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Funeral Loans

Ease the burden of planning a loved one's funeral with a personal loan, easily compared right here with Savvy.

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, updated on October 4th, 2023       

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Why compare personal loans through Savvy?

Types of personal loan

Common questions about funeral loan

How long does the process take?

Personal loans are able to be approved within one to two minutes of submitting your application, after which you can be formally approved and funded within 24 hours.

Can I use any director?

Yes – because funeral loans are unsecured personal loans, you can use them just about however you like. As such, you can choose whichever funeral director and company you wish when planning the event.

I have no existing savings. Can I get financing that covers the full cost?

Yes – a personal loan can cover 100% or more of the cost of your funeral expenses. This makes them a highly useful means of paying for a funeral, as you can cover all the expenses which need covering with the same loan.

Can I pay out my loan early?

Yes – many of our lending partners allow you to make early repayments with no penalty fees.

Over what period can I repay my loan?

Our lenders offer terms between one and seven years in length, although the specific minimum and maximum offered by each lender can vary. Additionally, the loan term you're ultimately approved for will reflect the level of risk you pose as a borrower. 

Can I get financing to cover a funeral that will be happening outside of Australia?

Yes – personal loans don't come with restrictions based around the country in which they can be used. As such, you can use a personal loan to cover the costs of a funeral taking place overseas.

Your helpful guides on better financing a funeral

Are small personal loans a good option for me?

Australians who are hard-pressed financially by unexpected funeral expenses seek quick solutions to bury their loved ones in a dignified manner. Many may have a hard time finding financing from some lenders for a variety of reasons and end up paying for funeral expenses through a small personal loan. These loans can promise the convenience of being able to access financing quickly, but are only able to be taken out for amounts up to a maximum of $5,000 and term of up to two years. As such, you may find they're not always the best option for you in this context.

Accessibility vs financial reach

Finding a personal loan that allows you to have access to funds as soon as an application is processed helps by making all goes according to plan when it comes to paying off funeral costs as soon as possible. However, you should be careful when applying for financing that is quick if you have not read the fine print and understood what you are getting yourself into. It is vital that you read the loan's terms to see the additional fees and whether the loan repayments and interest rate are within your financial reach.

The price of flexibility

It is vital that you check the flexibility that comes with a loan in order to see if it suits you and your partner financially. This will also affect how you repay a loan. You need to check if the loan comes with any repayment penalty fees if you repay the loan early or if you will need to extend the loan. You can get the best of both worlds by finding a lender that offers flexible repayment plans and features that can help you save money such as combining loans to get a discounted offer.

Consider policies to protect you

Not taking out a life insurance policy or any form of a funeral cover can leave your family exposed when it comes to dealing with the financial costs of a funeral. Additionally, many choose to take out a funeral cover through their super fund which pays out a lump sum to their dependents when they die. You could also open a funeral account with your bank to help put aside money that can go towards taking care of additional expenses. Insurers will be able to cater towards your financial situation.

Handy personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.

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