Making funeral arrangements is not a task that comes easy for most of us. As a provider of funeral services, you want to help families celebrate the lives of those who have passed with services they deserve. You have an extremely important role in helping them through this difficult time and you want to help everyone. However, not everyone can afford the service or all of the services they would like to use to honor those who have passed.
We have created a finance program specifically for funeral homes like yours. This program has the potential to help those with good credit and even those with less-than-perfect credit. As a part of this finance program, they will be able to take advantage of the different payment plans that are offered based on their credit scores and other factors. This can be a very difficult time and we want to assure this process is simple and stress-free.
The UGA Finance program works with you to best support your consumers during a difficult time.
How It Works.
We’ve worked diligently to craft a finance program that can help even the most credit challenged consumers. When you submit a credit application to the UGA Finance Program, we use the information from the application, the consumers credit report and other data sources to find a finance option the consumer can afford. When we return our application result, we will tell you credit amount we will offer the applicant. This maybe $500 or it could be $15,000. This process is all available through an online portal and takes a total of 5 minutes to apply and receive a decision.
A service like a funeral may have multiple family members willing to contribute towards the expenses. We have created the opportunity for there to be multiple contracts all towards one service.
By leveraging our online application, your clients will be able to quickly see their approval status on all applicants and be able to decide if this is the right path for them to take.
Each contract will have a different payback term based on their results from the application. Having the consumer with higher credit on a lower payback term will increase your payout.
How is this different than other financing options?
Every funeral home we speak to prides themselves on the quality of their services and the work they do to help families through this difficult time. These are typically family businesses with heritage customers that stretch back through generations. We have been working with businesses for over 20 years offering financing programs. Our program is simple and fair and something you will be proud to offer your customers.
- We DO NOT have hidden fees
- We DO NOT charge origination fees
- We DO NOT charge compounding interest (we use simple interest - you pay interest on principle balance only, not interest on interest or interest on fees)
- We DO NOT have penalties for early payments or payoffs
- We DO NOT charge high interest rates
What is the cost to your business to offer financing?
We all know CASH is king and nothing beats having the entire arrangement paid for in cash. We would offer that you can actually beat your cash sales with financing, but we’ll come back to that later.
The UGA Finance Programs work by charging a lender discount on the amount financed. Let’s use a quick example: Your customer uses UGA Finance to pay for a $3,000 arrangement. We take a 10% lender discount and send you $2700. The lender discount will vary based on credit of your consumer and you could see the lender discount be less or more than the 10% used in this example.
Now, we would never expect you to just trade cash sales for financing and take a 10% discount just to offer payment plans. We would also never expect you to trade cash for less cash. Let’s take this example through a couple more options. Let’s look at an option where the hard costs (Like advances needed for plots and other items) are paid for in cash and only the services are financed. Let’s look at how down payments can change the scenario. Most importantly, let’s not forget that financing and providing payment options is proven to increase the amount of services consumers purchase.
uPortal360 is an online Software as a Service (SaaS) platform. Our platform allows the origination of a contract to be completed within a matter of minutes. This process includes a simple credit application, a variety of payment plan options, contracts that are State and Federally compliant and the ability to electronically sign documents.
uPortal360 was built specifically with our clients and their consumers in mind. Our platform is made to be a full serviced financing solution that originates and services your contracts. Our solution offers built-in compliant contracts or we can integrate your documents into our platform. With white labeling, your name and brand are displayed on all documents through the portal and all communications to your consumers.
We have engaged internal and external legal counsel to vet all contracts. Our credit application is compliant with State and Federal regulations and customizable to support your credit underwriting requirements. It is equipped with smart forms that make it easy to complete quickly and accurately.
Once enrolled, your consumers have the ability to view their account through our platform. They can see all details in regards to their contract, make payments, add/update autopay information, and opt-in to E-Communications and E-Alerts.
Universal Account Servicing, LLC (UAS) is the third-party billing service provider for the UGA Finance Program. We utilize our uPortal360 application to generate and service contracts on behalf of Retail Sellers. Our contact center and support team can make calls and provide other communication touchpoints related to the servicing of a Retail Seller’s contracts.
uPortal360 provides online account management that allows consumers to see monthly statements, make payments, and manage communications. When you accept a contract provided by a Retail Seller you are given access to uPortal360. Also, uPortal360 will be used to send communications about your Account.
The UGA Finance Program is a program name for certain consumer credit contracts extended by participating lenders and/or retail sellers for the purchase of goods and/or services. Participating lenders and retail sellers provide credit without regard to age, race, color, religion, national origin, gender or familial status. The UGA Finance Program and uPortal360 are administered by Universal Account Servicing, LLC that generates and services contracts on behalf of participating lenders and retail sellers. NMLS #1060516