Beneficiary Loans
Access up to 50% of your inheritance immediately through a beneficiary advance
Beneficiary Loans
Access up to 50% of your inheritance immediately through a beneficiary advance
Who is a Beneficiary?
A beneficiary is an individual who receives money or other assets from a deceased person’s Estate, as specified in their Will. This could be in the form of money, property, shares or a life insurance policy.
In most scenarios, the Beneficiary is the child or children of a parent that passes away – and this inheritance is split between the children or other Beneficiaries such as siblings, friends, grandchildren and other close parties.
One of the main challenges for a Beneficiary is that it may take up to 12 months for probate to be granted, delaying access to any of their inheritance.
This process can take even longer if there are multiple properties, shares, disputes or complex financial arrangements. In addition, when probate is granted, a large inheritance tax liability might be due and the need for immediate cash flow might be paramount.
What is a Beneficiary Loan and how does it work?
A loan for Beneficiaries, available from Inheritance and Estate Advance provider, Provira, can provide you with up to 50% of your inheritance - and it can be transferred to you in just days, rather than months.
Whether you are looking to access £20,000, £100,000 or more, the amount you can borrow from Provira is based on the value of your future inheritance - and this is verified by your Estate’s Administrator or professional firm. There is no risk to you as the borrower with no personal liability, since our claim is against the assets of the Estate.
We charge an arrangement fee of 1-2% of the loan amount and then a monthly fee of 1.5%-2% for the duration of the loan. Instead of making repayments each month, the loan is repaid in full the moment your inheritance is received and the Estate has been settled.
What are the types of Beneficiary Loans you offer?
The Beneficiary Loan we offer is called an Inheritance Advance – this provides immediate access to up to 50% of your future inheritance. The funds can be used for any purpose, the choice is yours.
Why might I need a Beneficiary Advance?
A beneficiary loan can be used for any purpose - whether it is relating to the deceased’s property or not. This could be to:
- Pay for a deposit on a new home
- Buy a new car
- Go on holiday
- Pay school fees
- Cover day to day expenses
- Anything else that you would like to spend it on
What are the benefits Of Beneficiary Loans?
Immediate cash advance
Beneficiaries can receive up to 50% of their inheritance, without affecting other Beneficiaries, since this is calculated separately. This immediate cash injection can help solve headaches that might arise from pressing bills, important home repairs or any purpose. Being able to access money in just a few days can make a big difference to you and your family’s quality of life.
No personal liability
There are no personal guarantees or charges over your own home or property. You do not risk losing your home in any outcome, provided that there is no breach of the loan agreement.
Not penalised if your inheritance is less than expected
In the event that the inheritance is worth less than expected, you are not required to cover the shortfall, provided there is no breach of the loan agreement.
No monthly repayments
Beneficiary loans are repaid in full when probate is granted and the assets in the Estate are sold or liquidated. There are no monthly repayments and no early repayment fees.
Why choose Provira for Beneficiary Advances?
- We have more 5-star reviews than any other provider.
- We are known for our exceptional customer service. We have deep knowledge of the probate process to hand hold you and answer any questions throughout the process.
- Our customers deal with the same caring and experienced underwriter at all times – with backup should that person be away.
- We only charge simple interest, not compound interest. So, customers are not paying interest on top of the interest, making ours the most cost effective Inheritance and Estate Advance Loans in the market.
- We will not be beaten on price. We have incredibly competitive rates and we won’t be beaten on price.
- We are fast: On receipt of the information we require we can normally process loans and, if approved, issue loan documents for signature within 2-3 days. Funds are released on the same day all documents are signed.
- We are fair: We’re happy to only lend you what you need so that you don’t pay unnecessary interest.
- We are transparent: We send regular statements so customers are kept well informed on loan performance.
- We liaise directly with law firms, solicitors and Executors to obtain all the information we need for underwriting. This information is the same as required to obtain probate. So, it should be readily available.
- We can pay Inheritance Tax to HMRC directly. Giving you one less thing to worry about.
- There is no maximum loan value. We offer loans from £20,000 to over £1 million.
- There is no risk to the borrower. No personal guarantees or charges over property are required.
Get your Inheritance Advance in these 4 simple steps
1
2
Send us your documents
We confirm your eligibility and send you a list of the documents we’ll require, including:
- Copy of Death Certificate
- Copy of Will (if applicable)
- Copy of Grant of Probate/Confirmation/Letters of
Administration (if applicable) - Confirmation of the assets and liabilities within the estate
- Proof of ID, address and bank details
We confirm your eligibility and send you a list of the documents we’ll require, including:
Show list
- Copy of Death Certificate
- Copy of Will (if applicable)
- Copy of Grant of Probate/Confirmation/Letters of
Administration (if applicable) - Confirmation of the assets and liabilities within the estate
- Proof of ID, address and bank details
3
Your application is assessed
hours and successful applications receive a formal email offer.
4
Receive your funds
Ready to get started?
Bonnie Beadle – Inheritance Advance
From turmoil to tranquillity - how Bonnie unlocked her country dream
Bonnie Beadle – Inheritance Advance
From turmoil to tranquillity - how Bonnie unlocked her country dream
Representative example
An Advance of £50,000 with an Arrangement Fee of 2% (£1,000) and an Interest rate of 24% (fixed). Interest is calculated on the advance and the fee and accrues daily.
*representative 26.5% APR.
What Are The Fees For An Inheritance Advance?
The Arrangement Fee (which is simply added to the loan) is 1-2% of the loan amount. The interest rate is 1.5-2% per month for as long as the Advance is outstanding.
Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example above, this would result in a saving of £1,440 compared to all other providers with the same rates and fees that do
charge compound interest.
What Are The Fees For An Inheritance Advance?
The Arrangement Fee (which is simply added to the loan) is 1-2% of the loan amount. The interest rate is 1.5-2% per month for as long as the Advance is outstanding.
Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example above, this would result in a saving of £1,440 compared to all other providers with the same rates and fees that do charge compound interest.
We’re here to help
It’s important to us that you have all the information you need to move forward with hope.
or call us on 0203 813 6400
FAQ's
We can typically approve loans within 24-72 hours provided that we receive all the relevant information and documentation. We aim to fund successfully approved loans within a matter of days.
That’s absolutely fine. Our underwriting is based solely on your share of the Estate and your Advance has no impact on the other Beneficiaries. It is also fine for more than one beneficiary of an Estate to apply for an Advance.
No, we do not take any personal security. You assign your inheritance to us for the purpose of repaying the loan. As soon as the loan is repaid the assignment ends and you receive all of your remaining inheritance. Assuming no breach of the loan agreement, this means that you never have to repay more than you are due to inherit.
No. The decision will be based on the assessment of your future inheritance. Therefore, your employment information is not relevant.
No, your loan eligibility is based and underwritten on the value of your future inheritance – and your personal credit rating is not considered in the application.
When in the form of an Inheritance Advance, the money is transferred directly to the beneficiary.
No, there are no early exit or early repayment fees.