Losing a loved one is hard enough without worrying about how you’ll pay for a funeral. If you don’t have enough savings to pay your loved one’s burial expenses out of pocket, funeral loans can help you cover the upfront costs while you pay them back over time. However, there is a lot to consider before you commit to financing a funeral.
Losing a loved one is always difficult On top of the emotional turmoil, many families also face financial stress when faced with paying for end-of-life expenses The average funeral costs over $6,000 for cremation or over $7,000 for burial, according to the National Funeral Directors Association’s 2021 report. For some, coming up with this amount of money upfront is impossible. Thankfully, quick loans for funeral expenses can provide fast financial assistance.
In this guide, I’ll explain why quick funding is so important when grieving and how to find the right lender for fast, easy access to cash to cover funeral costs. With the right loan you can give your loved one a meaningful service without going into debt.
Why Speed Matters with Loans for Funeral Costs
Funerals and memorial services are usually held within a week of a death. That doesn’t leave much time for families to pull together funds when finances are already stretched thin Applying at your bank for a personal loan can take weeks for approval By then, it’s too late.
Quick access to funeral financing brings peace of mind during an emotionally difficult time. With funds deposited in as little as one business day, you can focus on what matters most – honoring your loved one’s life.
What Does a Funeral Cost These Days?
According to the National Funeral Directors Association (NFDA), the median cost of a funeral in 2021 was:
- Burial with viewing and service: $7,848
- Direct cremation: $6,971
Major funeral expenses include:
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Basic services fee: covers overhead, permits, death certificates, and sheltering remains. Costs from $2,400-$3,000 typically.
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Funeral ceremony: rental of facility, staff, printed materials. Around $1,000-$2,000.
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Casket or urn: $1,000-$7,500 depending on materials. Urns cost $50-$500 on average.
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Cemetery costs: plot, opening/closing grave, hearse transportation, headstone. Around $2,000 altogether.
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Misc: embalming, obituary notices, flowers, programs, limousines. Around $2,000.
As you can see, even a basic funeral adds up fast. For families living paycheck to paycheck, quick funding is essential.
Options for Fast Financing
You have a few options to get fast cash to pay funeral expenses:
Funeral Home Financing
Many funeral homes offer in-house payment plans, allowing you to finance costs over 12-60 months. While convenient, interest rates are usually high, from 5% up to 17% APR typically.
Cash Advance from Credit Card
A cash advance from your credit card provides quick access to funds. But interest rates are extremely high, from 25% to over 30% APR usually. It’s better to avoid piling high-interest debt onto your grief.
Online Personal Loans
Your best bet is an online personal loan from a direct lender like Prosper or Acorn Finance. Compared to credit cards and funeral home financing, online lenders offer:
- Much lower interest rates, as low as 5.99% APR.
- Larger loan amounts up to $100,000.
- Quick access to funds in 1-2 business days.
- Fixed monthly payments and terms up to 7 years.
- Competitive rates and fees, especially for good credit.
- Easy pre-qualification with a soft credit check.
As long as you have fair credit or better, an online personal loan is the most affordable way to finance funeral costs quickly.
How to Apply for Fast Funding
Follow these steps for quick access to funeral financing:
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Pre-qualify online – Complete a short form and get pre-qualified loan offers within minutes without affecting your credit score.
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Compare loan options – Evaluate loan amounts, terms, fees, and monthly payments to select your best offer.
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Complete full application – Finish application process directly through your chosen lender’s website.
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Get approval – If approved, loan agreement is issued. Review terms carefully before accepting.
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Receive funding – Money can be deposited as soon as next business day once loan is accepted.
The entire process from pre-qualification to funding takes just 1-3 business days with leading online lenders. It’s the fastest way to get cash to cover funeral costs.
What to Look for in a Lender
To ensure a smooth, quick lending experience:
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Check for transparent rates & terms – No hidden fees or balloon payments.
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Compare multiple lenders – Each has unique offers. Contrast to find your best option.
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Review funding speed – Many lenders provide next day deposit.
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Look for soft credit checks – Pre-qualification shouldn’t affect your credit score.
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See if cosigners are allowed – Cosigners can help you qualify if you have limited credit history.
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Check for flexible loan use – Ensure funds can pay any funeral or end-of-life expense.
