Financing Final Arrangements: The Benefits of a Funeral Loan

When a loved one dies suddenly, family members are often left to cope with funeral and burial expenses. These unexpected costs can stretch into the thousands of dollars and place a significant financial burden on many families.

LendingUSA understands that money is the last thing anyone wants to worry about after a loved one’s death. Our funeral loans are designed with clear terms and a fast approval process so you can provide your loved one the memorial they deserve without overextending your budget.

Funeral and Burial Costs

Though the fees for end-of-life services vary widely, the median cost for funeral and burial expenses today is just over $7,800.

And paying for a funeral is unfortunately not limited to a single expense. There are a few common types of funeral-related charges that are crucial to consider when abruptly confronted with planning a funeral.

Funeral Home Fees

Funeral home fees are fees typically charged by funeral homes for services that may include transporting the deceased, embalming, death certificate copies, memorial planning, obituary and funeral service notices, and coordination with a cemetery or other third party such as a crematory.

Burial, Cremation or Interment Fees

If a final resting place has not already been established, surviving loved ones will need to decide whether to work with a cemetery, crematory, mausoleum or other option. Each of these has its own costs, including plot purchase, cremation fees, or interment fees.

Merchandise and Other Services

Basic funeral fees often do not include the cost of a casket, or an urn if cremation is chosen. With the average price of a casket at about $2,000, this is an important consideration when budgeting a loved one’s final services. Additional service-based fees may include but are not limited to hearse expenses and the use of funeral home or cemetery staff.

Advance Fees

Funeral homes may charge for items or services they buy from external vendors on their clients’ behalf, such as floral arrangements, obituary notices or service officiators. Some funeral homes charge customers the exact price they paid to the vendor with no markup, while others add a service fee. Although funeral homes must disclose these costs and any associated fees upfront, it’s easy to be surprised if you’re not expecting them in advance.

LendingUSA Funeral Loan Benefits

LendingUSA offers funeral loans that range from $1,000 to $25,000, so you can provide your loved one a dignified farewell with a payment plan that fits your monthly budget.

Our application process is quick and straightforward, and approval of customers encompasses a spectrum of credit scores, including those with bad credit. It takes just minutes to apply and seconds to receive a pre-approval determination.

LendingUSA’s funeral loans are accompanied by fixed monthly payment amounts. There is no interest on principal if the funeral point-of-sale loan is repaid within six months of the disbursal date*, and there are no prepayment penalties.

A funeral loan provides peace of mind in your time of need without the stress or hassle of tapping into your savings, retirement or investments. And unlike a credit card, LendingUSA’s funeral financing options come with clear, fixed terms that won’t fluctuate.

Expenses Covered by a Funeral Loan

Before agreeing to any funeral expenses, it’s advisable to gain a basic understanding of funeral practice guidelines intended to protect consumers. The Federal Trade Commission (FTC) outlines rules about fee disclosures and provides planning tips on its Shopping for Funeral Services page.

A funeral loan may be used to cover various costs, including many of the specific fees mentioned above. In general, a funeral loan may be applied to:

Visitation, Funeral and Memorial services

Regardless of the type of arrangements you choose and whether they take place in a funeral home, church or another setting, a funeral loan can provide your loved one with the remembrance they merit.

Burial or Cremation Costs

Burial and cremation incur significant expenses, including the cost of a casket or urn, and a memorial monument or interment marker. Though cremation is less expensive, this is a profoundly personal decision. With a funeral loan, you don’t have to make a choice based solely on your finances.

Related Fees and Services

Depending on the circumstances, additional costs associated with your loved one’s final arrangements may arise. These may include transportation, preparatory services, crypt or mausoleum costs, and more. LendingUSA’s funeral loans offer the flexibility you want in your time of need.

Apply for a Funeral Loan Today

The loss of a loved one shouldn’t be immediately followed by financial demands that prevent a proper celebration of life.

At LendingUSA, we work hard to provide funeral loans for you, regardless of your financial situation. Check your rate today and fill out the basic application to find out in minutes if you qualify.

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