It can be one of the most expensive life events we all have to face, and not everyone will have the funds available to cover the costs of a funeral. If you find yourself unable to pay for unexpected funeral costs and do not have savings to help, you may look for funeral loans to help.
At QuidMarket, we do not provide funeral loans, but we are a provider of short term loans that may be able to help in emergency circumstances. Our online application can provide you with a quick decision and you may be eligible for up to £600 today as a new customer, with repayment terms of up to 3-6 months to spread the costs.
- New customers can borrow between £300 and £600*
- Returning customers may be eligible to borrow up to £1,500*
- Flexible repayment terms between 3-6 months
- Bad credit histories welcome
- QuidMarket is an FCA Authorised UK lender
- No hidden fees
- No guarantor or collateral needed
- Quick and simple online loan application
- Decisions made by humans, not computers
*Loan amounts and repayment terms are dependent on affordability checks
To learn more about how our small loans can help cover emergency expenses when they happen, read on below. You’ll also find out more about funeral loans in the UK and how to apply online. If you are ready to start an application, please click apply now.
What are Funeral Loans?
It’s the one thing many of us would rather not think about, however, the costs of a funeral are a reality for some of us each day. Losing a loved one is always a difficult time, and many may not have given thought before to the costs involved with arranging a funeral. With the average funeral in the UK costing approximately £3,000 – £4,000, this can be a huge cost to take on, and this can vary depending on many aspects involved from flowers to venue hire and more. Depending on your situation, many people do plan years ahead for their own funeral and put money aside through savings or a funeral plan with an insurer. If so, most of the costs of a funeral will already be covered. However, not every family is fortunate enough to have the costs of a funeral already paid for, meaning the costs will need to be covered by friends and family.
Funeral loans in the UK are designed to help pay for the costs involved and make repayment manageable over a number of months or years. This isn’t a suitable option for everyone, but allows those to cover the collective costs of an average funeral and pay this back with affordable payments.
Whilst at QuidMarket we do not specifically provide funeral loans, we may be able to help with emergency loans when you have no other available options. We provide a quick online application so that you can choose a loan amount and term to suit your affordability. We can even help those with poor credit as long as we can determine whether the loan repayments can be sustained throughout the chosen term.
Options to pay for a Funeral
As not everyone can afford the associated costs of a funeral or even have family or friends to cover this, there are other options. A public health funeral can be arranged through your local council or hospital if there is no one able to cover the costs. Some people may be able to claim government help that is available to them instead of loans for funeral expenses.
You can find more details about this on Money Helper, but the Funeral Expenses payment may cover some of the main costs associated with arranging a funeral. This can include burial or cremation fees, travel to and from the funeral, and also fees relating to a death certificate. In many cases, it won’t cover the full costs, but can help those who are eligible who are on a low income or receiving certain government benefits such as income support or housing benefit.
Applying at QuidMarket
Whilst funeral loans aren’t something we can provide, if you need funds to cover an unexpected or emergency expense, we may be able to help today. To be eligible, you will need to meet the following requirements:
- Live in the UK
- Be over 23 years old, and under 65 years old
- Have a mobile phone (we send an SMS code during your application)
- Hold a UK bank account with a valid debit card
- Be in employment and take home at least £1,300 a month
We will perform credit and affordability checks as part of the application process. If we cannot determine the loan you require is affordable for you, we will have to decline your application. Being able to sustain the necessary monthly repayments is important, so you should consider whether the loan you require is affordable for you and will not place you in further financial difficulties.
If we can approve a quick loan today, we will process this as soon as possible once your credit agreement has been signed. We always aim to transfer the approved funds to your bank account as soon as possible. Please note, any application made outside of our business hours may not be processed until the following working day.
Funeral Loans in the UK
Getting financial help to cover the costs of a funeral is essential for many people, especially when they do not have emergency savings to cover this, or there is no money in a funeral fund already. There is financial support available to those on a low income, so if you find yourself in this position, you may be eligible for additional funding.
Borrowing money should always be the last option to cover unexpected expenses. Ideally, you will have emergency savings to help, or maybe even the support of friends and family until your next payday. At QuidMarket, we are here to help if you have any questions about our online loans. If you require a loan today, we may be able to approve an application after assessing your affordability.
How long can repayments be on funeral loans?
This will depend on the lender, the type of loan, and the loan amount you require. At QuidMarket, our cash loans have a maximum repayment term of 6 months. This differs from personal loans that can be taken out for 12 months and longer. This is because the value of those loans can be considerably higher, usually more than £1000, and so need to have a longer term to ensure repayments are affordable and can be sustained.
Can I get funeral loans in the UK that will cover the full costs?
Some lenders may be able to provide you with a loan to cover the full costs of a funeral, but these are generally not short term agreements. Here at QuidMarket, we are a short term direct lender of emergency loans and we may be able to provide a maximum of £600 for new customers. This is only for unexpected or emergency expenses. If you require loans for funeral expenses, you’ll need to find a specialist lender who may be able to help. You may also be eligible for government funds if you are on a low income.
How do I get help with loans for funeral expenses?
If you are looking for further assistance to help you during this difficult time, please visit Money Helper where they can provide more information. Whilst at QuidMarket we may be able to help with small cash loans to cover unexpected expenses, we are unable to provide funeral loans. Paying for the full costs of a funeral can be expensive and so you may need additional support. You can find out more about the funeral expenses payment here.