How Much to Borrow for Funeral Costs
Only take out as much as you need to cover immediate expenses. Average loan amounts for funeral costs are $5,000 – $10,000. Think through all the costs:
- Basic services fee
- Cremation or burial
- Casket/urn
- Funeral ceremony
- Cemetery charges
- Flowers
- Obituary notices
- Travel and accommodations for family
- Headstone
- Misc expenses
Be sure to account for any financial assistance from social security benefits, veteran affairs, or insurance policies as that can offset some expenses.
Paying off Your Loan Quickly
To save on interest fees, try to pay off your funeral loan as fast as possible. Here are some tips:
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Make bi-weekly or weekly loan payments instead of monthly payments. This will reduce the repayment period and interest fees.
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Put any windfalls like tax refunds or bonuses towards paying down the principal.
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Avoid spending on non-essentials until the loan is repaid. Stick to a strict budget.
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Refinance once your credit score improves to get a lower interest rate.
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Take out a 0% APR balance transfer credit card to pay off the loan, then commit to paying off the credit card ASAP.
The faster you can become debt-free, the sooner you can move forward from your grief without financial burdens.
Give Your Loved One the Service They Deserve
Losing someone close to you is painful enough. Finding funds to pay funeral costs shouldn’t add extra stress. With a quick loan for funeral expenses, you can honor your loved one’s life properly.
Focus on grieving and healing surrounded by loved ones. An online personal loan provides fast, affordable financing so you can say goodbye with dignity and meaning. The right lender will deposit cash quickly so you can make arrangements without delay.
With a few simple online forms, you can pre-qualify to compare offers from top lenders in just minutes. Take control of your finances during this difficult transition and give your family member the memorial they deserve with fast, easy access to funeral financing.
Tips for taking out funeral loans
If it seems like a funeral loan, might be the best choice for you, here are a few tips to help you get the most bang for your buck.
- Research funeral costs: The Federal Trade Commission (FTC) offers a handy funeral pricing checklist that you can use to estimate costs and compare prices.
- Get estimates from different funeral homes: Prices for services may vary depending on the funeral home. Be sure to visit a few different establishments and gather estimates to increase your chances of finding a provider in your price range.
- Check your credit score: Some lenders publish the minimum credit score that they will accept for a personal loan on their websites. By choosing a lender where your score aligns solidly with its acceptable credit score range, you can increase your chances of being approved for a loan.
- Shop around for a loan: Collect prequalification offers from multiple lenders before applying for a loan. Doing so can help you save money on interest charges and find terms that work well for you. Just be sure to give each lender the same information so that you can make an apples-to-apples comparison once you have the offers in hand.
What are funeral loans?
At its core, a funeral loan is a personal loan that’s used to cover burial expenses. The funds from these loans can be used to cover the costs of funeral home services, burial and cremation or any other expenses you may incur while putting a loved one to rest.
Like all installment loans, the funds from a funeral loan will be delivered to you in one lump-sum payment. You can then use those funds to cover your loved one’s funeral expenses as you see fit. Then, when your repayment period begins, you’ll repay what you’ve borrowed over a series of regular monthly payments.
Although there are sometimes fees associated with taking out a personal loan, the interest rates are typically more affordable than if you were to charge the same amount on a credit card. Many lenders even offer quick loans that allow you to get same- or next-day funding, if needed.
Loans for Funeral Costs | Receive Funds Today | Dollar Hand
FAQ
How to borrow money for a funeral?
What credit score do you need for a funeral loan?
What happens when someone dies and can’t afford a funeral?
How does a funeral loan work?
Like all installment loans, the funds from a funeral loan will be delivered to you in one lump-sum payment. You can then use those funds to cover your loved one’s funeral expenses as you see fit. Then, when your repayment period begins, you’ll repay what you’ve borrowed over a series of regular monthly payments.
How much would you like to finance a funeral?
How much would you like to finance? A funeral loan is an unsecured personal loan that is paid back in equal monthly installments. While loan terms may vary, a funeral loan allows borrowers to spread out the cost of their funeral expenses over time – generally 2 to 7 years – making funeral costs more manageable.
Can a personal loan be used for a funeral?
The funds received from a personal loan (which are given as a lump sum) are generally unregulated and can be used for any costs associated with a funeral and burial including a memorial service, casket, or family members’ travel expenses.
Does prosper offer personal loan financing for funeral expenses?
In times of need, through Prosper, you’ve got access to swift, flexible financing to help you give your loved one the memorial service they deserve. Prosper offers personal loan financing options for funeral expenses so you can focus on the important things, like memorializing a loved one.