Compare Top Wedding Loans Providers
If you need to secure a loan for a Wedding, you can benefit by choosing personal loan companies that specialize in this type of lending product. Because a wedding is such a special event, taking out a personal loan for a Wedding is a great way to prepare and plan your wedding and determine the cost first-hand. Use the money to pay for pre-wedding activities, the ceremony, and the reception. You can truly make your wedding memorable by applying and receiving loan funding for a Wedding personal loan.
Minimum Credit score
What Is a Wedding Loan?
A Wedding loan is money you can use to pay for your wedding and wedding-related activities. By taking out a Wedding personal loan, you can more easily plan the event and prepare for the big day. You can use this type of personal loan to cover the following expenses:
- The wedding attire, including the bridal gown, gowns for the bridesmaids, engagement photo outfits, rehearsal dinner attire, bridal gown, shoes, and accessories
- The cake and related serving plates and flatware, cake topper, and related decorations
- Drinks and libations
- Beauty treatments and hairstyling and care
- Favors and party gifts
- Flowers, including boutonnieres, bouquets, and corsages
- Food, including rehearsal dinner costs, catering, bar and beverage services, set-up and clean-up costs
- Invitations, including special services, such as calligraphy
- Music, including sound systems, photo booths, and a dance floor
- Photos and videos
- Rental rooms and venue
- Wedding officiant
The above list gives you a sampling of the costs related to planning for your special day.
You also have to factor in the expenses related to the wedding shower, bachelor and bachelorette parties, the reception, and transportation, such as the cost for limousine services. The best way to figure how much you will need for a Wedding loan is to decide on a theme, then use a checklist to see exactly what you will need.
Wedding Loan – How to Get Started
To apply for a Wedding personal loan, you will need to take the following steps.
- Check Your Credit Score. When you apply for any type of personal loan online, you need to review your credit score first through the 3 credit bureaus. Because your loan for a Wedding is primarily based on your credit score, knowing the score will help you determine what APR you will be charged.
- Select Your Loan Type. Some companies specialize in Wedding loan funding, so it is better to go through them if you want the best rates for this loan type.
- Get Prequalified for Wedding Loan Financing. When you choose several lending providers you like, you will need to get prequalified for your Wedding loan next. Doing so will give you the repayment details and terms for your Wedding loan funding. If you agree to shorter loan terms, you can also get a lower fixed APR.
- Compare the Lenders. After you have had a chance to get prequalified through different Wedding loan funders, you can review their loan terms and APRs, and see which one fits best with your lending or personal finance requirements. For a Wedding personal loan, go with a lender that offers the lowest APR and features the lowest fees over the term of the loan.
- Supply the Necessary Info and Documents. When you choose a lender, you will need to provide the required loan documents and information for Wedding loan funding. In this case, you need to supply the following details and documents:
- Personal Identification (Social security card, passport, or driver’s license)
- Proof of earnings or income (W-2s, paystubs, or filed tax returns)
- Employer information (Name of company, manager’s name, and phone number and address)
- Proof of residence (utility bill with your name and address or a lease agreement)
- Apply for the Loan and Start Making Payments. After you apply for your Wedding personal loan and start making payments, you might add some extra money to your payment each month to repay the loan faster. Doing so will make the loan repayment smoother and easier.
Wedding Loan Financing – What You Need to Know
To take out a Wedding personal loan, you should be aware of the following terms:
- Annual Percentage Rate (APR) – The rate of interest charged on a Wedding personal loan, expressed at an annual rate.
- Application Fee – The amount a lender charges for processing a Wedding loan application and the related documents. These fees are usually non-refundable and may or may not be included in processing a personal Wedding loan.
- Debt-to-Available Credit Ratio – When considering you for a Wedding personal loan, a lender may look at your debt-to-available credit details. This represents the money you owe compared to the credit available through credit lines and credit cards. Therefore, the debt-to-available credit ratio shows how much available credit you are using. The higher this percentage, the riskier you appear to a lender.
