Home > Funeral loans: Jacaranda Finance is here for you
Funeral loans: Jacaranda Finance is here for you
There may come a time in everyone’s life when they are faced with the difficult task of planning a loved one’s funeral. Unfortunately, this task, while emotionally taxing, can also prove to be quite expensive. Therefore, as we are a lender for all Australians, we want to offer funeral loans to all eligible Aussies looking for a helping hand in their difficult time of need.
Average Funeral Cost Is Over $7,000 In Australia
The average funeral cost in Australia is $7,449, according to a recent study by Finder. The actual expenses incurred range from $4,000 to $15,000 and are contingent upon the following factors:
- Earth burial vs. cremation
- Venue size
- Funeral director fees
- Death certificate
- Cemetery plot
- Clergy, wake, flowers, newspaper notice, etc.
- Funeral costs for cremation are usually higher than those of earth burial, and the bigger the venue, the higher the funeral costs. If there are special religious or cultural requirements to be observed, these can hike costs up too.
What are the funeral costs in Australia?
There are different options when it comes to covering costs, which include saving, prepaid plans, and even funeral loans. Some Aussies choose to save for their funerals by setting up an online savings account or term deposit and saving until they have an amount that will cover the kind of funeral they want. In many cases, you don’t need to do anything beyond this. The amount of money you save up this way will suffice to cover your funeral costs.
If the notion of saving for a funeral seems distasteful or otherwise unfeasible, you could opt for a prepaid funeral plan. These plans enable you to choose and pay for the funeral in advance! This is important if you are obligated to abide by certain cultural or religious traditions or have other strong reasons for needing a specific sort of arrangement. It is possible to pay for the funeral and leave the details to your loved ones if all you want is to cover the funeral costs up front.
Finally, a good way to be prepared for the inevitable is by applying for funeral loans. These loans can help you cover the cost of a funeral without any added stress. After all, the last thing you want to be thinking about when mourning a loved one is the number in your bank account. Jacaranda Finance is there to help you with you feel like your back is against the wall and the room is closing in.
What exactly are funeral loans?
They are a type of personal loan that is available to those who need help covering the funeral costs of a loved one. The loans that we offer range between $300 and $10,000 and offer repayment periods between 12 and 24 months, depending on the amount you apply for.
If you apply during business hours, you could have an outcome in as little as 60 minutes. All you need to do is submit an application! To this end, we have made the application process as simple as possible.
Having to plan and pay for a funeral is no easy feat when you’re mourning the loss of someone special. Therefore, we want to try and help make things a little easier for you. Unfortunately, we can’t go back and change what’s happened, but we can try to take some of the load off your shoulders and help you cover the cost of the funeral.
What can I use funeral loans for?
During such a hard time, it’s important that you have time to focus on what’s really important rather than stressing over things like money. Therefore, applying will give you the time and money you need to plan a truly special day.
Some of our clients in the past have used their loans to cover:
- Funeral director and staff costs
- Funeral home facilities
- Automotive equipment (hearse, flower van)
- Memorial package
- Wake expenses
How do I apply for funeral loans?
When you’re applying for something like a funeral loan to cover a funeral services cost, we understand that time is of the essence. We also understand that this is a sensitive time for you. Therefore, we always do what we can to make the process as fast and smooth as possible.
To apply with us, the first step is to simply head to our website. Congrats! You’ve completed step 1 already! Told you it was easy. Now, just scroll up to the top of this page and use the slider in the loan calculator to select the amount you want to borrow. Then, use the drop-down menu to select your repayment period. We’ll then give you an estimate of what your repayments may look like based on the amount and repayment period you have entered.
Once you’re happy, just click Apply Now and we’ll take you to our online application form. Here we’ll ask you to fill out some personal information, the reason for your loan, your internet banking credentials, your myGov account details (if applicable), and any relevant employment information.
Once you’ve filled everything out, click Submit and we’ll get to work assessing your application. This could take us as little as 60 minutes to do just as long as you have applied during business hours and we don’t require any additional information. Just sit tight and we’ll get back to you with an outcome as soon as we can.
How do funeral loans from Jacaranda Finance work?
Jacaranda Finance offers three types of quick loans for funeral expenses: small unsecured personal loans, medium secured personal loans, and large secured personal loans.
Small loans range from $300 to $2,000. These loans:
- Are repaid over a 12 month period
- Do not require an asset for security
- Have an establishment fee up to 20% of the loan principal
- Have a monthly fee up to 4% of the loan principal
The maximum comparison rate on loans between $300 and $2,000 is 199.43%. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
A medium secured personal loan ranges from $2,100 to $4,600. These loans:
- Can be repaid over 13 to 24 months
- Require security
- Have an establishment fee up to $400
- Have an Annual Percentage Rate (APR) up to 48%
The Maximum Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
Large secured loans range from $5,000 to $10,000. These loans:
- Can be repaid over 13 to 24 months
- Require security
- Have an APR of 21.24%
The Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
The final costs associated with your loan will be outlined in your loan contract if you are approved. The above costs are examples and may not reflect what you see in your loan contract. Furthermore, these examples don’t always include all applicable charges and fees because of legislative changes and other reasons. Different terms and conditions could change the estimate.
