Losing a loved one is one of life’s greatest challenges, and with the loss comes a range of difficult decisions and unexpected financial challenges that we must face, all while we are feeling a range of emotions and a sense of urgency. We’re often left with many questions and uncertainties when faced with the realities of saying goodbye to someone special to us.
If your loved one was able to make plans for their passing, that can offer some financial relief, but if they haven’t, as is often the case with an unexpected death or there are additional costs to be considered, fortunately, there are many financing solutions available to assist you in meeting the costs involved with a funeral. In Australia, generally, the person arranging the funeral will be the executor of the will if there is one, or a close relative or spouse. If you organize the funeral, you will also need to organize the funds to cover the costs if there were no arrangements in place.
What are my options in paying for a funeral in Australia?
There are many ways that you can pay for a funeral in Australia, such as
- in advance, with money held by a funeral home, or as part of an insurance policy
- directly from the deceased person’s estate, if that is outlined in their will
- With your cash or savings that you can quickly access if you can spare the funds without getting yourself in trouble
- Bereavement payments if you are a Centrelink recipient
- Support from family, friends, or community groups and clubs that they may have been a member of, such as rotary or RSL
- Payment plans with the funeral home if they are offered and able to approve you
- A personal loan or credit card
How much does it cost?
A funeral in Australia can cost anywhere from $2000 to $10,000 depending on the type of service that will be chosen. It is important to thoroughly investigate the costs with your chosen funeral home, as often transportation, preparation, running of the service, burial or cremation all have separate costs involved. You can discuss your budget with the funeral home and they will be able to guide you with choosing options to suit.
What are my loan options for funeral expenses?
Before you apply for a loan for funeral expenses, ensure that you know exactly how much you will need to avoid falling short. Discuss your wishes with the funeral home to determine a budget if you don’t have one already. If you happen to come up short or only need a small amount to bridge the gap, Fundo offers loans for funeral costs from $300 to $2000.
If you’re needing to loan the whole amount, a personal loan with your bank or credit card could be an option if you are in good standing and have a good credit score or rating. These types of loan can often be secured, such as against your home or car, and can take many years to pay back.
If you’re needing to loan the whole amount, a personal loan with your bank or credit card could be an option if you are in good standing and have a good credit score or rating. These types of loan can often be secured, such as against your home or car, and can take many years to pay back.
Can I still get a loan for funeral expenses with bad credit?
If you have a bad credit score or credit rating obtaining traditional finance may be impossible, difficult, or very expensive. Some lenders will only be able to loan to you at a higher interest rate than they offer someone with good credit, or may require a guarantor or some security before offering you approval.
Fundo doesn’t require their customers to have a good credit rating or require any security, or personal guarantors to approve a loan.
Fundo is generally able to offer you approval on the same day, and the cash will be available in your bank within minutes of acceptance to help you when you need it most.When you find yourself facing an unexpected financial burden, it can be a daunting process to assess your options on top of your already growing stress levels and difficult decisions you need to make.
Sometimes, a teeny tiny loan of $2000 is all you need to take the pressure off and get back in control.
Fundo doesn’t require their customers to have a good credit rating or require any security, or personal guarantors to approve a loan.
Fundo is generally able to offer you approval on the same day, and the cash will be available in your bank within minutes of acceptance to help you when you need it most.When you find yourself facing an unexpected financial burden, it can be a daunting process to assess your options on top of your already growing stress levels and difficult decisions you need to make.
Sometimes, a teeny tiny loan of $2000 is all you need to take the pressure off and get back in control.
FAQ
Do I qualify for a funeral loan?
Qualifying for a loan can depend on several factors such as your annual income, residency type, city of residence, working organization, debt-to-income ratio, and other such factors. To get approved for a Fundo loan you will need to meet our minimum requirements for lending. You must be at least 18 years old with an income of at least $500 a week from a part-time or full-time job. You can also have a pension or Centrelink payments on top of your other income.
How can I get approved for a funeral loan quickly?
If you maintain a good credit score, keep a good bank balance, have a good salary, and have all of the necessary documents ready before you apply, then you will be able to get the loan approved quickly. At Fundo, we can often approve and deposit the funds into your account within the hour.
What if I don’t have a good credit score?
That’s okay! We understand that everyone makes mistakes and that the mistakes we made in the past don’t always reflect how we are managing our finances now. Fundo customers are able to track their Fundo Credit Score in their self-service dashboard, and be rewarded for being a great customer!
How do I get help with my Fundo loan application?
Give us a call on 02 9066 9660 or send us an email to hello@fundo.com.au and our friendly customer service team will be more than happy to help answer any questions you may have and talk you through the process.
Disclaimer: The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.