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Losing someone is difficult enough. Having to sort out the financial aspects of a loved one’s funeral services adds stress to an already painful and challenging experience. Fortunately, you have options that can help.
If you’re struggling to pay for the funeral costs of someone you love, here’s what you need to know about funeral loans:
- What is a funeral loan?
- How to get a funeral loan
- How much will a funeral cost?
- Alternatives to a funeral loan
- Consider a personal loan for funeral costs
What is a funeral loan?
A funeral loan is a type of unsecured personal loan that you can use to cover the costs of funeral or cremation services, as well as other associated costs. You can find funeral loans from banks, credit unions, or online lenders.
Funeral loans typically come with lower APRs than credit cards, which means you’ll pay less interest in the long run. These loans can be a good option if you don’t have the funds to cover the funeral or if your loved one didn’t have a life insurance policy in place.
Sorting out a loved one’s funeral expenses is stressful enough. If you need a loan to cover funeral-related costs, Credible makes it simple by letting you compare personal loan rates from multiple lenders, all in one place.
How to get a funeral loan
If you’re unable to cover the costs of a loved one’s funeral out of pocket, you can use a funeral loan for a wide array of funeral-related expenses.
Here’s how to get a personal loan to cover funeral costs:
- Make a list of your priorities. To start, write down your priorities for your loved one’s services. Would you like a certain type of casket or headstone? Would your loved one prefer a particular location or facility? Making a list of these must-haves can ensure you deliver the services your loved one deserves without taking out a bigger loan than is necessary.
- Get several funeral cost estimates. Unless your loved one specified a particular funeral home, you should get quotes from at least a few different options before moving forward with your services. Funeral facilities, as well as the services they offer, can vary widely in pricing.
- Know your credit score. It’s important to know your credit score before applying for any loan, as it will directly affect your ability to qualify and the interest rate you’ll receive. The higher your credit score is, the better your interest rate will typically be.
- Get pre-approved from several lenders. You should also shop for your loan just as you shopped for funeral quotes. This ensures you get the best possible rates and terms for your situation.
- Review your lender options. Once you have a few estimates, compare each lender’s rates, terms, and fees, and be sure to factor in customer service and funding time too. You may be able to find this information by reading customer reviews.
- Apply for the loan. Once you’ve decided on the lender you’d like to work with, you’ll need to complete its full application. This will typically require a credit check and some documentation.
- Close and get funds. If you’re approved for the loan, you’ll sign your loan paperwork and close on the loan. Depending on the lender, you could receive your loan funds anywhere from one to seven business days after approval.
The personal loan companies in the table below compete for your business through Credible. You can request rates from all of these partner lenders by filling out just one form (instead of one form for each) and without affecting your credit score.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 29.99% APR | $7,500 to $50,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000 to $35,000** |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 15.19% APR | $10,000 to $50,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.99% APR | $5,000 to $50,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 24.99% APR | $2,500 to $35,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 29.99% APR | $5,000 to $40,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.3% - 36.0% APR | $1,000 to $40,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 35.99% APR | $2,000 to $36,500 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.99% - 22.49% APR | $5,000 to $100,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 24.99% APR1 | $3,500 to $40,0002 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.0% - 35.99% APR | $1,500 to $20,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.74% - 17.99% APR | $600 to $50,000 (depending on loan term) |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 35.99% APR | $2,000 to $50,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.99% - 35.99% APR | $3,500 to $40,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 23.43% APR10 | $5,000 to $100,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.69% - 35.93% APR7 | $1,000 to $20,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.96% - 35.97% APR | $1,000 to $50,000 |
|
||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.4% - 35.99% APR4 | $1,000 to $50,0005 |
|
||
How much will a funeral cost?
The average funeral with burial services cost $7,848 in 2021, and the average funeral with cremation cost $6,971, according to the National Funeral Directors Association (NFDA).
Keep in mind that the above costs are for basic funeral services. Those costs don’t include flowers, grave markers, obituaries, or cemetery fees.
Tip: While few funeral homes offer payment plans, many allow you to prepay funeral expenses. No one likes to think about the end of life before they have to, but prepaying funeral costs can save your loved ones money and spare them anxiety during a difficult time.
The below table shows the typical costs for individual funeral line items, according to the NFDA:
| Regular funeral | Cremation | |
|---|---|---|
| Basic service fee | $2,300 | $2,300 |
| Removal and transfer of remains to funeral home | $350 | $350 |
| Embalming and other preparation | $1,050 | $1,050 |
| Use of facilities and staff for viewing or ceremony | $450 | $965 |
| Service car or van | $150 | $150 |
| Memorial printed package | $183 | $183 |
| Funeral ceremony | $515 | N/A |
| Hearse | $350 | N/A |
| Metal casket or cremation casket | $2,500 | $1,310 |
| Cremation fee | N/A | $368 |
| Urn | N/A | $295 |
Who pays for funeral costs?
The family of the deceased person typically covers the cost of the funeral, but not always. If your loved one had life insurance or an estate plan in place, you may have other ways to cover funeral costs.
Alternatives to a funeral loan
Taking out a funeral loan is just one way to pay for a loved one’s services. In some cases, you may be able to use one of these options instead:
- Life insurance policy — Life insurance policies have a number of benefits. They often pay the surviving spouse or dependents some form of income replacement, and they also typically cover the bulk of a covered policy member’s funeral costs. If your loved one had a life insurance policy, you should review your policy documents and reach out to an agent to learn about what might be covered.
- Tap into an emergency fund — If you have an emergency fund — or your loved one left funds to you in their will — you can use this money to cover the cost of a funeral and other related expenses. Unexpected deaths in the family are just one reason why it’s important to have emergency savings on hand. If the person who passed also contributed income to your household, these savings can help you weather the storm in the initial days and weeks following their death.
- Low APR credit card — If you don’t want to take out a loan, you might consider applying for a low APR credit card. Some credit cards offer 0% introductory APR on purchases for a year or more. Just make sure you understand when that promotional rate ends and make sure you’d be able to pay the balance off before that time to avoid any steep interest costs.
- Home-related financing products — If you own a home and you’ve built up sufficient equity, a cash-out refinance, home equity loan, or home equity line of credit (HELOC) are also options to help you pay for funeral costs. These financial products typically have lower rates than credit cards as well.
Learn more: Fixed-Rate HELOCs: A Cross Between HELOCs and Home Equity Loans
Consider a personal loan for funeral costs
It’s never easy to lose a loved one, but adding financial stressors to the mix can make the experience even more painful. If you need help giving your loved one the services they deserve, a personal loan — with its fixed payments and clear payoff date — may be a good option.
If your credit score is on the lower end, consider applying for a funeral loan with a cosigner who has good credit. This will help you qualify more easily, and you’ll likely get a lower interest rate too.
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