If you know that you are receiving an inheritance, but need money now and cannot wait for the probate court to finish with the legal proceedings, you might be wondering what your best option is. This is why estate loans vs. traditional loans: making an informed choice should be something that everyone knows about.
Interest Rates
When you get a traditional loan, it comes with an interest rate that accrues until you pay the entire loan amount back. The longer you take to pay, the more interest you are charged, so your loan could end up being exceedingly expensive by the time you are finished with it. However, estate loans have no interest whatsoever, only a flat fee that you pay when you pay the loan back. If it takes longer to receive your inheritance than you originally thought, there is no need to worry as you will still pay the same flat fee no matter what.
Credit Check
One thing about estate loans vs. traditional loans: making an informed choice is that a traditional loan from a bank is going to require a credit check. If you have poor credit, or even no credit history at all, you are either going to end up paying a very high rate of interest or you will not be able to get one at all. This is not the case with an inheritance loan because it is borrowed against the portion of the estate that you are due to receive. There is no credit check involved at all.
If you would like to learn more about estate loans, please contact My Inheritance Cash.
