Are both you and your partner ready to tie the knot, but you are not sure your current wedding fund will cover all the expenses? Well, you’re not the only one. Most couples underestimate the total cost of their wedding and end up borrowing money. The venue and the reception typically cost the most, shortly followed by the wedding attire and rings. Along with them, more minor expenses will pile up and often exceed your estimated budget. Financing a wedding with a bad credit score isn’t easy, but there are enough tested options to save your big day and the bank account.
Table of Contents
- What Is a Wedding Loan?
- Reasons to Consider a Wedding Loan
- The Pros and Cons of a Wedding Loan
- Where Can I Find Bad Credit Wedding Loans?
- Top Lenders for Bad Credit Wedding Loans
- The Cost of a Wedding Loan
- How to Qualify for a Wedding Loan
- Wedding Loans for Bad Credit
- 4 Steps to Apply for a Wedding Loan
- Wedding Financing Alternatives
- Installment Wedding Loans for Bad Credit Score
What Is a Wedding Loan?
A wedding loan from a direct lender is essentially a sum you borrow to fund your special event, engagement rings, hotel reservations, your honeymoon. In short, any wedding-related expenses that you borrow money for go under the category of wedding loans. It’s just a regular loan that you can use for anything. Statistics show an average cost of almost $39,000 for the happiest event in your life. It makes sense that so many couples borrow money to fund it.
Bill Zaruka, CEO of Wedgewood Weddings, says that the perfect wedding plan should include only the essential details if you want it to be ideal, pleasant, and memorable. His experience of over 30,000 romantic & Remarkable Weddings showed that simple decorations, a comfy restaurant, and a delicious menu will make your event really impressive.
Also, bad credit vacation loans are available for newlyweds to make their honeymoon unforgettable. Consider reviewing the APR and interest rates for these loans and choose the best option for you.
Reasons to Consider a Wedding Loan
Most couples go for a wedding personal loan when they are halfway through their preparation process. Some everyday situations for borrowing money include:
- The wedding fund not being enough for everything planned
- Your vendors asking for upfront deposits to secure your venue or caterers
- Paying for the wedding ring or attire
- Unforeseen expenses gathering
- Keeping your savings account for future emergencies only
- Preparing ahead of time for unexpected wedding expenses
If you and your partner are the only ones paying for the wedding without any help from your relatives, you could have more reasons to take a loan.
The Pros and Cons of a Wedding Loan
Weighing the pros and cons of a wedding personal loan from a lender is a matter of budgeting and planning. On top of that, making significant decisions as a couple is an excellent habit to develop.
Pros of a Wedding Personal Loan
- You can get fast funding. Online wedding loan lenders offer financing in a matter of days or even hours.
- Flexible loan amounts. Loans nowadays offer a wide range of options. From a couple of hundred dollars to pay for a last-minute emergency to a few thousand.
- You can have your dream wedding. If you are unwilling to compromise, there are enough wedding financing options for all borrowers provided by a trustful lender.
Wedding Personal Loan Cons
- Paying off the loan could be challenging. Depending on the loan terms and conditions, the interest rate can affect your budget until you repay the full loan amount. In other words, before taking a personal loan from a lender, consider its total cost, including the APR.
- High interest rates for small loan amounts. Depending on what loan offer you manage to find, the interest rate could be less than convenient long-term. Before agreeing to a term, make sure you are comfortable paying it back.
- You run the risk of accumulating additional debt. If you are not certain about your ability to afford monthly payments, taking on more debt is not advisable.
Use your best judgment to decide if you need a personal loan to finance your wedding or you’d instead start your married life debt-free. Have some questions? Drop a line to our customer service agent to learn more about how you can finance your wedding.
Where Can I Find Bad Credit Wedding Loans?
You can borrow money from a bank, a credit union, or online lenders. Shop around to find the best APR and interest rates from banks and credit unions. Banks and credit unions will thoroughly investigate your credit score before making a decision. If you have a good score, do your research and apply with confidence. Going with a personal loan, collateral, or a co-signer will get you a more convenient interest rate.
For a speedy reply and quick funding, submit your application on our website to reach online lenders. If you are approved and satisfied with interest rates and APR, you will get the wedding funds in one business day.
