Funeral loans are always tough to talk about. Anyone needing the information probably doesn’t want to think about it, and they shouldn’t have to. This is why it’s so important to name someone in the family to take care of your funeral costs and other expenses.
There is no such thing as a funeral loan. All funeral loans are just personal loans you use to pay funeral expenses. A personal loan is an unsecured loan you pay back monthly at a fixed interest rate and with a fixed payoff date.
The average funeral in America costs just under $8,000 according to the National Funeral Directors Association (NFDA). The price will vary quite a bit though depending on cremation vs burial and what services are included.
There is an option available if you cannot afford to pay for a funeral. State and local governments will pay funeral expenses if no family claims a body in the morgue.
No matter what your loan, always visit a few different loan sites to make sure you’re getting the best rate. 1. PersonalLoans.com 2. SoFi 3. Upstart
The alternative is to just ask friends and family members to help pay funeral costs. Find one person in the family that is willing to take care of it and have them ask each person separately if they can chip in for costs.