative/Executor of the estate, and they make the repayment at the ned of the process.
Some benefits of an inheritance advance:
- You know exactly what the repayment amount is upfront. It doesn't keep growing continuously like a loan with an interest rate.
- There's no credit check, since credit is not a factor.
- The estate pays us back directly, so you don't have to worry about the repayment (unless you are also a representative of the estate).
- There are no added fees. The total cost to you is the difference between the amount of the advance and the repayment amount. We cover all the bank fees, filing fees, etc.
Call us today at (860) 800-6633 for more information. We'll be happy to assist you. You can also send us a message and we'll get back to you.