A wedding is an important day in one’s life, and as a result, you may want to make it as colorful as possible, but this comes with a cost. On average, a wedding could cost up to $33,931. Most importantly, you should avoid the use of credit to finance the wedding. However, there are instances when one might be pushed to taking a wedding loan to take care of expenses. Here is what you should know about wedding loans:
Why a wedding loan?
When thinking of a wedding loan, you are thinking of a personal loan that you will use to fund your wedding. This should be the last option because, with a personal loan, you will be spending money you don’t have.
The wedding loan is a convenient and easy way of getting money for planning your wedding. You can apply for the loan online, and once the loan is approved, you get the loan amount in your account. Most importantly, it’s a cheap way compared to credit cards that might charge high rates.
Best personal loans for a wedding
Earnest offers the best personal loans to fund a wedding because their loans don’t have prepayment or origination fees, and their rates are lower. They offer loans for people aged above 18 years, and one should have a credit score of 680.
First Midwest Bank offers loans at APR of between 6.65% and 15.44% with loans of up to $25,000. Also, repayment of the loan can from 12 months up to 60 months. However, they charge loan documentation of $100.
LightStream offers personal loans without charging origination fees or any prepayments. One can take a loan from $5,000 to $100,000, and repayment is up to 144 months. LightStream personal loans charge APR of between 5.49% and 20.49%.
Peerform considers a credit score of around 600, and you can check your eligibility through a soft pull, which will not affect your score. The offer loans between $4,000 and $25,000 at APR of 5.99% to 29.99% with a loan term of 36 months.