Badger Loans has partnered with one of the leading probate and inheritance loan providers in the UK. Our aim in doing so is to bring you the very best in probate loans. If you are a beneficiary or executor of an estate, you might face delays in accessing your inheritance, which can take up to 12 months or longer, especially for complex estates. Our probate loans provide a practical solution to help you manage financial obligations during this period. Our partner is a direct lender meaning you can access your funds very quickly. You can Apply Here or below by clicking this link.
What is a Probate Loan?
A probate loan, also known as an inheritance loan or estate loan, is a financial product designed to assist beneficiaries and executors during the probate process. These loans are secured against the value of your inheritance or estate, allowing you to borrow more than with a standard personal loan, at a competitive interest rate.
These loans are as close to the old Non-Status loans as is possible to get. There are no credit checks, no income checks and you can have all the bad credit you can muster. As long as you are not currently bankrupt you are more than likely going to receive the loan you ask for within the lender’s criteria. There are no monthly repayments to make as all the interest and the fee is added to the loan and repaid on completion of probate.
What is the difference between a Probate Loan and an Estate Loan?
While inheritance or probate loans are pretty much the same entity, an estate loan differs in the following way. Inheritance loans are calculated on the value of your share of the estate i.e. the value of your inheritance. An estate loan is calculated on the value of the estate instead. For example, here’s how an inheritance loan would be worked out based on a maximum loan size of 60% of the value of the inheritance.
If the estate is worth £100,000 and your share is 50% then the maximum you could borrow at 60% of the value of your inheritance would be £30,000. If you needed an estate loan to fund paying Inheritance Tax then the maximum loan would be 60% of the value of the estate. Therefore the most you could borrow would be £100,000 (estate value) x 60% = £60,000. Easy eh?
With a probate/inheritance loan you can use the money for whatever you like whereas an estate loan should be used for disbursements related to the estate like IHT (inheritance tax) or solicitors fees.
Why Choose a Probate Loan?
Quick Access to Funds: Probate loans can be arranged quickly, providing beneficiaries and executors with the funds needed to cover expenses such as Inheritance Tax (IHT), funeral costs, and property maintenance. They also offer an advance on your inheritance, enabling you to use the funds before the probate process concludes.
No Personal Risk: There are no personal guarantees or charges over your property required. If your inheritance turns out to be less than expected, you will not be required to cover any shortfall.
No Monthly Repayments: The loan is repaid directly from the estate once probate is completed, eliminating the need for monthly repayments.
How to Apply for a Probate Loan
Step 1: Application Submission
Complete a short online form. We aim to pre-approve eligible applications within 48 hours.
Step 2: Document Checklist
Once pre-approved, both the applicant and the estate administrator will receive a document checklist, which typically includes:
- Copy of the Death Certificate
- Copy of the Will (if applicable)
- Copy of the Grant of Probate/Letters of Administration (if applicable)
- Confirmation of the assets and liabilities within the estate
- Proof of ID, address, and bank details
Step 3: Application Assessment
The underwriters will assess the application based on the provided documents. Successful applications will receive a formal offer via email.
Step 4: Signing Loan Documents
Loan documents will be issued and typically signed electronically. Once signed, the funds will be released promptly.
Step 5: Loan Repayment
The loan is repaid when the estate is settled, usually by the Estate Administrator or the professional firm responsible for the sale of a property within the estate.
Key Features of Our Probate Loans
- Availability: The Inheritance Advance is available both pre and post-grant of Probate/Letters of Administration and applies regardless of whether there is a valid Will.
- No Credit Checks: Probate loans do not require a credit check, proof of income, or monthly repayments.
- Simple Interest: A simple interest rate of 2% per month is charged, rather than compound interest, saving you money over time.
Types of Probate Loans
Inheritance Advance: This allows beneficiaries to access their inheritance early, with no credit or income checks, personal liability, or monthly repayments.
Executor Loans: These help executors pay for estate expenses such as IHT, funeral costs, and property maintenance without requiring beneficiary permission or personal liability.
Bridging Executor Loans: Similar to executor loans but secured against the executor’s personal home, offering lower interest rates at the risk of the borrower’s property.
Benefits of Choosing Badger Loans and Partner
No Personal Liability: Repayment is made directly from the estate, meaning your lender assumes the risk if the probate process takes longer or if assets sell for less than expected.
Secure and Straightforward: Probate loans are secured against the estate, not against the beneficiaries’ or executors’ personal assets. This means your personal finances or credit score are not affected.
Expert Guidance: Our partnership ensures you receive the best advice and support throughout the process.
To apply for a probate or estate loan click this link and you will be taken to our partner’s application form.