Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects.
You were waiting on tenterhooks for your inheritance money, but suddenly, the probate process came to a screeching halt. Maybe your uncle decided to contest the “unfair” terms of the will, or family members have launched an all-out brawl over who should inherit grandma’s hoard of valuable antiques.
Probate lenders provide early access to your inheritance, but how can you pick a good one? In this guide, our probate advance service discusses how to choose a probate lender.
Choosing the Right Probate Lender
You’ll find dozens of probate lenders out there, all making the same lofty statements about helping you claim your inheritance fast. Picking the wrong one could cause you financial trouble, so how do you ensure your lender isn’t a dud? Here’s what to look for.
Probate Lender Reputation: Do authoritative sources speak highly of the lender? If so, that’s a good sign. If the lender comes recommended by someone you know and trust, even better. Check out unbiased probate lender review sites to learn the bigger picture about each lender you’re considering. These review sites evaluate lenders based on funding speed, communication, advance terms, and other must-know data points.
Funding Terms: Funding terms are incredibly important to pay attention to. They dictate how much you can borrow, funding speed, and how the lender takes repayment from your inheritance. Be sure to ask the lender for these details before signing any paperwork.
Interest Rates: There’s a big difference between a probate loan and a probate advance. If you opt for a probate loan, you’ll have to pay interest, just as you would with a credit card or any other type of loan. Interest rates for probate loans can range from 7% to 15%. The rate you end up with depends on the lender, your inheritance, and your overall financial situation.
Probate advances do not have interest rates but rather flat fees. Advance fees typically range from 10% to 50% of your inheritance. Struggling to choose between a probate advance and a probate loan? Probate advances are usually the better option because you only have to worry about a one-time fee rather than making payments over time.
Customer Reviews: Probate lenders can make all sorts of claims, but reviews from actual customers tell the real story. You can feel comfortable working with a lender if reviewers say things like:
- “They were so compassionate and willing to work with me during a tough time.”
- “They funded me fast. I had money in my account in less than 24 hours.”
- “Their fees and terms are fair.”
On the other hand, steer clear if reviewers say things such as:
- “They never pick up the phone when I have a question.”
- “They said my advance fee would be 20% but increased it to 50% after providing the funding.”
- “They told me I’d have the money in 24 hours, but it took over a week.”
Customer Service: If you’re wondering how to choose a probate lender, pay attention to its customer service. Ideally, the lender should offer 24/7 phone, email, or live chat support. It should be willing to patiently answer all of your questions and walk you through the funding process from start to finish.
Advance or Loan Transparency: A good lender will ensure you know what to expect throughout the funding process. If the lender acts cagey and won’t answer your questions, it likely has something to hide. Move on and find a lender that willingly explains every last detail.
Application Process: The right probate lender will make the application process as easy and stress-free as possible. You’ll have to answer a few questions about your expected inheritance, how much money you need to borrow, and your general financial situation.
Keep in mind that if you choose a probate loan, you’ll have to undergo a credit check as part of the application process. Probate advance companies, on the other hand, don’t require a credit check. Probate advances are better if your credit score is poor or non-existent.
Working With a Probate Lender
Now that you know how to choose a probate lender, here’s what the process of working with one looks like.
- Schedule a consultation with the lender. Reputable lenders, such as Rockpoint Probate Funding, offer free consultations.
- Ask questions about how the funding process works. If the lender won’t clearly answer your questions, move on.
- Ask the lender to provide the details of your advance (or loan) in writing. If the lender refuses to do this, it’s not a good match.
- If you like the lender, it’s time to apply for funding. Provide all the requested information so there are no delays in processing your application.
- If you’re approved, the lender will send you the funds within the specified timeframe.
Avoiding Probate Lending Scams
To avoid being taken for a ride by a lending company, stay away from any lender that:
- Asks you to provide payment for funding up front
- Demands that you wire money
- Asks for your Social Security number or bank account number during the initial consultation
- Only wants to work with you online
Enjoy Early Access to Your Inheritance
If you’re still unsure how to choose a probate lender, we welcome you to work with our team at Rockpoint Probate Funding. We provide fast access to your inheritance, fair rates, and customer service that’s a step above the rest.
Have questions about inheriting a parent’s house or how probate advances work? Call us 24/7 at (888) 263-8588 for your free consultation.
