Financing a Funeral: eFuneral and Prosper.com Partner to Offer Funeral Financing
Need help financing a funeral service?
The average funeral service today now exceeds $8,500 — and it’s simply difficult to have that kind of cash on-hand, on-demand.
Since we launched eFuneral earlier this year, we’ve received feedback from families regarding the pain-points they experience when arranging a funeral service for a loved one. One issue has become quite clear: families often struggle to pay for a funeral service. Many do not have funds immediately available, especially when the death was unexpected.
Our partnership with Prosper.com helps alleviate some of that pain by allowing families to get the financing they need to fund their funeral or cremation service. We partnered with Prosper, as they are America’s first peer-to-peer lending marketplace, with over 1,480,000 members.
Through this partnership with Prosper:
- Families with a credit score of 640+ can borrow up to $35,000 through an unsecured personal loan.
- Rates start at 6.59% APR for some borrowers.*
- Multi-year loan terms are available, allowing for easy monthly payments.
- The online application is simple, with approval in minutes.
- There are no pre-payment penalties.
The process is pretty simple. To get started:
- Visit the eFuneral/Prosper page and click “Apply Now.”
- Provide some basic information about yourself.
- Check your rate and review your loan options.
- Select the loan option that fits your budget best.
- Post your loan request to the platform and watch as individual investors commit funds to your loan.
- Provide supporting documentation to verify your identity. Note: The faster you provide this information, the faster you will receive your funds.
- Once your loan is fully funded, the money is deposited directly into your bank account.
* APRs range from 6.59% to 35.84% for first-time borrowers. All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC. Your actual rate depends on credit history, income, loan term, and other factors.
Mike Belsito is an Internet entrepreneur from Cleveland, Ohio with a background in product innovation, ideation, and startup business development. Mike is the Co-Founder of Cleveland-based eFuneral, a comprehensive and free online resource that enables those thinking about end-of-life to research, plan, and arrange a wide variety of funeral-related services. He also serves as an entrepreneur-in-residence for the City of Lakewood, Ohio — a 50,000+ residential community located in Northeast Ohio.