Probate Loans
Helping beneficiaries access up to 50% of their inheritance now
What is a Probate loan?
“Probate loan” is the generic term for one of two types of loan or advance:
- Inheritance Advance – aimed at beneficiaries of estates, it provides immediate access to up to 50% of your future inheritance. The funds can be used for any purpose.
- Estate Advance – aimed at executors of estates, it provides immediate access to up to 50% of the net assets in the estate. The funds can be used to pay Inheritance Tax, any other estate liability or to make repairs/renovations to a property in the estate prior to sale.
If you are the beneficiary or executor of an estate it can often take 12 months or more before you are able to access funds in the estate.
As a beneficiary, this can be incredibly frustrating. Particularly if you have an immediate need for funds. As an executor, this can make it extremely difficult to pay Inheritance Tax, other estate liabilities or to make repairs/renovations to a property in the estate prior to sale.
Applications for both types of loan are assessed solely on the value of the assets in the estate, not your personal circumstances. You provide us with some basic information and we will confirm how much we can lend. If you decide to go ahead, funds can normally be released within a few days.
The arrangement fee is 2% of the value of the loan and is simply added to the loan. The interest rate is 2% per month. There are no monthly repayments and no early repayment fees. The advance is repaid in full when the assets in the estate are sold or liquidated.
We offer a streamlined process online that can help you get a probate loan decision and receive funding within a matter of days.
Probate loans - How it works
Your funds, your choice
No matter what your credit score
Applications are assessed solely on the basis of your future inheritance, not on your personal circumstances or credit rating.
With or without a Will
The advance is available before and after the grant of Probate and regardless of where there is a valid Will or not.
Fast, fair and simple
We aim to pre-approve eligible applications within 48 hours.
We only charge simple interest, not compound interest.
Get your Probate loan in these 4 simple steps
1
2
Send us your documents
We confirm your eligibility, send you a document list and you provide:
- 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, send you a document list and you provide:
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
Loan documents are issued, signed (normally electronically) and funds are transferred immediately to your nominated bank account.
Ready to get started?
What is Probate?
Probate occurs after someone has died in England and Wales and is the process of ensuring that the deceased person’s Will is valid and confirming who is legally entitled to administer the estate.
The process is about ‘proving’ legal and financial processes with the courts and other government departments. It is a court order that will grant the executor the ability to legally deal with the property, possessions and liabilities of a person’s affairs (known as their estate).
Obtaining the grant of probate and selling / liquidating estate assets can often take 12 months or more. Rather than waiting this long to receive funds, we can provide a loan now based solely on the value of the assets in the estate.
For Both Types of Probate loan:
No charges on your own family home – there are no personal guarantees or charges over your own home or property.
Not penalised if your inheritance is less than expected – Provided there has been no breach of the loan agreement, if the value of the estate and/or the value of your future inheritance turns out to be less than expected, you will not be required to cover any shortfall.
No monthly repayments – Probate 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.
How Can a Probate loan Help Me and What Are The Benefits?
If you are the beneficiary of an estate, an Inheritance Advance can provide you with immediate funds to spend as you see fit. Whether it be a new car, holiday, debt consolidation, investing in a business or anything else – it’s your money, we just enable you to access it now.
If you are the executor of an estate, part of your responsibilities are ensuring that all estate liabilities are settled. However, you can’t sell estate assets until probate is granted and you can’t obtain the grant until the Inheritance Tax is paid. We solve this issue by advancing up to 50% of the net assets in the estate, thus enabling you to pay the estate liabilities and obtain probate.
Underwriting is based on the assets and liabilities in the estate – When reviewing your application, we are lending on the basis of the assets and liabilities in the estate rather than your personal circumstances or credit rating. Even if you have been turned down for “traditional” loans, if the net assets in the estate are sufficient it is highly likely we will be able provide a loan.
Why Choose Provira For Probate loans?
FCA authorised – We are authorised by the FCA under number 946175, which means that we have taken important measures to follow responsible lending guidelines and have proven this to the regulator. We treat your application and data professionally and according to the highest regulatory standards.
Trusted – We have already helped a large number of borrowers to date with probate loans. We can help you every step of the way and assist you during this challenging time.
Fast – Provira aims for fast turnarounds, offering a fast loan decision and funding to the borrower within a matter of days.
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 A Probate loan?
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
The Arrangement Fee (which is simply added to the loan) is 2% of the loan amount. The interest rate is 2% per month for as long as the Advance is outstanding, but we won’t charge you more than 30 months worth of interest. There are no monthly repayments and no early repayment fees.
The loan must be repaid by the professional firm dealing with the sale/liquidation and distribution of assets we have taken into account as part of our underwriting process. This would typically be the Estate Administrator or Conveyancing Solicitor.
An Inheritance Advance is normally paid directly to the borrower (i.e. the person who made the application).
An Estate Advance is normally paid directly to the Executor, their solicitor or HMRC.
Probate loans offer an affordable and effective way to receive an advance based on the value of the assets in the estate.
However, if you are unsure you should seek legal and/or financial advice as to whether it is the best option for you and your circumstance.