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While some funeral homes offer payment plans, allowing you to pay them over time, that's not always a possibility. If you don't have enough cash available, a personal loan can be one way to cover the entire cost upfront.
On top of that, personal loans often offer fast funding. You might be able to get the money quickly, sometimes the same day you apply. This ensures that you can hold the funeral in a timely fashion.
Finally, in some cases, it can actually be helpful to use a funeral loan if you have poor credit. So long as you make payments on time and in full, a funeral loan can help boost your credit score.
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It's possible to get a personal loan for funeral expenses—including loans if you have bad credit. Note, however, that these loans come with costs, as any personal loan would. With a personal loan, you can pay for the funeral upfront, but you'll be committing to making payments for months or years into the future until the debt is paid off.
Funeral loans, as they are sometimes called, can be used to cover the cost of the service, preparation of the body, burial or cremation, the casket or urn, and related expenses. As with most other personal loans, you're likely to get a better deal if you have a good credit score. While you can obtain a funeral loan with bad credit, you might need to pay a higher interest rate or accept a loan with a higher origination fee.
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Losing a loved one can be a difficult experience on a number of levels, including financially, with the average cost of a funeral, including a viewing and burial, currently exceeding $7,800.1 What can you do if you need to arrange a funeral but don't have the money available? You have several options, including taking out a personal loan. You can still get a personal loan even if you have bad credit, but you'll likely pay more than you would with a higher score. Here's what you need to know.
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