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April 4, 2022

Wedding loans: What they are & how to use them

What a wedding loan is and how to use it

Wedding loans are personal loans where the lender helps you or your loved ones fund the perfect event. Wedding loans are used for everything from venue rentals to flowers, your honeymoon, and even the gown, rings, and tuxedo of your dreams. Using a loan to pay for your wedding can be a great way to host your “happily ever after” moment if you have it in your budget to pay the loan back.

You might be asking yourself why someone would want to take a wedding loan vs. using their credit card. The answer is simple. Wedding loans can have a fixed rate whereas credit cards can change after the initial term ends or annually.

This doesn’t mean that you cannot use your credit card to rack up some travel perks, it just means you can split the expenses into categories and use the financing options that work best for you. Let’s look at this a bit more closely.

Wedding expenses a loan can cover

Let’s say your wedding comes with these example expenses and amounts:

  • Flowers – $1,500
  • Food – $5,000
  • Venue – $10,000
  • Band/DJ – $1,000
  • Clothing – $1,500
  • Favors – $1,000
  • Honeymoon – $5,000

 

In this example, the wedding will cost $25,000. If you know you can pay $400 a month on your credit card and you have 12 months before your APR increases, then you’ll be able to have $4,800 of the $25,000 on your credit card. The rest of the money can come from a wedding loan, which will allow you to keep the fixed rate and have less to worry about as you make the monthly payments.

This way, you still receive credit card perks, while the rest of the money is in a wedding loan, which you have budgeted to pay back at a fixed rate and in monthly installments. This can be a win-win.

Now, let’s look at a few of the pros of wedding loans, outside of paying for the event.

The pros of wedding loans

The pros of a wedding loan can include:

  • Having the money to ensure all friends and family can attend
  • Being able to pay for all deposits including venues, photographers, and caterers
  • Fixed interest rates compared to credit cards
  • The chance to build your credit score – ​You could build up your score by making your monthly loan payment on time each month

 

Wedding loans can be a great way to secure the venue and vendors to let you celebrate your big day the way you dreamed it would be. Just make sure you’re able to pay back the loan on time so you can live your happily ever after!

See how affordable your wedding goals can be in as few as 30 seconds by visiting our Payment Estimator below, or call our team at 866.280.5476 to speak to a loan specialist today.

 

Personal loans not currently available in Illinois or Maryland

For California Residents: Consumer and commercial loans made or arranged pursuant to a California Financing Law license – Number 603G493.

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