Funeral Personal Loan for Death and Memorial Costs

Personal loans are used for various reasons. Sometimes it is needed to pay for a funeral or memorial service for a family member. Although there are insurance policies, such as funeral cover, which will provide cash to the family at the time of death of the insured, not every person has catered for these eventualities and a personal loan may be the only option for the family. Since funerals are not cheap these days, a personal loan of at least R10,000 to R20,000 is often needed to pay for the funeral expenses although the amount varies depending on the extravagance of the funeral and other cash resources of the family. Getting a personal loan for a funeral is no different from a personal loan for other reasons.

Loan for Funeral Costs

Irrespective of your religious beliefs and cultural practices, a funeral can be costly. The event itself requires the services of an undertaker, a coffin, chairs, a hall or tent, flowers and other little tit bits here and there. This is not counting the cost of a plot for burial in a cemetery with tombstone, cremation and wake with food and beverages for the guests after the funeral. Depending on your cultural beliefs, there may be additional rituals which can also mean further expenses. Overall, you can expect a funeral to cost you at least R15,000 to R20,000 these days and even then you will be on a tight budget.

You may not have saved up the money for this eventuality. Family members may not be able to pool together sufficient cash resources. And the deceased may not have been covered with a funeral policy. This means a quick contingency plan for covering the costs of a funeral. A personal loan may be the way to go, if you have the income to pay it off and the credit history that makes you a worthy borrower. Banks and other money lenders may be able to quickly process an application for a personal loan to ensure that you have the money in your hand within days. Even if the undertaker has a credit facility available, it still does not cover all aspects of a funeral that you may need to pay for.

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Loan for Memorial Service

Remembering the deceased can be a private affair with a few family members and close friends. But many wishes to make it a grand affair and this costs money. Sometimes it involves a tombstone unveiling and animal sacrifice a few months to several years after the actual funeral. A personal loan may be an option to pay for the memorial service that you want to have for your deceased loved one, especially if you could not afford to give them the funeral that you had wanted to. Fortunately, you have more time to plan a memorial service which means that you can apply for a personal loan well ahead of time. The funds can then be in your hand a decent period of time before the actual service thereby allowing you to pay the vendors and arrange the service in the style and manner that you want.