Well, there’s no such thing as a “wedding loan.” What we’re talking about here is obtaining a personal loan for the purpose of funding your wedding. The main issue with personal loans is that some people are taking them out because they need to spend cash they don’t have in the bank.
How much money can you get ?
Personal loans usually range from between $2,000 and $35,000. If you don’t pay the loan back within the terms of the loan i.e. default on the loan, it will negatively affect your credit. On the flip side, taking out loans and paying them off on time or early can actually improve your credit score.
How do you get one?
Make Sure You Have Good Credit
If you’re looking to get a loan for your big day, make sure your financials are order. The biggest factor is your credit score. You can still get a loan with a lower score. You’ll just probably have to pay slightly more for it via a higher interest rate.
Have Your Financial Documents in Order
Beyond the credit score, the lender will want to take a look at your proof of income, bank statements and any other debt you might have (student loans, mortgages, etc.).
Just remember, don’t feel like you have to turn to a wedding loan to pay for your big day. There are lots of ways to save and cut wedding costs. Starting your future in debt might not be the best way to kick off your marriage, but we understand that it’s also the biggest day of your life, so if you decide you need a bit of a boost, we will help you find the best personal loan options out there!