Ampla Finance launches loans to beneficiaries and executors in Scotland
Ampla Finance has launched its loans to beneficiaries and executors in the Scottish market.
The products allow beneficiaries to access their estate before and after probate is granted, or executors to access the full value of the estate to pay inheritance tax or other estate obligations.
With nearly 60% of people relying on inheritance as a significant source of funding to pay off debts, cover daily bills, or help pay for ambitious items, any probate delay – a risk exacerbated by Covid-19 – can extend the time it takes for beneficiaries to access vital funds.
If there is not enough cash in the estate, executors can often have difficulty paying estate tax, which is due within six months of death and before probate is granted. or to settle other inheritance obligations. This can leave the executor with large bills to pay and without the finances in place to pay them.
From today, individuals living in Scotland will have access to Ampla Payday Loans, designed to allow individuals to borrow up to 70% of their future inheritance, even before probate is granted. The loan can be used for any purpose.
Its Executor Loans allow executors to borrow up to 70% of the expected proceeds of their estate to pay for inheritance tax or other estate obligations.
Underwriting for both types of loans is based on the assets and liabilities of the estate, meaning they are available to borrowers regardless of their personal circumstances. With no monthly repayments and no prepayment charges, both loans are normally repaid in full after the estate is settled and the funds are distributed.
Ampla Finance first rolled out loans in England and Wales last year.
Steve Gauke, Director of Business Development at Ampla Finance, said: “Ampla Finance has had a very good year over the past year, with significant growth in England and Wales and helping an ever-increasing number of people access the funds stuck in the estate administration process. Scotland having no such options, it was inevitable that we would go into the country. “