Getting Personal Loans for Divorce Legal Fees

Getting Personal Loans for Divorce Legal Fees

Divorces are tough as is it with all the emotional stress and trauma that the involved parties have to go through. Mix in financial stress as well, and it becomes the stuff that nightmares are made of. Getting lawyers involved in your divorce proceedings is an expensive affair. Even more so if the divorce case goes on trial. With potential expenses going as high as $20,000, you might need to get a personal loan to be able to pay all that legal fees.


What is a Personal Loan for Divorce Legal Fees

A personal loan for a divorce legal fees is also known as a divorce loan. Being a personal loan in nature, these are versatile, and can be used for more than just meeting legal expenses such as expenses for moving out from the house, paying for all the paperwork, attorney fee, storage expenses, court expenses, mental health counseling charges, deposits for new home and associated utilities expenses, and much more. 

People who do not have ample funds to pay the legal fees, charges that are incurred if the case goes to trial, and other process fees which may be associated with a divorce suit can avail this type of a personal loan easily.

When availing a divorce personal loan for legal fees, you may want to put down the intended use for the loan as the same. Since these are unsecured loans, they are quite beneficial for individuals that have to bear divorce expenses.

Also read: How to Get a Personal Loan While Unemployed

This ensures that you do not need to worry about collateral.

These are fixed term loans for which come with a fixed rate of interest and a predetermined repayment schedule and term, usually between two to seven years. Borrowers need to be able to repay the loans as per the schedule that is agreed to in the loan contract.

Because these loans are fixed term with a set rate of interest rather than a fluctuating one, it becomes easier for the borrower to evaluate and design their monthly budgets without having to calculate much every month.


Advantages and Disadvantages of Divorce Loan

A personal loan for divorce related expenses has a few advantages and disadvantages which borrowers ought to be aware about before getting the loan.



  • This type of loan is approved quickly which is great for urgent expenses. A divorce is a lengthy and complex process as it is without the need for having to run around for a loan multiple times as well. Personal loans are known for being very quickly approved and disbursed, taking one load off your mind.
  • The funds can be used for several different uses. As such, when asking for the loan, you can evaluate all your divorce related requirements including moving expenses, funds for buying new necessities like furniture, etc., to determine the required loan amount.
  • The rate of interest is fixed, which means that over the term, if the rate of interest in general for a personal loan increases, it does not impact your loan. The interest rate offered to you is locked in, and remains the same throughout.
  • Compared to some other forms of quick fund sources like credit cards, the rate of interest levied on a personal loan is much lower. So, if you take the loan instead of leveraging your credit cards, you will be in a better place financially.



  • You may not have the option to repay back the loan early if the lending agency does not allow it, even if you have the bandwidth to do so. This would mean that the loan will loom over your head for years.

Moreover, you may not be able to leverage the benefits that come with early repayment like savings on interest.

Instead, some lenders can impose penalties for early repayments.

  • The requirements for being eligible for the loan can be extremely strict. However, in order to get the loan, the borrower needs to meet the eligibility criteria. A primary one of which is the borrower’s credit score and history. If you have poor credit scores, you will have a tough time acquiring a loan, or be offered a very high interest rate.
  • If you fail to make the payments on schedule even once, it would adversely impact your credit score, which can become very difficult to overcome and fix.


Getting A Divorce Personal Loan

While you will not find something known as a ‘divorce loan’ or ‘divorce personal loan’ at any financial institution, you can get the loan under the personal loan offering. To get the loan, you need to follow a simple process, and have all the required supporting documents collected before you apply for it.

When selecting where to get the personal loan from, you can choose from traditional options like banks or credit unions, or from online lenders and private lending agencies. Before selecting, you can inquire about the policies, requirements, and terms of each to compare who is offering the most suitable option for your needs.

The next step is to apply for the loan by filling out an application form which will require personal details, loan requirements, and even financial information like source of income, etc.

Also read: How to get Personal Loans for Divorce Legal Fees

Some supporting documents which you may need could include tax return documents, W-2 forms, and more. After filling the form, you can submit it for the lender to assess and approve.

After the application is assessed and documents are verified, the lender will decide whether to approve or decline the loan request. When approving, they will draw up a loan contract detailing terms, interest rates, loan term, amount, etc., which the borrower needs to agree to in order for it to come into action. Upon signing the contract, the loan amount will be disbursed to you for use. Thereafter, you must stick to the repayment terms.

Getting a personal loan for a divorce is very helpful to meet the expenses that you will incur throughout the process, whether it is legal fee, or personal expenses arising due to the divorce. Their versatility and low interest rates make them highly suitable during such expenses.