There are many options for financing a funeral, but it can be a challenge if you have bad credit. If your family member passed on without any method of paying for their own final arrangements, you may find yourself having to go through third-party lenders. These third-party lenders will often consider your creditworthiness and income before they make a decision on whether they can extend you financing.
Double Check All Avenues
Credit cards, retirement accounts, and even some insurance policies may carry with them some stipend for final arrangements. You should make sure you go through your loved one's accounts thoroughly to make sure there isn't anything that's been missed.
Ask the Funeral Home
Funeral homes understand that many individuals aren't expecting to take on the burden of funeral costs. Because of this, many funeral homes will give you a financing arrangement on their own. Financing directly through the funeral home may be less costly than taking out a personal loan, and they may be able to work around your bad credit. Either way, it's always a good idea to check with them first. Catering companies, flower companies, and other vendors may all have their own unique financing options, so don't forget to check.
Funeral Financing Companies
Whenever there is a need, there is a company that fulfills that need. There are online funeral financing companies that specialize in final arrangements. These companies often have very fast approval times and provide loans for those with any level of credit, as they know that it is a stressful time and most people don't have the time to prepare. These funeral loans are generally fairly lengthy, sometimes with a loan term of about 10 years -- but the trade off is that they are available immediately and that the funds can be used freely for caterers, flower arrangements, and more.
Funeral Help Programs
Your local Department of Human Services may actually offer financial aid for your funeral service. In general, these funeral help programs only govern very limited processes -- for instance, they may be able to pay for the cost of cremation, thereby freeing you up to pay for an urn or service. If your family member was a member of any type of special group, such as the military, you should immediately contact those services as well -- they usually have money earmarked for these situations.
Before you make any decisions, talk to your funeral services company about your options. Not only may you be able to reduce the costs -- such as switching from a burial to more affordable cremation services -- but they have their own suggestions for financing.