Top Lenders for Bad Credit Wedding Loans
When your credit score is excellent (750 and above), you will find it easy to get loan offers from many direct lenders. If you are one of the borrowers with a fair credit score (between 640 and 699), fewer options may be available. For a loan amount of $15,000, compare the loan terms of direct lenders below to get an idea about fair credit possibilities.
- Lightstream. You can take a loan for an APR of 3.99-19.99% and repay it in 2 to 7 years. Funding is fast if you qualify, and there are no processing or origination fees.
- SoFi. For an APR ranging between 5.99-18.83%, the loan repayment term can be between 2 and 7 years. They usually take one day after verification to process the loan transfer. There are no penalties with high rates for prepayment of personal loans.
- Upstart. If you go with this lender, expect an APR of 8.27-35.99% for a minimum term of 3 years. The origination fee ranges from 0% to 8%. Funding is usually completed within three business days max. A late payment fee of 5% or $15 is applied in case of repayment delays.
- Discover. As a customer who needs wedding financing, you will have an APR of 6.99-24.99% and between 3 and 7 years to pay back your bad credit wedding loan. There are no prepayment penalties, but a late flat fee of $39 applies and an origination fee of 4%.
- LendingPoint. The APR for the loan amount specified ranges between 15.49% and 35.99%. The loan term can be from 2 to 5 years. An origination fee of up to 6% may apply. In case of delayed payments, there is also a late fee of $30.
The Cost of a Wedding Loan
The cost of your wedding personal loan depends on the loan amount and interest rate, loan duration, as well as your credit score. If you need more money, you should try to get a lower interest. For instance, you want to get a $4,000 loan, and the lender approves it for a loan term of 36 months (3 years). With an estimated APR as low as 6%, your monthly payment would be $121.69. The total interest paid would add up to $380.76. Be aware that other fees may apply. The calculations are for a fair credit score. The higher your creditworthiness, the more convenient offers you will receive.
How to Qualify for a Wedding Loan
Preparing for a wedding personal loan is essential if you want to get a good deal. First of all, crunch the numbers to see exactly how much money you need for your event. Deduct all monetary contributions from relatives and friends, as well as your own, to get the sum you need to borrow. Whenever you make adjustments, redo the calculation to see exactly where you’re standing.
If time allows it, prepare to take a loan. Pay off all your credit card debts and pay your bills on time to improve your creditworthiness. Before deciding on a loan, take time to research the market options and narrow your search to what will work best for you.
If you cannot get a personal loan or need a lower interest rate, ask a close friend or a relative to be your cosigner. They would reassure the lender that they will make the payment if you have any issues. Adding a cosigner will get you a more convenient interest rate.
Wedding Loans for Bad Credit
With ASAP Finance, you can get wedding loan funding even with no credit background. Desperate times ask for fast responses. That’s exactly what the direct loan lenders in our network offer. You can apply online to get an answer as soon as possible. No collateral is needed; fill out the form with your details and wait for a reply. We remind you that the lack of collateral or a co-signer may affect the APR and interest rates.
But if you want to find out your FICO score, you can use your bank or credit card issuer to check your score for free. This step will help you assess your possibilities in borrowing loans with reasonable terms and conditions.
Applying for an unsecured loan will not affect your credit score in any way due to a soft credit check. This soft credit check doesn’t go through those three main credit bureaus. Our service comes at no additional charge for borrowers, and our direct lenders don’t perform hard credit inquiry. We’ll be happy to help you have the wedding you’ve always wanted.
4 Steps to Apply for a Wedding Loan
Getting a wedding cash loan is not very different from taking a personal loan. Staying organized and keeping your financial status up-to-date will ensure a smooth application process.
First Step: Evaluate how much you need. When you have a specific number, assess what bad credit loans you or your partner could qualify for. When deciding what loan is better for your case, consider the loan amount of money you need, how fast you would pay off your credit card debt, the interest and fees involved. Depending on your credit score, you might want to consider a backup plan or double-check your savings account.
