Wedding Loans for the Big Day

Wedding Loans for the Big Day
Rebecca Hosley
on March 20, 2019
Read in 1 min

It’s no secret that weddings get more expensive every year, with the average wedding now costing more than $30,000 in the U.S. Couples who want to avoid dipping into savings or borrowing from family members might consider requesting a wedding loan to help pay for expenses.

What is a Wedding Loan?

If you want to borrow money to pay for your wedding, you won’t necessarily walk into a bank and ask for their best wedding loans. Instead, you would apply for a personal loan, which you can then use to pay for wedding-related expenses.

If you have good credit and a low debt-to-income ratio you might be able to qualify for a wedding loan with an APR lower than if you financed your wedding on a credit card. Of course, the rates will vary based on how much you borrow, the loan term, and the lender.

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$35,000

Applying for Wedding Loans

Once you’ve decided to take out a wedding loan, it’s time to start shopping around for the best offers available. If you belong to a credit union, that might be your best option, since credit unions sometimes offer more favorable terms, but you can also potentially secure a wedding loan from your bank that suits your needs.

Engaged couples with good credit might also want to consider some of the wedding loan options available online. There are several reasons why an online lender could be an option. For one, you can start the process in the comfort of your own home, so it can be more convenient to your schedule.

And connecting with a lender online is often less time-consuming than using a traditional bank. The request process can be quicker, and if you’re approved, you may receive funds within just a few days.

The average borrower has a credit score ranging between 600 to 650, but you can also add a co-signer to strengthen your loan request. Of course, borrowers with higher credit scores might expect more favorable terms, but even borrowers with bad credit may be able to get approved.

A Final Toast to Wedding Loans

Wedding loans are a great way to ensure you can afford to pay for your special day. Just don’t borrow more than you need, or throw a wedding that costs more than you can really afford. Remember, your wedding is about celebrating the love between you and your bride- or groom-to-be, not throwing an extravagant wedding that’s beyond your means. Set a budget – and stick to it.

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$35,000

 

Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

Rebecca Hosley Finance Journalist

Rebecca Hosley is a content writer based in Chicago.

She frequently writes about small business, insurance and finance.

In her free time, she enjoys trivia, craft beer and disc golf.

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      Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

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