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