Whether a death is sudden or expected, it is always sad and pulling together all of the funeral details while figuring out the finances in a short period of time is often stressful. There are ways to reduce the overall funeral costs (Paying for a Funeral), however if you are set on the funeral details and the final bill is more than you can currently afford, you can alleviate the financial pressure by seeking financial support in a couple of ways:
Crowdfunding For Funerals
Crowdfunding platforms allow consumers to setup a shareable online campaign to raise money for a funeral or memorial. There are a number of different crowdfunding platforms available to do this. We've evaluated the options and have partnered with crowdfunding sites, Deposit a Gift and WeCare Card. We also like Plumfund which doesn't have a platform fee! All three crowdfunding platforms have areas tailored to raising funds for funerals and memorials, helping set the right tone for your campaign.
Deposit a Gift has the lowest rates out there and gives options to lower the platform fee by participating in different upfront pricing tiers ($0 has 4% +cc fee, $49 has 3% +cc, $149 has 2% +cc fee).
WeCare Card has an 8% flat fee, which includes the credit card processing fee, putting it on par with other crowdfunding platforms. What makes them differenent is the new way they offer users to cash out - via a pre-paid debit card, in addition to the standard options of ACH direct-deposit and check.
Plumfund is the only crowdfunding platform that does not have a "platform fee". This means you keep more money in your pocket! Donors can give a cash or check offline for no fee at all or pay via credit or debit card, deducting a low 2.8% + $0.30 per transaction. Plumfund partners with WePay and PayPal to proces the credit and debit card transactions, putting the funds directly into your WePay or PayPal account which can be transfered to your preferred bank account at anytime.
Learn more about Crowdfunding for funerals and memorials in these articles:
A Comparison of Crowdfunding Platforms for Funeral and Memorials compares crowdfunding platforms to make it easy for you to find the best one for you.
Crowdfunding for Funeral and Memorials outlines what crowdfunding is and covers the following topics:
What is Crowdfunding?
What Can I Raise Money For?
How Can Crowdfunding Be Used to Pay For a Funeral or Memorial?
How and When Do You Receive the Funds That Are Raised?
How Does Crowdfunding work?
What Are the Costs to Use a Crowdfunding Platform?
Side-By-Side Comparison of crowdfunding sites
Payment Plans and Personal Loans For Funerals
In instances where you have exhausted all viable cost-reducing and fundraising options and the funeral costs are still over budget, consult with your funeral home of choice to see whether they offer payment plans. Some funeral homes offer in-house payment plans to spread the cost of the funeral over a longer period of time. Others may partner with a 3rd party financer to offer financing programs for goods and services rendered.
- Funeral payment plans are offered at each funeral home’s discretion, may or may not charge interest or a fee for this service, and approval is not guaranteed.
- Financing from a 3rd party consumer-lender will be dependent on credit worthiness, down payments, and since the loans are generally unsecured loans, higher interest rates are generally charged.
The following are programs we found which offer payment plans or consumer lending programs and work with those in need of funeral financing.*
1. One Main (formerly Springleaf Financial): A personal loan from Springleaf Financial can help you get the cash you need quickly by means of secured or unsecured loans. If approved, the funds are distributed directly to the consumer to pay for funeral expenses. You can find a full list of locations here: One Main Locations. To apply for a loan, use the button below:
2. At-Need Credit: At Need Credit offers both a payment plan solution via funeral homes as well as direct-to consumer lending:
- Simple Funeral Payment Plan - a solution powered by CareCap and offered to funeral homes to help faciliate payment plans between the funeral home and the family. Funeral homes can enroll in this program and offer you payment plans at their discretion. Inquire with your funeral director to see if they are a participating provider.
- Funeral Pay Plan - a direct-to-consumer lending product structured as an unsecured loan. The FuneralPayPlan (FPP) loan application process is powered by LendingPoint. A consumer applies for a loan via LendingPoint, and if approved, FuneralPayPlan will have the funds deposited into the consumer's account for distrubution to the funeral providers.
*I’m Sorry To Hear does not endorse any financial loan service. If considering a loan as your funeral payment method, we highly recommend researching each company, their processes, rates, and their lending policies thoroughly before making a decision.