Member Article

This funeral comparison site has launched the UK's first interest-free funeral financing product

A double whammy of rising funeral costs and squeezed household budgets has left people less inclined than ever to face up to that most awkward of topics - their own funeral arrangements.

With the average funeral now costing £3,871 compared to average household savings of just £3,134 and with arrangements often paid for out of the deceased’s estate which can take months to clear, the financial toll that the death of a loved one can have is increasing all the time.

However, one London-headquartered firm is looking to lessen the burden on families and ensure that funeral directors are paid on time with their new interest-free funeral financing product which they are touting as the first in the UK.

Funeralbooker, which is based out of Lambeth, is a comparison website for funerals which compares offers from local funeral directors across the UK, allowing users to tweak their preferences depending on the type of service they require.

Now the business has begun offering users its interest free finance option, meaning families can spread the cost of a loved ones funeral when purchasing a service through the site.

James Dunn, co-founder at the firm, explained: “Funerals are stressful enough without having to find a considerable sum of money at short notice – money that the average family simply doesn’t have available.

“We are delighted that families who use our website to engage a funeral director can now spread the cost over a more manageable period.”

While the benefits for bereaved families are obvious, the interest free financing option also poses significant benefits for funeral directors on the platform.

According to Funeralbooker, 65% of funeral directors are small, independent and family-run operations that often have to lend money to customers without any guarantee that payments might be forthcoming, with many waiting an average of six weeks to receive remuneration.

Through their financing product, users are able to apply for finance over the phone in a process that takes around 15 minutes. If approved, the money is then sent directly to their chosen funeral director.

Dunn said that the process helps to take some of the stress out of the process for users while still ensuring that smaller businesses get paid.

He said: “We have always championed independent funeral directors and it’s fantastic to take away some of the stress of running a small business. We get them paid in full, upfront and allowing them to focus on where they truly excel – looking after families and creating lasting memories.”

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