Saying goodbye to a loved one is never easy. If you are faced with the difficult situation of honouring their memory but have limited funds, funeral financing can be your saving grace; getting a funeral loan or a credit card are options for quick and immediate financing. There's no need for financial stress to add more worry and grief during this tough time - let finances help make sure that they get the final send-off they deserve.

What are the costs associated with a funeral?

When planning a funeral, it's important to understand the costs involved. From burial fees to obituaries and more, there are many expenses you should consider when budgeting for your loved one's last moments of tribute.

The average cost of a traditional funeral with burial in Canada is between $5,000 and $10,000. And cremation costs on average between $2,000 and $5,000. These costs can vary significantly from province to province and are dependent on the choices made when planning, the cost of living in the area of planning and the time of year for the funeral. For example, winter funerals may cost more money because it will be harder to break ground when it is frozen or store the coffin until the ground thaws.

Funeral Financing Options

Finding the resources to pay for a funeral can be difficult, but you have options. Banks, credit unions and online lenders are available if you're looking for an external loan source. Additionally, some funeral homes offer financing through affiliated partners, however, they don't always come with favourable rates.

A funeral loan is essentially a personal loan that requires no collateral to borrow. This may be your best solution, with competitive rates available for those with better-than-average credit scores. An online lender can provide you with approval in 2 minutes and funding the next business day.

Pros of a funeral loan

• Funds can be readily available: An online lender can provide you with a personalized interest rate and loan application results in minutes. If approved you can receive funding the next business day.
• Credit Score: Depending on your credit score and history, you could be a lower interest rate than a credit card.
• Repayment Flexibility: Take the worry out of repaying those pesky loans with a payment plan that fits your needs - whether it be weekly, bi-weekly or monthly. And by taking advantage of lenders with no early repayment fees, savvy borrowers can save money and enjoy more financial flexibility.

Cons of a funeral loan

• Credit Score Is Not High Enough: If you don't have a good credit score, it may not make financial sense to turn to a personal loan to cover the costs of a funeral. That's because a personal loan could come with triple-digit rates depending on your score.
• Added Financial Stress: When a loved one passes away, already heightened levels of stress can be compounded by adding additional financial strain and debt.
• Individual Burden: the financial burden of their funeral can be shared among family members - but taking out a personal loan is solely an individual's responsibility.

Credit card

Credit Cards offer convenience and immediate funds. If you choose to pay with a credit card it could end up costing you in the long run if you are unable to clear your balance and rack up high-interest rates fees!

No matter what type of financing you use to pay for a funeral, it's important to think carefully about the decision. Funeral expenses can be expensive, so it's important to make sure that you have a plan in place before making any financial commitments. Taking some time to research the different types of financing available and understanding all of the costs associated with funeral services will go a long way towards helping you make an informed decision.

Reference: https://www.sunlife.ca/en/insurance/life/how-much-does-a-funeral-cost/

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