First comes love, second comes marriage… if you’re planning a wedding, you’re probably having fun scoping out cool venues, looking at wedding gowns and trying a variety of mouth-watering cake samples. But unfortunately, wedding planning is no cake walk. Saying “I do” can come with other dues like venue deposits, wedding planners and catering — adding financial stress to planning an event that should be an enjoyable and memorable experience.

For richer or for poorer, a personal loan could help you pay for your wedding expenses so you can have your cake and eat too — and enjoy every aspect of planning your big day.

The Cost of Saying I Do

From the rehearsal dinner to the open bar wedding reception, and everything in between — the cost of saying I do, isn’t cheap. According to The Knot Worldwide’s 2019 Global Wedding Report, wedding costs are highest in the U.S. at $29,200, nearly four times as much of the average cost in other countries. On average, couples will invite close to 130 guests to their wedding after taking 14 months to plan it.

But, don’t let these numbers stress you out — they’re averages from couples that live in various parts of the country, have different budgets, head counts and preferences. At the end of the day, you’re in control of your wedding expenses and choosing how to pay for them.

Options for Paying for a Wedding

Here comes the bride, and here come the bills. Paying for a wedding can be mentally and financially draining but there are options to help you take the anxiety out of planning the biggest party of your life.

Here are a few to consider:

Cash

“I’m going to pay for my $25,000 wedding in cash,” said no one ever. OK, maybe a few people can say this but for most of us hard-working Americans, paying for large expenses with cash isn’t a reality. Of course, this doesn’t mean you can’t use some cash to pay for the smaller costs of weddings, like the flowers or party favors. A mix of paying in cash and borrowing from a personal loan could be a good choice if you have some money saved.

Credit Cards

Using credit cards may seem like a convenient way to pay for your big day — but they can cost you. Credit cards tend to come with higher interest rates, variable interest rates that could change and fees. A credit card lender may only require small minimum payments, but essentially all that does is increase the length of time it takes for you to pay off what you’ve borrowed. If you’re getting a lot of 0% promotional offers, just remember that promotional rate has an expiration date — pay attention to the terms of your agreement before you use a credit card.

The “Rents”

It’s a less popular tradition these days, but some people still turn to their parents for help. Some families even build a nest egg to help fund family weddings. If this is an option for you, go for it!

Wedding Loans

If 0% financing isn’t available to you, using a personal loan to pay for wedding expenses may be a better choice than using high interest rate credit cards. With a personal loan, you’ll know when it will be paid off since they generally offer a fixed repayment term. Personal loans may also offer a fixed interest rate so you won’t have to worry about the rate changing like you would with a credit card, and if you have a good credit score, that interest rate could be a favorable one.

Wedding loans may come with higher loan amounts — giving you wiggle room to pay for unexpected wedding expenses. This is a smarter financial choice than using multiple credit cards. Planning a wedding is hectic enough, why create more chaos with several credit card payments?

What is a Wedding Loan?

Simply put, a wedding loan is an installment loan that can help you quickly and easily pay for your wedding day. Depending on the lender, a wedding loan may offer: fixed monthly payments, fixed interest rates, an established repayment term and access to funds in as little as one day.

Is a Wedding Loan Right for You?

A wedding loan may be a good choice for someone who has budgeted for wedding expenses but doesn’t have the cash they need quickly on hand to pay for deposits and other immediate expenses. Let’s say, for example, your heart set on a specific venue—that quaint vineyard with picturesque views — but they require an immediate deposit to hold the space for your wedding date. If you don’t have immediate access to funds, a personal loan could help bridge the gap until you can pay for the venue in full.

The Benefits of Paying for Your Big Day with a Wedding Loan

Could Save You Money

Depending on your credit score, your debt-to-income ratio and other factors like income, you may qualify for a low interest rate wedding loan to help cover large expenses like the venue, catering and entertainment. With a wedding loan the interest rate is fixed so it won’t fluctuate like a variable interest rate credit card. Another great advantage with a wedding loan is that you won’t have access to run up more debt as you pay down the balance — you’ll know the exact timeline for paying it off.

Could Add Convenience and Save Time

Applying for a wedding loan is simple with usually just a few steps and quick turn-around time for approval. A personal loan could give you some breathing room with fast access to cash to pay for logistical expenses — that way you can focus on the fun things like perfecting your Mick Jagger moves for the dance floor. Convenient, right?

Provides Security and Peace of Mind

With fast funding from a wedding loan, you may feel more relaxed and secure knowing that you won’t miss out on booking the perfect venue or that highly-recommended photographer. Depending on the lender, you can find out how much money you could borrow and the possible interest rate you’ll pay, in advance of taking the loan. If you pay your loan back on time, it could help boost or build your credit — adding security to your financial future.

How to Qualify for a Wedding Loan

Responsible and reputable lenders look at different criteria when deciding if you qualify for a loan. Typically, the following is required in order to be approved for a wedding loan:

A credit score above 640: Good credit is one of the ways to help secure a personal loan. Those who have a credit score of at least 640 generally fall within the “good score” crowd. If your score is lower than a 640, options may still be available.

A low debt-to-income ratio: If your income exceeds your debt, you may be in luck. The lower your debt-to-income ratio, the better the chance you have to secure a personal loan.

A means for repayment: Applicants who get approved for a personal loan often generate enough income to repay their loan.

How to Apply for a Wedding Loan

Applying for a personal wedding loan has never been quicker or easier. And, many lenders offer the ability to apply right online from the comfort of your home or smart phone.

Before you apply, it’s important to:

• Know your credit score and what’s on your credit report.
• Do some wedding planning and research to determine how much you’ll need to borrow.
• Consider all wedding related expenses that could require immediate funding, like venue and catering deposits, florists, photographers and save the date invitations.
• Consider all financial options available to you.
• Shop around for a reputable lender that offers a product that meets your financial needs and can get you to the alter stress-free.