Loans for Weddings: Can You Take Out a Personal Loan for a Wedding?
Let’s face it, weddings are expensive. Even if you don’t go all-out and just organize something small for you and your nearest and dearest, you’re looking at four figures. And the average spent? $24,723. Yeah, that’s a down-payment on a home for most of us.
Of course, it is one of the biggest days in your life and one that should be celebrated in just the way you and your fiancé have always wanted. While saving up and a couple of generous parents will help cover the costs, you may decide to use a personal loan to help you pay for the wedding and spread the cost out over time, so you don’t have to deplete all your savings in one go.
Today, we’ll cover the major questions we get about borrowing money to cover wedding costs, as well as the pros and cons of doing so.
Can You Take Out a Loan for a Wedding?
Yes, you can, though as with any personal loan your eligibility does depend on things like how much you make, your credit score, current debt, and other factors.
When you apply for a personal loan the lender is lending you money, regardless of the reason why you want to borrow it, so the fact that you’re borrowing the money for a wedding over home improvements or debt consolidation doesn’t really matter. They may ask your reasoning, but this won’t factor heavily in their decision to lend you money.
Should I Take Out a Loan for My Wedding?
That depends on several factors, consider:
- If you will regret not going all-out for your wedding
- If your credit score and income will help you borrow enough for the wedding you’re dreaming of
- If you will be happy still paying off the wedding in 3, 5, 7, or even 10 years’ time
- If you could cut corners and do some aspects DIY, would you be happy?
- How many guests you want to invite over who you feel you should invite
Essentially, whether or not you decide to take out a loan, you need to consider whether or not you can truly afford to do so and, if you can, if you truly want to. Borrowing money to create an experience for you and your loved ones that will bring you a lot of joy is not a bad investment in your happiness and future memories, but borrowing money to fulfill someone else’s desires is not.
It may be tempting to throw the big wedding your friends or family expect, but it’s your wedding, and you should choose how much money you invest in it.
Can You Take Out a Loan for a Wedding Ring?
Yes, and if you choose your ring and loan correctly, it’s not a bad investment, either. While investing in a wedding will offer you happy memories that will last a lifetime, borrowing money to buy your engagement or wedding rings should mean you own an asset that keeps its value. While it’s likely you’ll keep those rings forever, they are a financial asset, too.
Many jewelers offer financing for engagement rings and wedding bands, so compare what they offer with the costs of taking out a personal loan to buy it instead to see what will cost the least over the term of the loan.
Can You Take Out a Loan for a Wedding Dress?
Yes! A personal loan can be used for any reason as the loan is tied to you, not to what you use the money for, you can borrow money to buy your wedding dress. Many brides dream about their wedding dress from childhood, so it’s a hugely important part of your wedding. If you’ve always dreamed of the perfect wedding dress, taking out a personal loan to pay for it may be the right decision for you.
Can You Get a Loan for a Wedding with Bad Credit?
That depends on your personal circumstances. Since there aren’t any loans designed specifically for weddings, you’ll need to apply for a personal loan. If you don’t believe you’ll get a personal loan, then the answer is, unfortunately, no.
There are loans designed specifically for bad credit, though in many cases the amount you can borrow on these loans won’t be enough to pay for a wedding, or if it is the interest rate will be extremely high.
If you have bad credit it’s worth reaching out to us to see if we can match you with a suitable lender, but in many cases, it will be worth giving your credit some time to recover, save up a little more money for your wedding, or choose to have you wedding on a smaller budget.
How Do I Apply for a Loan for a Wedding?
When you’re ready to apply for a loan for your wedding, don’t go direct to a lender. When you apply directly on a lender’s site, you forgo the opportunity to compare different loans and get the best one you are eligible for.
Instead, work with a personal loan comparison service like ours. To apply for a personal loan through us, all you need to do is fill out our simple form, we’ll look at your details and connect you with the best lender for you. If more than one lender is interested in lending you money, we’ll let you know about the different offers you have on the table.
Then, you simply select the offer that’s right for you, accept the terms on the lender’s site, and you’ll have the money in your bank account in just a few days. If there isn’t an offer that works for you simply walk away – we don’t charge a fee and there’s no obligation for using our services.
To find out more about our process and what you need to prepare before you fill out our application, click here. We look forward to helping you achieve the wedding of your dreams!