Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Feb 25, 2021

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  • Final expenses and funeral costs can be very expensive
  • If your loved one didn’t leave enough money or have a life insurance plan in place to cover these costs, you will have to pay for these expenses
  • The unexpected costs of a funeral can put a significant financial strain on you and your family
  • There are financing options for funeral and burial expenses

When someone you love dies, the last thing you want to worry about is money. Still, you want to make sure they have a nice burial and service.

Can you finance funeral and burial expenses?

It shouldn’t surprise you that you absolutely can finance a funeral, and you have a couple of different options that you can choose from, including a personal loan.

Many people purchase life or final expense insurance policies to cover their funeral costs when the time comes, but still, many others do not.

If you need help with funeral costs, you should keep reading to find out the different options you have when financing a funeral.

Funeral expenses can be very costly, and if you don’t have extra cash lying around, you might be at your wit’s end wondering how you will pay for a nice funeral.

If you’re ready to finance a funeral, enter your ZIP code above to compare rates on personal funeral loans.

How much do funerals cost?

Average funeral costs range from $7,000 to $12,000, but costs also depend on a number of different factors, including whether or not the body will be cremated.

This is not an insignificant amount of money. Most people don’t have this kind of money just lying around.

If someone you love dies unexpectedly, the cost of the funeral and other final expenses could fall on you.

What do you do if you don’t have the money to pay for a funeral or burial expenses?

Luckily, there are options available to those who have lost someone and need to finance their funeral. You can read more about funeral expenses on the Federal Trade Commission website. They also offer helpful tools to help you calculate the total costs of the funeral.

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Are there funeral loans?

Yes, lenders do offer funeral loans. In fact, there are many lenders who specialize in funeral loans.

The companies that specialize in funeral loans may be your best choice since they will be prepared to handle the unique needs of a funeral service.

Generally, funerals are not planned very far in advance. Someone dies, and then their service must be planned.

Funeral loan companies are aware of the unique time constraints and work to make sure that you have the money you need to give your loved a proper burial or cremation.

Could I get a personal loan to finance a funeral instead?

You could choose to get a personal loan instead of a funeral loan, but these two types of loans are basically the same anyways.

Funeral loans are written as personal loans. The advantage of choosing a funeral loan company is that your repayment terms may be unique to funerals.

Whereas if you get a personal loan from your bank or credit union, the terms of your loan will be the standard personal loan terms that the lender offers everyone.

At this challenging time of your life, it may be in your best interests to choose a specialist. However, you should compare terms and interest rates and find the best loan for your financial needs.

Obviously, with a funeral, you will have less time to shop around than you would if you were just looking for a personal loan to cover other expenses or costs.

What do I need to know about financing funeral and burial expenses?

Funeral loans and personal loans are different from auto loans, student loans, and credit card debt. Personal loans can have a huge impact on your financial future in a positive or negative manner, depending on how you manage your debt.

You need to remember that you are going to pay more for your loan than the total value of your loan due to interest rates. You also need to remember to carefully read the terms of your loan agreement. You could get stuck with all sorts of fees designed to make lenders money.

There are a few fees you should make sure are waived or not included in your loan agreement. One is prepayment penalties.

If you pay your loan early, you are penalized; lenders do this to make sure they get all of the interest they can out of you.

The other fee to keep a close eye on is a loan origination fee. This is basically a fee for taking out a loan. Many lenders will charge one percent of the total loan as a fee. Ask to get this fee waived.

Funeral loans are personal loans so remember to look for these hidden fees in your loan agreement.

Will my credit score affect my funeral loan?

Since funeral loans are personal loans, which are unsecured loans, your credit score will have a big impact on the terms and interest rate of your funeral loan.

If you have a low credit score, you will have higher interest rates. It is a good idea to weigh all of your options before you choose to take out a personal loan with a poor credit score.

We understand that you don’t have a lot of time to assess your financial path forward when it comes to funerals, but it is important to make sure you weigh all options before taking out a loan.

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Financing Funeral and Burial Expenses: The Bottom Line

Funeral loans are personal loans designed to cover the costs of final expenses. You can choose to get a personal loan from your banking or lending institution, or you could choose to work with funeral-specific lenders.

Make sure you understand all of your options before you take out a loan. If you’re ready to compare funeral loan interest rates in your area, enter your ZIP code below.