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Frequently Asked Questions

The most common questions we receive on a daily basis
If you can't find the answer to your questions please give us a call at 860.882.0288

Absolutely. Our clients are often quite surprised at the popularity our monthly payment programs have with their families.
Very positively. Having convenient and affordable financing for funerals and memorial services allows the families to honor their loved ones as they wish without financial limitations.

No. Simply inform the family that monthly payments are available to those who qualify, and they will tell you if they are interested. Our society is very familiar with monthly payments.

Yes. Numerous studies indicate consumers spend from 18 to 41% more when provided the option of paying over-time using monthly payments.

Yes. It is much easier to speak in terms of a monthly payment of $200.00 (for a person with average credit) vs. the total cost for the services at $10,000.
Yes, while we typically recommend a 60-month term as that represents a reasonable monthly payment there may be other situations a family would wish a different term.

Yes, however be aware a 3.99% APR rate would be for an individual with exceptional credit. Currently the rate for an average borrower is 10.08% APR. Of course, an interest rate would reflect the credit worthiness of the specific borrower.

Yes. We have lenders on our panel that don’t use the Fico score system as an underwriting criterion. These lenders are more focused on the borrower’s ability to repay the loan. As such, all folks should be at least encouraged to apply.
Correct, the families can pay the loan back at any time without incurring a fee for doing so.

Yes. We provide a multi-functional terminal (kiosk) the family will use to make the application.

You as the funeral professional, are not a lender and do not participate in any aspect of securing a loan on anyone’s behalf. You guide your family to our portal only as an accommodation at no additional charge and receive no compensation for doing so.

We currently don’t have any clients who are paying to use the system, even though there is a nominal fee for the use of the terminal and having your firm on the system. This is accomplished by our clients using the additional functions of the terminal (kiosk) such our no fee credit card processing, our no cost turn-key memorial keepsake function or our virtual selection room concept.

Easy. Just give a call. We will arrange an in-depth online review of what we do so you can make an informed decision to partner with us to help your firm and the families you serve.

We live in a credit society. Currently 70% of our population has less than $1,000.00 set aside for a crisis. Of these 35% have nothing set aside and 60% of our population don’t have enough set aside for a $500.00 car repair. How does our society function you may ask? Credit.

Not at all. Of course, families with financial challenges really appreciate the program but families of means often opt for monthly payments as a way not to interrupt their portfolios or cash in CDs. As there are no prepayment penalties many times it is used as a ‘bridge’ until real estate is sold, or the estate is settled.

Yes. Our funeral directors are quite pleasantly surprised as you will receive more calls because your funeral home offers monthly payments…and your competitor does not.

 

Yes. Financial considerations are one of the primary motivating factors family’s cite when choosing direct cremation, even though they would prefer some form of memorialization. With monthly payments financial considerations are not an issue. 

Yes. We have over 30 lenders on our panel. The reason is to secure the best possible successful lending outcome with the widest possible number of people.

Yes. While we typically recommend a 60-month term as that represents a reasonable monthly payment there may be other situations where a family would wish a different term.

Yes. Fico (Fair Isaac Co.) scores are the tool that most lenders use to determine the credit worthiness of a borrower. Fico scores range from 850, which reflects the perfect score down to 300, the least credit worthiness a person can have.
A typical lender will lend to a borrower with a 640 or above fico score. We have lenders on our panel who will lend to borrowers with a score of 450. This allows our funeral homes to work with families they otherwise would not have to opportunity work with.

Correct, there are no fees to apply.

Yes. Note It is much better to have a fully funded pre-need contract than one partially or unfunded.

We utilize world class technology utilizing artificial intelligence and as such the results are typically returned closer to 6 vs. 60 seconds. This is valuable as the arranging director will be able to also see the results and will then be able to proceed with the family in the appropriate manner.

No. Your funeral home is NOT a party to the lending transaction in any way. Therefore, there is no exposure to your firm, even if the family  defaults on the loan.

Each day we ask our families to invest thousands of dollars to celebrate the life of a loved one yet do not provide a financial means to achieve their wishes.

Can you think of another industry that sells high ticket items to consumers that doesn’t provide monthly payments? We can’t either.

Talk to you soon!

860-882-0288