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Nothing is as understandable in life as death. What few expect during their mourning phase, are the costs incurred, which arise mainly from the upcoming funeral and the subsequent get-together. The survivors are usually confronted with an almost insurmountable task that can only be mastered with the utmost effort.
Currently, the cost of a funeral is between 5,000 and 10,000 euros. The loan for a funeral is therefore not just a stopgap, but a suitable means to meet the challenges in full. Since the loan for a funeral only in the rarest cases equates to one of the common credit models, completely new perspectives arise, which must be considered.
Similarities with still serious differences in the loan for a funeral
A loan for the funeral of a relative are almost invariably offered by funeral companies. The offered model for the financing of the funeral renounce in this case usually on the calculation of interest. Instead, the Undertakers mainly estimate a relatively low handling fee.
Basically, a mortgage loan can be compared to a classic installment loan. Essentially, the difference lies in the calculation of interest, which is reflected in the form of a processing fee. As soon as the term of a funeral loan is more than 12 months, the processing fees will increase proportionally.
Some funeral companies speak in this context of a so-called term allowance. The reason for this is the minimization of the risk of a capital loss. A positive credit rating is also in this consistently sad area an important criterion for one or the other financial advantage. Consumers with a negative credit rating should be able to name at least one guarantor in order to avoid higher processing fees in their favor.
Cancellations are by no means the final line
If the credit for a deceased person’s funeral is denied both by a bank and by a funeral home due to a largely poorly rated credit rating, the turn-outs do not sound very promising at first sight and beyond doubtful.
Some professional and reputable credit intermediaries specialize in the loan for a funeral and help the bereaved with their urgently needed financing project. The freelance professionals are usually very well networked, so that the receipt of the desired capital is usually done very quickly and also uncomplicated.
Of course, a high enough income is also an important prerequisite for receiving the desired amount and thus giving the deceased the best possible leave.
Interesting alternatives with great potential for success
Mourners who decide to take a funeral loan can alternatively choose their choice for a installment loan from a bank. Due to the lack of earmarking, there is a high probability that the total volume of financing will drop significantly lower. In addition, the duration can be chosen freely and optimally adapted to the personal income situation.
If the loan used has the right to special repayment, the total amount can be quickly reduced by an inheritance or another unexpected windfall within the shortest possible time, so that the term is also shortened.