Four in ten Americans — that’s how many people would need to borrow money for an emergency expense of $1,000, per a Bankrate survey. Does that statistic sound alarming? It should, especially when considering if that emergency expense is the loss of a loved one. As you know, the funeral expenses add up to much more than $1,000.
That’s why families need alternative funeral payment options, like funeral financing. By having a funeral loan, they can pay for the expenses over time instead of all at once. For many families, this may be the difference between planning the funeral they want and choosing options like direct cremation just because it’s less expensive.
Not only does offering funeral financing benefit your families, it also provides your funeral home with a new revenue opportunity. When you choose Tribute Loans, your funeral home gets paid right away. Our program is designed specifically for the funeral profession and with you and your families’ needs in mind.
Let’s go over how our program benefits your funeral home and the families you serve.
Your Families Get the Lowest Rates Possible with Tribute Loans
For our Tribute Loans program, we work with 10 different lenders across North America. You may be thinking, why so many lenders? The lenders compete to earn your families’ business, which means families get the lowest rates possible. The offers often vary in payment lengths and amounts, so families can choose what funeral loan length and the amount they’re comfortable with. The offers also remain for a few days, so they can think over their options and consult other family members if needed.
Families Can Apply in Just Five Minutes Directly on Your Funeral Home’s Website
Applying for a funeral loan through our program is quick and easy. Families can apply in less than five minutes directly on your funeral home’s website from the comfort of their own home. Then, within just 30 seconds, they already know if they’re approved or denied. Once they choose an offer, they’re taken to the lender’s website where they finish the process with the lender. To make things faster and simpler for everyone, the application on the lender’s website is auto filled with the information from their initial Tribute Loans application.
Your Funeral Home Gets Paid Right Away and Families Pay the Lender Over Time
When creating this program, one of our top priorities was making sure funeral homes get paid immediately. This way, you can focus on funeral planning without wondering when you’ll get paid. We know that you’re busy people, so you don’t have time to facilitate the loan process. That’s why families pay you right away and make payments to the lender over time.
For the families’ monthly payments, they can range from 12 to 48 months, depending on their preference. Plus, the interest rates are as low as 4.99% APR, based on FICO score and other factors. Once funded, the family receives a message with a link to transfer the funds to your funeral home. Then, they simply click the link and the funds are transferred from their account to your funeral home. To keep your firm in the loop, you’re also notified throughout every step of the process.
Your Families Have the Payment Flexibility They Need to Funeral Plan
With Tribute Loans, families have the payment flexibility they need to plan the funeral their loved one deserves. Instead of compromising on their plans because of the cost, they can plan the personalized funeral they want. And instead of stressing about the cost, everyone can get back to funeral planning and grieving their loss. Your employees also can focus on your families instead of the funeral loan process.
It’s Quick and Easy for Your Funeral Home to Enroll in Tribute Loans
If Tribute Pay is already activated on your funeral home’s website, then enrolling in Tribute Loans is easy! Just go to the Tribute Pay tab in your admin panel. There, click the Tribute Loans tab, read and accept the terms and conditions, and click enroll now. That’s it! Now, it’s available to your families directly on your funeral home’s website.
If your funeral home isn’t enrolled in Tribute Pay, it’s easy to do this, too! On the Tribute Pay tab in your admin panel, you can enroll by filling out your information, agreeing to the terms and conditions, and submitting the request.
Ready to market Tribute Loans to your families? We have a free media kit with social media posts and more for marketing this financing option to your community!