My Inheritance Cash advance review
Interest-free cash advances of up to 20% of your inheritance.
Expecting a large inheritance, but dealing with a lengthy probate process? An advance from My Inheritance Cash might be able to help. While you won’t pay any interest since it’s not technically a loan, you’ll still be on the hook for a relatively high advance fee.
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What makes My Inheritance Cash unique?
My Inheritance Cash offers interest-free cash advances on your inheritance. Since it’s not a loan, your credit score doesn’t come into consideration, nor do you have to pay back the advance by a certain date. Instead, My Inheritance Cash collects the advance amount plus a fee directly from the estate once the probate process is complete — however long that takes.
What is My Inheritance Cash?
My Inheritance Cash provides advances on inheritances that are stuck in probate court. You can apply for an advance of up to 20% of your inheritance, which is repaid by the estate — not you. Advance amounts range from $3,000 all the way up to $100,000.
Since these advances aren’t considered loans, you won’t be on the hook for any interest charges. Instead, the main cost you need to worry about is an advance fee. This starts at $2,000 and goes up to half of the amount you had advanced — minus $100.
For example, if you had $5,000 advanced to you, the maximum fee you could be charged is $2,400. The exact amount depends on the risks involved, how long it takes for the estate to be distributed and other factors. This fee isn’t paid up front, but is instead taken out of your inheritance once its paid out by the estate.
What are the benefits of My Inheritance Cash?
With its wide range of advance amounts and zero interest charges, here are just some of the perks of using My Inheritance Cash:
- No interest charges. An advance from My Inheritance Cash isn’t a loan, which means you won’t be charged interest or need to repay the amount you receive within a set time frame.
- Wide range of advance amounts. Depending on your expected inheritance, you may be able to get an advance of as little as $3,000 all the way up to $100,000.
- No credit check required. My Inheritance Cash doesn’t take your credit score into account when determining whether you qualify for an advance.
- Quick transfers. After you’ve received a quote based on your probate documents, you may be able to get an advance within two to three days. Considering the probate process can last 12 to 18 months, this is a fast way to draw from your inheritance.
What to watch out for
Consider these potential drawbacks before taking out an advance with My Inheritance Cash:
- High advance fee. Advance fees start at $2,000 — and they only go up from there. If you only borrow the minimum amount, you’re paying more than half your advance in fees.
- Limited information available. My Inheritance Cash’s website is barebones at best, meaning you may need to call or email a customer service representative to learn more.
- Not available for all estates. My Inheritance Cash can’t provide advances to trusts, individuals looking to use the advance to pursue legal efforts against the estate, estates involved in complicated litigation or estates where the primary asset is a home occupied by an heir or the executor.
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What does the Internet say about My Inheritance Cash?
Not much as of April 2019. My Inheritance Cash receives an A- rating from the Better Business Bureau (BBB) based on factors like transparency and advertising practices — but that’s about it in terms of an online presence.
It’s not accredited with the bureau, nor does it have any reviews or complaints listed on its BBB page, Trustpilot or other online forums like Reddit. This isn’t exactly surprising considering the company’s only been around for less than two years.
Am I eligible?
To receive an advance from My Inheritance Cash, you need to meet the following criteria:
- Qualifying inheritance of at least $15,000
- Not a resident of Ohio, Hawaii, Puerto Rico or any other US territory
- US citizen or permanent resident
Residents of California, New York and Pennsylvania may have to meet special filing requirements as well.
How do I apply?
You can apply for an advance from My Inheritance Cash online by following these steps:
- Visit My Inheritance Cash’s website.
- Click Application to begin.
- Enter your personal information, including your Social Security number, as well as details about your deceased relative and their estate.
- Prepare copies of the required documents to fax or email to My Inheritance Cash.
- Submit your application and wait for a representative to contact you.
To start the process by phone, you can call the provider at 800-430-4551.
What documents will I need to submit?
When you submit your application, you may need to provide copies of the following documents:
- Driver’s license or state ID
- Social Security card
- Deceased’s will and death certificate
- Petition for Probate and other court documents you have
- Estate’s inventory and appraisals or the estate’s assets and liabilities
- Letters or documents from the attorney or executor
- Listing agreement or sales contract for real estate
- Evidence of any mortgages, property liens or other liabilities
- Authorization to release information on your debts
Depending on the probate case and estate, other information may be required once the advance process begins.
I got an advance from My Inheritance Cash. Now what?
There’s nothing left for you to do. Once the estate is distributed, My Inheritance Cash collects the amount advanced plus its advance fee directly from the estate. Then you’ll receive any remaining inheritance owed to you.
My Inheritance Cash can help you access up to 20% of your inheritance before it’s distributed. Though you won’t be on the hook for interest, its high minimum advance fee might not be worth it — especially if you’re only receiving a small advance. If that’s the case, you may want to consider alternative options for inheritance funding or other borrowing options in our guide to personal loans.