Death benefit insurance during his lifetime
If a close relative dies, it is a serious loss for the bereaved. In addition to the bereavement, the bereaved must attend to the funeral, which can cause financial problems. If the deceased did not have a death benefit insurance during his lifetime, then if the deceased does not leave a great legacy or even debts, it is often difficult to finance a funeral. The deceased has earned a worthy funeral, the cost of which can quickly amount to more than 5,000 USD. Where should you find the money you need so quickly? A loan for the funeral can provide the solution. It can be applied for at direct banks on favorable terms. The advantage is that it is paid out quickly.
Pay for a social burial are low
Creditworthiness is too unfavorable, there remains only the possibility of a very simple social burial. The costs that social services pay for a social burial are low. If you want to make a worthy farewell to your loved one, you should consider the possibilities for funding. If you do not have the necessary collateral for a loan, you can sign the loan application with a second person or provide a guarantor with the necessary collateral. You can consider whether you can raise the cost of burial together with several family members.
Loan, the monthly financial burden is quite high, leaving little money for unforeseen expenses.
Whether financing is granted and how cheap the interest rates are depends on the respective funeral home institution as well as the cooperating bank. Since this is almost always a branch bank, the conditions for loans from the direct banks can be significantly cheaper.
Credit comparison on the Internet
- Amount of monthly installments
- borrowing rate
- annual percentage rate
The borrowing rate is the net interest-free interest you pay for the loan. Since the banks are no longer allowed to charge fees for processing the loan application, the annual percentage rate of interest is only slightly higher than the borrowing rate. He may include a fee for providing the loan. Depending on the bank, the interest can be charged depending on the creditworthiness or credit rating. For interest-rate-dependent interest, an interest margin is given. If the credit rating is unfavorable, a bank with non-credit-standing interest rates is cheaper.
Individuals who are willing to give credit to other individuals have joined forces there and pay their money into a fund. For that they get interest. The interest on a credit market loan may be higher than a loan from a direct bank.
If you would like to apply for a loan through a credit marketplace, you will need to make a credit application and state in it the loan amount, the term and the purpose of use – financing a funeral. If one or more people are willing to grant you a loan, you will receive a message. You can now fill in and submit the credit application online with the required data. Once again, you must submit documents to check your credit rating. These credit marketplaces allow you to apply for credit even if your credit rating is lower, but there is no guarantee that the loan will actually be granted. The interest can be determined depending on the credit rating. You should also compare the terms on the credit marketplaces to get the cheapest credit marketplace.