Funeral Loans
Remember Them With a Personal Loan
What Is a Funeral Loan?
Faced with making quick decisions about funeral financing, grieving loved ones often turn to variable, high-interest rate credit cards. A lower-cost, fixed-rate personal loan can quickly get you the money you need to cover burial, cremation, and related expenses. Predictable monthly payments and a fixed end date can give you peace of mind during an emotional and difficult time.
Join Over 4 Million Members Nationwide
- Borrow up to $40,000
- Quick and easy online application
- Eligibility based on credit history
- Receive money within 48-hours, on loan approval *
- No application or prepayment fees
Why Get a Funeral Loan?
Get Cash Fast
You could receive loan approval in 24 hours and your money within two days.1
Cover All Costs
Confidently plan everything from family members’ travel arrangements to services.
Save Money
Save more than $1,000 over the course of your loan.
Ways to Use a Funeral Loan
Funeral costs can add up quickly. A funeral loan can help make sure those expenses are covered.
- Traditional burials and embalming services, cremation, and eco (redwood forest) options
- Funeral home service fees
- Memorial service fees
- Funeral plot and grave marker or headstone
- Casket or vault
- Burial clothes, including composting suits
- Urn
- Hearst and transportation
- Officiant
- Musician
- Flowers and wreaths
- Travel arrangements for family members
How Funeral Loans Work
A personal loan for funeral expenses can be a quick and affordable option during an emotional, stressful time. With LendingClub, you can check your rate without obligation or impacting your credit score. Money is deposited directly into your bank account after loan approval, typically within two days. You’ll then make fixed monthly payments for the duration of your repayment term. If at some point you decide to pay off your loan early, no prepayment fees will be applied.
How to Compare Funeral Loan Lenders
When deciding which personal loan lender is right for you, you’ll want to compare:
- Loan amounts: Loan amounts vary by lender and eligibility criteria. Funeral services can be costly. Make sure the minimum and maximum loan amounts align with your needs.
- Interest rate ranges: Interest rates vary by lender. The lower your interest rate, the less your loan will cost overall.
- Eligibility: Loan approvals are typically based on credit score, payment history, and income, among other factors.
- Fees: Application costs, origination fees, and prepayment penalties vary by lender and may impact your total cost. Compare APRs across different lenders to understand the true cost of each loan offer.
- Joint applications: If you think you might not qualify on your own based on your credit history, work with a lender that accepts co-borrowers and apply together for a joint personal loan.
- Timing: Funeral loans are often time sensitive. Make sure the timing from loan application to funding will work for your needs.
Personal Loans vs. Credit Card Comparison
Personal Loans
- Installment loans can help you pay down debt and take control of your budget
- Single, fixed rate monthly payment is easy to manage
- Fixed monthly payment and payoff date saves you money over time
- Lower average APRs
Credit Cards
- Revolving credit accounts can lead to overspending
- Managing multiple credit cards with variable due dates, limits, and terms is time consuming and stressful
- Low minimum monthly payments and revolving compound interest can trap you in a cycle of debt
- Higher average APRs are an expensive way to pay for large purchases
What Our Members Say
Frequently Asked Questions
How do I qualify for a personal loan to pay for funeral expenses?
When you use a loan to pay for funeral costs your credit and payment history play a big role in determining if you qualify, and the rates and terms you receive. LendingClub lets you check your rate without obligation or a hard credit inquiry. Most members are approved for their loan in 24 hours and can receive their money from LendingClub Bank in as little as 24 hours.1
Which lenders are best for funeral loans?
Many online lenders offer unsecured personal loans you can use to pay for funeral costs. While most online lenders do not require a pre-existing relationship, some banks and credit unions may require you to have an established account before you can apply. Some lenders let you check your rate with a soft credit inquiry, which won’t impact your credit score. To get the best deal, look for lenders who offer no fee loans and compare multiple interest rates.
Can I get a funeral loan with poor credit?
You may get a personal loan to pay for funeral expenses if your credit scores are below fair. However, you may be limited in what interest rates, terms, and amounts are offered. Submitting a joint application with someone who has good credit can improve your chances of getting a larger loan offer with a more favorable rate.
Will I have to pay up front for a funeral?
Many funeral homes today expect payment in full and in advance (or a partial upfront payment at the minimum). If you have time to prepare, compare service costs between funeral homes. Some funeral directors offer payment plans, but these are generally only available to people who are prepaying for their own services.
How much does a basic funeral cost?
The cost of a funeral varies widely depending on your location and the services you want. According to the National Funeral Directors Association, the median nationwide cost for a funeral with a viewing and burial is $7,640. Including a vault raises the median to $9,135, while specialty services can be higher. This also doesn’t account for additional charges like markers, obituaries, and monuments.
What can I do if I have no money for a funeral?
If you simply can’t come up with the money to pay for burial or cremation costs, you still have options. To start with, if you can't afford to pay for burial costs, state or local governments may be able to provide financial assistance. The Social Security Administration pays a small grant to eligible beneficiaries to offset some funeral costs. Also, other state and federal government programs may help with emergency funeral funds. Keep in mind federal funding may only be available for certain circumstances, such as when a loved one is eligible for veterans’ burial benefits. You may also be able to raise money from crowdfunding or local charitable organizations.
