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
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, 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 provide a multi-functional terminal (kiosk) the family will use to make the application.
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.
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.
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.
Yes. Note It is much better to have a fully funded pre-need contract than one partially or unfunded.
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.