A funeral loan is a type of personal loan used to cover the cost of a Funeral.
Funerals loans can help a Surviving Family who doesn't have enough savings, or Death Benefit coverage to pay for a funeral.
A funeral loan can be obtained from a bank, credit union, or other lending institution, and like other types of loans, a Lump Sum of money is given upfront and repayment is expected over time.
Funeral loans can cover a range of funeral expenses, including the cost of the Casket, funeral services, transportation, Burial or Cremation fees, and other related expenses.
The amount of the loan will depend on the lender's policies, the borrower's creditworthiness, and the estimated cost of the funeral and some lenders may require collateral, such as a vehicle or property, to secure the loan.
Funeral loans can come with high interest rates and fees and so other sources of funding should be considered before taking on debt to pay for a funeral.