Second Step: Compare lending options. Depending on the loan you want, you’ll have to choose between a bank, a credit union, payday loan lenders. See what lender has better loan terms and fees, which one can finance you faster. Calculate the total cost of your wedding loan funding, make sure you can make payment on time. Plus, review your credit background to avoid unpleasant situations or down payments.
Third Step: Apply for the loan you want. Once you decide, choose the services you trust more and fill out an application form. Borrowers must include their details, proof of employment, income, and any other information required.
Fourth Step: Get your money. In case of approval on both sides, the lender will transfer your loan on the agreed date. Making your down payment for the venue or covering the cost of the reception should be a breeze. Manage your funds responsibly and make your payments on time.
If you don’t know how to do it, rely on our customer service, 24/7 available for all borrowers that apply on our platform.
Wedding Financing Alternatives
If you’ve decided against a loan, there are some steps you can take to make sure you afford to pay for your wedding.
- Review and cut down on the expenses that are not necessary.
- Use some funds your savings account or credit cards.
- Ask your friends for help.
Sitting down to review your wedding expenses could reveal some things you might be able to reduce. It can be anything from renegotiating parts of the contracts to more cost-effective options or giving up on unnecessary items. When your budget gap is not too big, a simple reorganization will save you time and money. If you access your savings account funds, you can easily use them to cover your wedding expenses. In very few cases, it makes sense to borrow money instead of taking money from your savings.
Ask your friends to help you find better deals. Some of them could recommend a good photographer they know or a reliable catering service. It costs them nothing to browse through their contacts and make a recommendation. To you, that could mean reducing your costs to the extent you no longer need a loan.
Installment Wedding Loans for Bad Credit Score
An installment loan may be the best solution for your wedding budget. The loan amount you choose will cover all the wedding costs from restaurant and decorations to vacation finance. With an installment loan for bad credit, you can borrow up to $5,000 even with a poor credit report. Installment loan terms claim that the maximum term reacher 24 months. These loan terms influence interest rates; that is why we recommend you fill in the loan application and get all the needed information before signing the contract.
According to the repayment terms of the loan agreement, you must pay the credit card debt in equal monthly payments. Wedding loans with a poor credit history will help you improve your monthly budget and allow you not to get into credit card debt cycles.
Also, there may be wedding loans with poor credit history with no down payment. Usually, lenders provide high interest rates and APR for borrowers with a bad credit score, and down payment would save them from paying additionally for loans.
This type of finance is popular among consumers who want a small party with family members and best friends. Consider installment or personal loans as the most suitable financial solution for your wedding if you are among them.
In a nutshell, borrowing money for your wedding day could make sense, as long as both you and your life partner are on the same page. Don’t forget to compare interest rates and APR before saying ‘yes’ to a loan. If you have some questions, feel free to contact our customer service for more information.
Wedding Cash Loan FAQ
- Is there any loan for marriage?
Wedding loans for poor credit history are available for consumers who want to finance their event and have the best party ever without thinking about the costs. You can choose between installment loans with bad credit from direct lenders, personal loans with reasonable interest rates, and APR. Just fill in the loan request, select the loan amount, and our customer service will do the rest.
- Is a wedding loan right for me?
Wedding loans may be suitable for you only if you reviewed your wedding costs and realized that your bank account wouldn’t face them. Personal loans for your wedding will cover your established needs in no time. But before applying for one, consider assessing your credit score. Most direct lenders provide personal loans for bad credit, and there is a high rate of approvals for all type of credit reports.
- How much will a wedding loan cost?
Depending on the loan amount, the cost of wedding loans may vary by lender and state. Usually, lenders set the fee of $10 – $30 for every $100 borrowed. Plus, there may be an origination fee that ranges from $1 up to $5. Some lenders may charge additional fees for processing the loans. To be informed entirely, read the terms and conditions before signing the contract. Remember that the APR and interest rates should fit your financial possibilities.
- How can I get a wedding loan with a bad credit score?
You can get wedding loans just by applying on our website. Even with no credit background, you may get approved for personal loans for your wedding. Complete the loan request form, submit it and wait for the offers regarding APR and interest rates of your loans. Also, don’t be afraid of soft credit checks; they won’t affect your credit report at all.