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While there aren’t many lenders that specifically offer loans for weddings, there are plenty that allow you to use your funds toward any expense — including weddings. The option you choose should depend on your current financial circumstances, how much you need to borrow, your outstanding debts and your active credit accounts.
A personal loan can be from a variety of lenders, and you may be able to borrow up to $100,000. If approved, you’ll receive a lump sum that can be used for anything, including a dress, throwing an engagement party or even financing part of the honeymoon.
Not sure how much you need to borrow? Lines of credit work like personal loans, but rather than borrowing a lump sum, you can withdraw as much as you need when you need it. You may be charged a set interest rate when you withdraw additional money, and there may also be monthly fees while you have the line open.
If you already have a card with a competitive interest rate, then you may want to consider using it to make wedding-related purchases instead. Or, consider signing up for a credit card with a 0% introductory APR to cover a few purchases — just don’t go overboard so you can pay off your balance before the intro period is over.
With more crowdfunding sites popping up, some couples have opted to reach out to friends, family and even strangers to help pay for their big day. Sites like GoFundMe, Crowded Wedding and KickStarter allow soon-to-be newlyweds to set up campaigns to raise wedding funds. Typically, these online fundraising platforms charge an overall service fee as well as a fee per donation. However, you usually won’t be on the hook for any upfront costs to set up your campaign.
|Lender||Max loan amount||APR||Credit score|
|SoFi||$100,000||5.99% to 18.72%||680 to 850|
|Upstart||$50,000||8.13% to 35.99%||620 to 850|
|OneMain Financial||$20,000||18% to 35.99%||300 to 669|
|Earnest||$75,000||5.99% to 17.24%||680 to 850|
|LightStream||$100,000||Varies||670 to 850|
When comparing your loans, pay special to the following features:
Before applying for a wedding loan it’s crucial to understand the financial commitment required for servicing the borrowed amount. You and your future partner should sit down and discuss your financial situations beforehand. Below are some of the questions you should be discussing.
It depends. Some financial experts advise against it, stating that you’re better off saving for this big expense. While building up your savings will mean you don’t pay interest, for many people, that’s often an unattainable goal — especially if you’re hosting a large reception at an expensive venue.
A wedding loan can make it easier to afford your wedding, even if it costs you more in the long run. As long as you and your partner agree to the expense beforehand and have a plan of action in place for dealing with the payments, a wedding loan can be helpful. However, it’s still important to explore your other options.
While there are plenty of ways you can make your wedding more affordable — including choosing a less expensive venue or renting a dress — these are four common ways people avoid borrowing a large amount for their big day.
Whether you’re having a small ceremony, or an all out extravaganza for your big day, there is always going to be a range of items and services you may need finance for.
Consider the expenses below:
To apply for a loan to help you finance your wedding, you can compare your options using the comparison table above. Depending on the type of financing you’re after, you can compare products using the navigation menu at the top of this page.
When you find the right loan and want to apply, click the Go to Site button to be directed to the lender’s website. To qualify for a loan in the US, you generally need to be over 18, be a permanent US resident and have a good credit rating.
There are ways to finance your wedding when you don’t have the money available. Compare your options and make sure you’re applying for a loan that’s competitive and affordable for your budget. Planning is a must, so be take your time when selecting the right lender and terms for your big day.
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