You might be wondering why you may need a wedding loan. Everyone wants to have their fairytale wedding but it can burn the bucks quite quickly. In today’s economy, having a wedding has become one of the most expensive things out there. Research conducted by CNN in the June of 2023 found that the national average for wedding costs is $29,000, Some major cities report the number reaching $35,000 and over!
So, A wedding loan is more a necessity than an extravaganza at this point. Also, a Wedding loan offers you some financial advantages that reduce the financial burden on you. In this article, we have complied a list of lenders that have the best rating in the market for their reputation of lending quick loans. Take a quick look at the options and some tips to get a better idea about it.
The Perks of a Wedding Loan?
You may be wondering how can a loan have some perks. Turns out, a wedding loan offers you some financial perks that make sure that you don’t go broke while getting hitched.
- A wedding loan gives you the financial flexibility that is required to cover various expenses such as catering, venue rent, photography, band, etc.
- A wedding loan will help you protect your savings. You won’t have to deplete your savings to have the fairytale wedding that you want.
- When you enter the market looking for a wedding loan, you will see that different companies offer different competitive rates. So, you can easily select the one that best suits your needs.
- A wedding loan allows you to borrow the exact amount that you need.
- If you are responsible with your repayments, a wedding loan will positively affect your credit score.
The Best Wedding Loans
Regions Bank
Regions Bank offers you the lowest interest rates that you can find on unsecured personal loans. To get this loan, you have to be a good borrower with a long and excellent credit history.
If you are already a Regions Bank account holder, then check your potential rates online before applying. You will be eligible for a 0.25% rate reduction if you set up autopay from a Regions Bank checking account.
The lowest loan you can take is $2,000, while the maximum loan amount is determined by how you apply. You may borrow up to $50,000 if you are an existing customer. New customers are limited to $35,000 in borrowing. Loan periods have a range from 12 months to 60 months, however, the loan term options will vary based on how much you borrow.
So Fi
So Fi is an online banking site that offers excellent perks with it. It offers member benefits like rate savings, networking events, and financial planning advice. You can take a personal loan available in amounts ranging from $5,000 to $100,000.
You can view the conditions and interest rates before you take it. You have to see if you may qualify for a loan without damaging your credit ratings. If you want to proceed with a full loan application, SoFi will conduct a hard credit inquiry. This may result in a temporary drop in your scores.
SoFi claims that funds will be put into your personal bank account within a few days after approval. You can also take a same-day loan which is available. Keep in mind that the precise timing will be determined by your bank.
A unique advantage to So Fi is its unemployment protection program. If you lose your job through no fault of your own and your loan is current, you may be eligible for SoFi’s unemployment protection program. The program places your debt in forbearance for three months and allows you to alter your payments. Unpaid interest will continue to accrue and be charged to your main balance during the forbearance period.
Avant
Getting a loan might be a problem if you don’t have a good credit score. Well, Avant is here to rescue you. According to Avant, the majority of its borrowers have a credit score that ranges from 600 to 700.
Avant lets you prequalify to check the rates with a soft credit inquiry. You will see the final terms only when you formally apply for the loan. Avant has long loan terms that range from 12 to 60 months. It will help you if you think you need extra time to repay the loan. You will get the loan as soon as the loan is approved. It will take around one for your loan to get approved, but the funding may vary based on your bank. It also has a mobile app where you can manage the repayments and the loan.
But, one thing about Avant is that it takes an administrative fee to process the loan. The amount may be up to 4.75% of the loan amount. It is a charge that is taken from you before you receive the loan.Â
Upgrade
Upgrade offers you personal loans that you can use to finance your wedding. It also approves loans for people who have bad credit scores. The lender has to have a minimum credit score of 560.
Upgrade offers you a loan ranging from $1,000 to $50,000. It also has a repayment period of 3 to 7 years. But, you cannot choose the date. It also has an origination fee that ranges from 1.85% to 9.99% of the loan amount. It also has a late fee and a failed payment fee both of which are $10.
But Upgrade has some good advantages. It offers secured and joint loans, multiple discounts on rates, and a mobile app for loan payments. With debt consolidation loans, you can make direct payments to your creditors.
Lending Club
Another solid option for people looking for a wedding loan is the Lending Club’s loans. It requires the loanee to have a credit score of 600. It also requires proof of income from the borrower.
You can take a loan of $1,000 to $40,000. After taking a loan, you have 2 to 5 years to repay the loan. You do have to pay an origination fee of 3% to 8%. On average, it takes the lending club to approve the loan within 30 hours of application. Your loan might be passed in 24 hours! The loan approval depends on a lot of factors such as creditworthiness, investor demand, etc.
Lending Club offers some good perks such as a joint loan option, direct payment to creditors with debt consolidation loans, and an option to change the payment date. You also have the option to pre-qualify with a soft credit check. But, it has no mobile app for you to use and also has a late fee that is 5% of the payment.
LightStream
For people who have a good credit score, Lightstream is a very good option. It has no fees and low rates that depend on the loan purpose.
Light Stream offers you a loan of $5,000 to $100,000. You also have 2 to 7 years to repay the loan. It also has no origination fee or late fee. Lightstream has reduced rates on autopay. But, it also has some cons with it.
You have to be a U.S. citizen or a permanent resident and 18 years old to get the loan. It also requires you to have assets like retirement, investment, and savings accounts. So, this can be a good option for people with a steady job. For young suitors, it is not the best one.
Best Egg
For people who are looking for a secured loan or to consolidate debt, Best Egg is a good option. Best Egg is one of those lenders that offer both secured and unsecured loan options.
Best Egg offers you the option to pre-qualify for a quick soft credit check. Best Egg offers you a loan of $2,000 to $50,000, with a repayment time of 3 to 5 years. It offers you a wide range of loan amounts and direct payments to creditors with debt consolidation loans. It also comes with no late fees.
But, Best Egg has an origination fee of 0.99% to 8.99%. It also has no rate discounts or option to choose the initial payment date. You also have no mobile apps to manage the loan.Â
Discover Personal Loans
For people who are looking for a quick loan, Discover is the best option. Discover Personal Loans will approve your loan request within 24 hours, providing that the loan application is free of errors. Â
Discover offers you a loan amount ranging from $2500 to $40,000. It also offers you a repayment period of 3-8 years of time. It also has no origination fee and earl payoff fees. Discover personal loans also offers you the option to pay the creditors directly and different payments methods from mailing a check to online payment.
It also has some cons. Firsty ,it offers no type of joint loans and autopay discount. It also has not so much flexible rates and a late fee of $39.
Tips to Get Quick Approval for Wedding Loans
Getting a quick loan might be tough, but it isn’t impossible. You have to be smart about your decisions and present yourself as a dependable borrower. Follow the tips to improve the chance of your loan approval.
- Your credit score is an important factor for your loan to get approved. A good credit score means that you are more likely to repay the loan than a person with a bad credit score. So, try to maintain a good credit history.
- Your Debt to Income ratio or DTI is also another factor which helps the lenders to asses the loan request. DTI is an indicator of your ability to pay off any additional loan that you have. The lower the number of loans that you have, the more chance you getting your loan approved.
- Another way to get quick approval for wedding loans is to apply for a joint loan. A joint loan will be both on you and your partner. It means that both of you are equally responsible to payback the loan. When both of you apply for a loan, the lender will take a look at both of your details. It will help you to get approved quickly.
Final Words
Before getting a wedding loan, make sure to have all the necessary paperwork with you. Check all the available options to make sure that you get a good deal. Follow the tips to make sure that your loan gets quickly approved. We hope that you will make a good financial decision and that your dream wedding won’t become a financial nightmare.