- Debt-to-Income Ratio – The percent of your monthly pre-tax income that is being used to pay off debts, such as auto loans, credit cards, and student loans. Lenders assess 2 key ratios. The first ratio is a front-end ratio or the percent of monthly pretax earnings spent on your house payment. The second percent is a back-end ratio or the other debts that are factored into the house payments.
- Late fee – A fee charged customers who take out a Wedding loan who pay a payment late or pay less than the required monthly amount.
- Late Payment – A delinquent payment or a failure to pay on a Wedding loan before the agreed due date. A late payment can hurt your credit score for as long as 7 years.
- Wedding Loan Lender – The financial institution that provides a Wedding loan for paying for a wedding event, including the rehearsal dinner and reception.
- Net Income – Your income after taxes have been deducted. It is also called your take-home pay. This is the amount considered by a lender when assessing your ability to repay a loan amount.
- Prepayment Penalty – A fee charged by a lender when a borrower pays off a loan before its scheduled term. Usually, prepayment penalties are not applied by standard lenders. If you are taking out a subprime Wedding loan, you need to read the loan terms carefully, as this fee may be applied.
- Principal – The amount of money owed on a loan, excluding the charged interest or APR.
- Risk Score – Another name for a credit score.
- Subprime Borrower – Some people who request funding for a Wedding loan may be subprime borrowers. A subprime borrower usually has a poor credit score because of late payments or collection accounts. Lenders evaluate and grade subprime borrowers on the degree of past collection problems – A to D, or lower. Subprime borrowers can qualify for a Wedding loan but at a higher interest rate.
- Utilization Ratio – A ratio that shows a lender how much available credit you are using.
- Unsecured Loan – Most personal loans online, or Wedding loans, are not collateralized. Therefore, they are not secured with a form of collateral, such as a house or car. The lender assesses the borrower’s ability to pay primarily on their credit score.
Recommended Wedding Loan Lenders
SoFi (pronounced SEW-fi, which stands for Social Finance) provides a quick application process and easy-to-use platform for anyone seeking Wedding loan financing. Their low-fee personal loans make them an excellent choice for anyone interested in taking out a Wedding personal loan. You will also like SoFi’s unemployment feature, which allows you to defer loan payments if you become unemployed or get laid off. They also offer lower rates than many personal loan providers of Wedding loan products. You can finance up to $100,000 on the SoFi website, so you can make your wedding one grand event.
Lending Tree does not provide direct funding for Wedding loan products. Rather, the company provides a listing of third-party lenders that offer personal loans for the costs related to a wedding event. You can obtain Wedding financing easily through Lending Tree, as the site does not require a perfect credit score. Moreover, all types of credit ratings are accepted on the site. Use the platform to compare Wedding loans, so you can find a loan product that will best fit your budget.
Best Egg is a lending source that makes it easy to get qualified for a Wedding loan online. The lending provider offers personal loans for Weddings at fixed APRs. Therefore, you can receive funding from Best Egg easily and conveniently. Simply visit the site and check their best rate for Wedding loan financing. You can get approved for a Wedding loan on the site for $2,000 to $40,000. If you are planning the perfect wedding, check this site out.
Credible allows you to compare rates for several Wedding loan packages by using one simple and quick application. The Credible website is therefore an excellent resource for Wedding personal loans, making it a good choice for any couple that needs quick funding for their wedding day. Customer testimonials rank the provider high in customer service as well. Keep in mind that you will eventually be matched with a third-party lender, so you do need to carefully review and consider the terms of each Wedding loan you consider. The site also offers the best rate guarantee. If you do not secure the best loan rate possible for your Wedding loan financing, it will pay you $200.
Upstart represents a lending website that gives anyone seeking a Wedding loan a fast way to receive the money. The loan process is fast, and several factors are considered when deciding on loan approval. These criteria include the applicant’s credit score, job history, income, and educational background. The site describes how their loans work, thereby answering any questions customers may have about a Wedding personal loan or similar type of funding. You can also receive financial education on the lending platform – good to know if you have not taken out a personal loan before.