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The passing of a family member or friend can be an incredibly difficult time, but the unfortunate reality is that a funeral can also place a significant financial burden on those left behind. Depending on the final arrangements, the costs can cause a strain on your bank account when you’ve still got other financial obligations. To help you cover the cost of giving your loved one a proper farewell, you may want to consider a personal loan.
Many people underestimate or simply don’t even think about how much funerals cost. According to research done by InMemory, a Canadian funeral service resource database, the average cost of a funeral in Canada in 2019 was around $12,900. But the cost can vary widely based on many factors like choosing a traditional funeral service and burial versus simple cremation. Here is a breakdown of the four major categories of farewells and their average costs across Canada.
| Traditional funeral (burial, embalming, visitation, service) | Graveside burial (burial, service at cemetery) | Cremation followed by memorial service | Direct cremation |
| $12,900 | $11,538 | $5,538 | $3,052 |
The costs above reflect data gathered from British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. To view the breakdown of average funeral costs in each of these provinces click here.
A funeral loan works by breaking up the cost of the funeral into installments so you don’t have to pay it all at once. Generally, you’ll take out the loan with a private lender and use the money to pay the funeral home. Then you’ll repay the loan each month in installments — plus interest and fees.
You can get a loan to pay for a funeral at a bank, credit union or online lender. Some funeral homes also offer financing themselves — though it’s usually through a partner lender and doesn’t always come with the best rates.
Online lenders can get you funds within a few days and tend to have more flexible eligibility requirements. But they often come with higher rates than your typical bank or credit union. You can apply online and if approved, you’ll typically receive your funds within one or two business days. Once the money is in your bank account, you can pay for the necessary expenses.
Depending on how much everything costs and how much of your own savings you plan to use, you may want to consider budgeting the funeral expenses before applying for a loan. You’ll pay interest on the amount you borrow, so it’s best to only apply for the amount you actually need.
It depends on how much you borrow, your rate and loan term. To qualify for the lowest rate, you’ll G=generally need near-perfect credit, few other debts and a high income. If you have bad credit, you might struggle to qualify at all. To get a lower rate, you might want to back your loan with collateral.
Use the calculator below to see how much a funeral loan would cost each month and in total based on amounts, rates and terms.
Consider the following factors when comparing different loans:
Many funeral homes offer prepaid funeral plans, which allow you or a loved one to pay for the costs of a funeral ahead of time in installments. This can offset the immediate cost to your family, allow them more time to grieve and ensure that you get the type of burial you prefer.
You’ll need to check that you’re eligible for the loan you’re interested in before applying.
You will typically need to meet the following criteria:
You will usually need to provide the following information:
From personal and payday loans to lines of credit, compare loans for bad credit in Edmonton.
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