What is a wedding loan?
A wedding loan is simply another way to describe a personal loan - except it’s wearing a veil.
Where can I get a wedding loan?
You’ll be able to apply for a wedding loan at most major banks and credit unions. Typically, you’ll need to apply for a regular personal loan, set the loan amount and the repayment term.
What should I look for in a wedding loan?
Weddings can be a pricey businesses, so to keep your savings in check, here are a few features to look for in a personal loan:
Unlimited extra repayments - A wedding only has a lifespan of 24 hours so to keep yourself from being haunted by a repayment schedule, having the ability to make constant extra repayments is a plus.
Zero fees - You’re already going to be coughing up heaps to walk down the aisle, do yourself a favour and avoid a loan with multiple or high admin fees.
The rates - While there is no guarantee on how an fixed or variable rate will perform, you’ll still need to take the time to shop around compare your options. Oh, and if you’d like a little of preview of what your repayment might look like, our repayments calculator can help.
Is there anything I should watch out for in a wedding loan?
The W word - You’ll come to find that even mentioning the word ‘wedding’ causes a spike in price no matter what you’re buying - this also applies to your loan rate. It’s important to always get a second or third opinion to avoid paying more than you need to.
Your credit score - Before you apply for the loan, make sure you’ve got a clean credit file as any spots could result in your application being declined. It’s also a good idea to carefully map out your application and repayment schedule, especially if you’re planning to borrow a bundle.
Save for Swarovski - Once all the pieces start to come together you may find that you’ve become more lenient in terms of budget, after all, it is your day. However, to keep yourself from blowing the bank, it’s a good idea to keep a secret stash of cash for all those unexpected wedding extras.