How do I repay funeral loans?
When it comes time to repay your loan, you barely even have to lift a finger. When you get your loan contract, we will have set a day for your payments to be directly debited from your account. This day will be set in line with your pay cycle and will come on a weekly, fortnightly or monthly basis.
Your payments will be automatically deducted from your account on that day for the life of your loan. The only thing you need to do is make sure there are enough dollars in your account to make the payments when they’re due. If you ever want to throw a few extra dollars onto your payments, just let us know with at least 24 hours notice before your payment is due. Another great thing is that we don’t charge early exit fees. Therefore, whenever you are able to make a slightly higher payment, you’ll save money on interest and other fees.
On the other hand, if you are doing it tough one week and the number in your bank account doesn’t match your payment amount, don’t panic. Just get in touch with us as soon as possible and let us know of any changes in your situation. As long as we have at least 24 business hours notice, we may be able to work with you to come up with alternative payment arrangements that suit your situation.
Can I apply for funeral loans if I am receiving Centrelink payments?
At Jacaranda Finance, we believe in financial inclusion for all Australians. This is because it doesn’t matter what you do for a living or how much money you have, everyone faces hardships in life. And everyone deserves a helping hand. We want to be that helping hand.
Although we do abide by responsible lending practices in that we will not approve anyone for a loan they can’t afford, we do accept Centrelink payments as a source of income. As long as you meet our eligibility requirements, it doesn’t much matter whether you receive your income from Centrelink or from work wages.
How do I know if I am eligible to apply for funeral loans?
Before you apply, you’ll need to make sure you meet our eligibility requirements. These state that to apply for a loan you must be:
- 18 years or older
- An Australian citizen or permanent resident
- Receiving a regular income into your account for the last 90 days
- Able to provide a valid mobile number and email address
5 Ways you can save on funeral costs
While no one wants to think about a funeral, many people will, unfortunately, have to plan one at least once in their lifetime. Losing a loved one is inevitably hard, and then comes the financial burden of paying for a funeral. This can cause great emotional and financial distress. As mentioned above, the average price of a funeral in Australia is more than $7,000. This cost can become a financial burden for many Australians which is why Funeral loans can help ease the process of paying off a funeral. However, even if you do receive a funeral loan, you want to try and save as much as possible. Here are 5 ways you can save on funeral costs:
- Shop around. Don’t settle for the first financial services you come across. While it certainly is hard “shopping around” for funeral goods and services, it does help you find good offers that sit well within your budget.
- Funeral Director. Much like the point made above, shopping around until you find the right funeral director can help you save on funeral costs. Many people may not know that some funeral operators are associated with the one parent company (usually Invocare or Propel Funeral Partners). Be wary of essentially receiving from multiple funeral directors that work under the same branch.
- Embalming. The process of embalming in Australia costs more than $750 on average. It’s up to the loved one’s family whether they prefer to go with the option of embalming, however, it does tend to increase the overall funeral costs.
- Negotiate. It’s normal getting uncomfortable talking about a price, especially when it’s the cost of a funeral. However, negotiating prices for funeral arrangements never have any negative impact and may help you get discounts.
- Extras. There are several additional costs that may be unnecessary. It’s best to make sure you’re aware of all the extras you have the ability to skip. These can include flowers, sealing and funeral cars or limousines.
Why should I bank on Jacaranda Finance?
We know that nowadays online lenders are a dime a doze. Therefore, you may be wondering what’s so special about us. Well, we care. We’re a small family-run lender with a big heart and our goal is to give you a hand up when you’ve been knocked down. Plus, our loans are some of the best in the country. Here’s why:
If you apply during business hours, you could have an outcome on your application in just 60 short minutes. Plus, depending on the time of day you are approved and the transfer policies of your bank, you could receive your funds that same day, if not within 24 business hours. How’s that for fast?
With us, what you see is what you get. There are no surprise terms, hidden in the fine print of your loan contract or extra fees that pop up out of the blue. All the fees and terms associated with your loan will be clearly outlined in your loan contract and, if you wish, further explained by one of our loan specialists.
While we want to help as many Australians as possible gain access to the finance they need, we still have responsible lending practices to uphold. Therefore, we will never approve anyone for a loan they cannot afford to repay. This is not to make anyone’s life more difficult. It’s simply to help you avoid getting yourself into hot water down the track.
We put you first
We’re here to work with you, not against you. Therefore, we want to make your Jacaranda experience as smooth and stress-free as possible. For example, if you decide you want to make extra payments and pay your loan off early, we don’t charge you extra to do so, as some lenders will.
Ready to take the next step with Jacaranda Finance?
Are you looking for a helping hand in such a difficult time of need? Jacaranda Finance is here for you. We want to help you in any way we can and, if you’re eligible, that could be with one of our funeral loans.
Have more questions regarding our loan service? Check out our FAQ page or send us a message here.