What are the best wedding Loans? This article entails the top six (6) best and top wedding loan lenders. In the meantime, weddings are generally happy occasions but they may also be incredibly expensive. According to Knot’s 2021 Real Weddings Study, the average cost of a wedding in 2021 was $28,000 for the ceremony and reception.
If you don’t have this much cash on hand, you can consider getting a wedding loan to cover your costs. To get a wedding loan, it is important you research the best wedding loan lender and also compare quotes. This will enable you to select the right lender that meets your needs and also offers a lower interest rate.
Meanwhile, we understand searching for the right lender can be tasking especially for novices. Good news, we’ve compiled the best wedding loans to apply for. Check Out the next outline.
6 Best Wedding Loans
As the name implies, a Wedding loan is a personal loan that helps to cover your wedding cost and expenses. If you would like to apply for this loan, then read this section of the article. In this part of the article, we will be discussing and outlining the top 6 best wedding loans in 2024 and beyond to apply for. Check them out below.
1 LightStream
LightStream is one of the best lenders offering new and existing customers a wedding Loan. You can get a loan amount of $5,000 to $100,000 with a repayment term of 24 to 84 months.
In addition, there are no origination, late payment fees, and prepayment charges. Its loan rate starts from 5.73% compared to its competitors. They offer same-day funding with approval and verification before 2:30 p.m. ET.
Based on the review, Light Stream has a good customer rating due to its amazing services and features. However, to apply for this loan, you need an excellent credit history with a stable income and savings. Lastly, you can only apply for this loan online and you can only use the loan for the purpose listed on your application.
2 SoFi
Firstly, SoFi is a popular online financial company with offers its customers a wide range of services. Amongst the services offered by the company are loans. You can get a competitive wedding personal loan from SoFi with a rate as low as 7.99% and other benefits.
In addition, you can borrow up to $5,000 to $100,000 with a repayment term of 24 to 84 months. Plus, they provide you with an unemployment protection policy. They also offer same-day funding.
You can check your eligibility by filling out their pre-qualification online form to apply for this loan. However, it would help if you had a good credit score, must be at least 18 years of age, and permanent resident / U.S citizen to qualify for this loan.
3 Marcus by Goldman Sachs
Marcus by Goldman Sachs is another great option for intending couples searching for the best wedding loans or a wedding debt consolidation loan. Although you might have access to a large loan amount, Marcus offers a flexible loan term. You can borrow a personal loan of $3,500 to $40,000 with a repayment term of 36 to 72 months. Plus, funds will be transferred to your account the next business day.
Other benefits offered by Marcus include zero origination, late payment, or prepayment charges. Also, you can change your payment date up to three times over the life span of your loan. But, you need a good credit score to apply for this loan with a stable income to cover your loan repayment. You can use your Marcus personal loan for debt consolidation, home improvement, travel, vacations, and many more.
4 Lending Point
Meanwhile, you can also get a loan to finance your wedding and other personal expenses from Lending Point. They offer a personal loan from $2,000 to $36,500 with a repayment option or term of 34 to 60 months.
You don’t need an excellent credit score to apply for this loan. With a low credit score, you can qualify for this loan. In addition, you can get fast funding with zero prepayment penalty fees.
However, you will be required to pay an origination fee of 0% and 6%. Also, prospective borrowers must live in one of the 48 eligible states in the U.S. or Washington D.C. Note; loans are currently not available for borrowers in Nevada or West Virginia.
5 Best Egg
Best Egg is another well-known online loan; with rates beginning at 7.99%. The organization provides personal loans for major occasions, such as your wedding.
If your existing loan with Best Egg is in good standing, you may borrow between $2,000 and $50,000 and apply for a second loan. Borrowers are provided with 36 to 60-month repayment terms.
You can pre-qualify for this loan with a soft credit check. However, you will be charged an origination fee of 0.99% to 8.99% with returned and late payment charges. After verifications and approval, you will receive funding within one to three business days.
6 Upstart
With a bad credit score, you can qualify for a wedding loan from Upstart. You can get a flexible loan amount of $1,000 to $50,000 with a loan term of 36 to 60 months.
Once you’ve been approved, cash will be deposited into your account the next business day. To qualify for this loan, you need a stable income and you must have a full-time job or be starting a full-time job in six months.
However, you will be charged an origination fee of 0% to 10% with late and returned fees respectively.
Frequently Asked Questions
What is a Wedding Loan?
This is a type of unsecured personal loan that doesn’t require collateral. It can be used to cover your wedding costs and expenses such as the reception, honeymoon, photography, catering, etc.
Generally, wedding loans are between $1,000 -$100,000 and you will be required to pay off your loan within a specific term. On the other hand, the interest rate depends on your credit score and lender.
Is Applying For a Wedding Loan a Good Idea?
Although a wedding loan could be a solution to cover your wedding costs and expenses it also comes with its disadvantages. For instance, paying your wedding loan can hinder you from saving to achieve your goals.
Plus, the interest rate can be outrageously high, especially for people with a bad credit score. You can limit the number of guests to your wedding instead of taking a personal loan.
Can I get a Wedding Loan with Bad Credit?
Yes, it is possible to get a wedding loan even with a bad credit score. Most loan companies and online lenders are currently offering people with bad credit wedding loans.
However, finding the right one can be tasking and this is because you might be required to pay a huge interest for a small amount. We advise you to improve your credit score before applying for a wedding loan.
How do I Get a Wedding Loan?
Meanwhile, the process of getting a wedding loan can vary from lender to lender but some of the important tips to keep in mind when applying for a loan are;
Check your Credit Score
Ensure to check your credit score before applying for a wedding loan. This will enable you to know whether or not you are qualified for a loan based on your lender.
Note; to get a wedding loan, you should have up to 600 and above credit score to get a fair interest rate. However, if you have bad credit, find the best lender to apply for a loan.
Improve your Credit Score
If after checking your credit score your credit is below 600, you will work hard to boost your credit before applying for a loan. To improve or boost your credit score effectively, reduce how often you use your credit card, pay your bills on time, and avoid late payments.
Decide how much you need to Lend
After checking and improving your credit score, you will need to determine how much you would like to borrow. To calculate your expenses, write down your wedding budget and cut down unnecessary expenses.
Ensure that your budget contains the important purchases/ items you need for the wedding. Borrowing above your budget can increase your amount rate and the payment term. So borrow based on your budget and need.
Research for the best terms and Interest rates
When shopping for a wedding loan, ensure to research for the best terms and interest rates. Do not get quotes from companies or lenders with high interest rates and this might take a long time to pay off. You can compare quotes before settling for a particular lender.
Submit an Application and wait for a Decision
Once you’ve found the right lender that offers the best terms and interest rates, you can start your application. Visit the lender’s official website and submit your application online.
Or visit their local branches in person to apply. Once you’ve applied, you will get a notification instantly or after two to three business days depending on your lender if your application has been approved or denied.
Note; during the application process, ensure to enter your correct information and upload the required documents and details. Entering a false detail or information can get your application terminated or rejected.