Do Banks do Inheritance Loans?

Often, family members have to wait more than one year to receive their inheritance due to probate delays that have been well documented and investigated.

One potential solution is an inheritance loan, which can help you access some of your funds while waiting for the distribution of inheritance via probate.

In this article, we investigate whether banks offer inheritance loans and explain how Provira can help you quickly access the financial support you need.

Inheritance loans – how do they work?

An inheritance loan is a way to get an advance of up to 60% of your inheritance. Whether you want to pay a deposit for a new home, buy a new car, or help with day-to-day expenses, an inheritance loan is the ideal way to access your inheritance sooner.

A valid will is not required to apply for an inheritance loan, and you can apply for one pre and post grant of probate, depending on your circumstances.

Should your application be accepted, the advance will be issued, and repayment will be due as soon as the inheritance payment is finalised via probate, with a fee and interest applied.

The benefits of inheritance loans are numerous:

• They help to soften the blow of probate delays, with most people having to wait more than one year to access inheritance following the death of a loved one.
• There are no tight restrictions applied to inheritance advance loans, meaning you can spend them on anything you wish.
• The acceptance of an inheritance loan application is not dependent on your credit score or current personal circumstances. Rather, the due inheritance is used as the security for the loan.
• Inheritance loans come with low fees and fair interest, particularly compared to personal loans and other bridging loan products on the market.

What banks do inheritance loans in the UK?

Some major UK banks offer their customers inheritance-related bridging or personal loans.

For instance, the Barclays inheritance loan – packaged as part of the bank’s “Life After Loss[SY1] ” offering, is not an inheritance advance in its truest sense. Still, you can apply for financial products relating to things like funeral costs.

Other major UK banks like HSBC and Metro Bank also offer various products relating to inheritance, but not inheritance advance loans per se.

So, do banks do inheritance loans? Not specifically, but you may be able to secure a general loan from your high street bank. It will likely have a high interest rate, and the bank will consider your current credit score and financial circumstances.

Why an inheritance loan from Provira is the perfect alternative

Rather than offering mainstream lending products, Provira specialises in inheritance advances specifically designed to help you, letting you access your money right away while waiting for probate. We’ve streamlined our application process to make it easy to apply for an inheritance loan:

• Complete a short online form or call us on 0203 813 6400 to set the ball rolling.
• Work through the document checklist, including a copy of the death certificate, copy of the will (if available), copy of the grant of probate/letters of administration (if available), confirmation of the assets and liabilities within the estate, proof of ID, address & bank details.
• Our underwriters will then assess your application and make an offer to successful applicants.
• We issue loan documents you must sign electronically before releasing your funds.
• As soon as the estate is settled, the loan is repaid to Provira, usually via the Estate Administrator.

We’re proud that our inheritance advance loans help families as they wait for probate. But don’t just take our word for it; here’s what Joyce Tipton, a Provira customer, said of her experience via Trustpilot:

“I would highly recommend Provira. Sharon was outstanding from start to finish. A very stressful time for my family, and we had all the help we needed – nothing was too much trouble.”

Inheritance loan checklist – what you need to know

✓Access up to 60% of your inheritance

✓Easy application process online or over the phone

✓2% arrangement fee + 2% flat interest per month while the loan is outstanding

✓Use your money without restriction as you await probate

Not only are our inheritance advance loans quick and easy to apply for, but they also offer great value for money compared to traditional bank loans.

While most people consider a personal loan rate of about 12% to be good, we charge a 2% arrangement fee plus a flat monthly interest fee of 2% for as long as the advance is outstanding.

What’s more, we assess all applications based solely on the future inheritance that you are due. We do not consider your current financial circumstances or your credit history.

If you’re waiting for an inheritance payment, you can apply for an advance loan from Provira. We recommend you plan your inheritance expenditure carefully and know precisely what you want to use the loan for.

Equally, though our fees are much lower than those offered by high street banks and lenders, you should also consider how the arrangement fee and interest will affect your inheritance settlement following probate.

Final thoughts

Inheritance loans are a great option for anyone waiting for an inheritance payout. Given the current probate delays, an inheritance advance loan can offer you quick access to the money you’re owed at a reasonable rate.

If you wonder if banks do inheritance loans, you won’t find many suitable products. Instead, at Provira, we pride ourselves on offering affordable and accessible inheritance loans, a much better alternative to conventional loans offered by banks.

Apply online now or call/email a helpful team member to learn more about the application process.

0203 813 6400 | [email protected]