The day you’ve been waiting for is finally here. It’s either you finally got proposed to or proposed to the love of your life. But amidst all the fairytale happenings in your life, you’re probably still panicking about how you could get a wedding loan to finance your much-awaited wedding. After all, due to your bad credit history, you may be wondering how you could finance the wedding of your dreams at this point.
But there’s no need for you to worry and think that you wouldn’t be able to have the wedding of your dreams. Gladly, with the aid of bad credit wedding loans, your plans for your big day don’t have to remain as plans at all. So, here’s what you need to know about a bad credit wedding loan below.
What is a Bad Credit Wedding Loan?
Of course, you may have problems trying to get approved for various loans with a bad credit history. Unfortunately, wedding loans are no exception to this. But that doesn’t mean there’s no hope for you to secure your dream wedding at all. As previously mentioned above, you can always apply for a bad credit wedding loan to provide cash for all your wedding-related expenses.
Basically, a bad credit wedding loan is a type of loan that gets your interest rate approved, accepts your repayment plans, and lets you collect the cash as soon as possible. Moreover, if you have no credit history, you can also get a wedding loan with no credit by getting these cheap wedding loans. Overall, this type of wedding loan will offer you several perks, especially for someone with bad credit or no credit history at all.
5 Bad Credit Wedding Loans in 2022
You now know what a bad credit wedding loan is. So, here are five helpful wedding online wedding loan companies that cater to individuals with no or bad credit history. Here they are:
1. OneMain Financial
OneMain Financial is an online personal loan company that can cater to individuals with bad credit histories. They have served over ten million customers so far with their easy application processes. Moreover, they have a 4.0 out of 5.0-star rating on NerdWallet. OneMain Financial offers loans with a minimum of $1,000 and a maximum of $20,000.
2. BadCreditLoans.com
BadCreditLoans.com is another excellent choice amongst bad credit wedding loan lenders. They help connect users with loan companies. They allow loans ranging from $500 to $10,000 and enable you to get your money the following business day once your loan application gets greenlighted. Their interest rates range from 5.99% to 35.99%. Meanwhile, you can choose repayment terms ranging between 3 to 60 months.
3. PersonalLoans.com
PersonalLoans.com offers loans with a minimum of $500 and a maximum price of $35,000. They provide a vast network of lenders and allow you to utilize their approved funds for any purpose. After loan approval, you can also expect to get your cash on the next business day. And similar to BadCreditLoans.com, they offer interest rates with a range of 5.99% to 35.99%. However, their repayment terms include a minimum of three months and a maximum of 72 months.
4. MoneyMutual
If you need access to funds as soon as possible, you can consider sending an application at MoneyMutual. This online lending company offers easy applications and approval for all customers. You can also have access to short-period loans as high as $5,000. Moreover, you can easily gain access to your approved funds in just a day of submitting your application. This online platform is deemed authentic and has over two million users as of writing.
5. PayMyWedding
PayMyWedding is a wedding loan service that connects you to the most suitable lender that fits your needs and financial situation. After going through their quick five-minute simplified application process, PayMyWedding will let you choose a loan amount as high as $100,000. You can expect instant approval after turning in your application, get the cash sent directly to you, and experience low-interest rates for your repayment terms.
How to Get a Wedding Loan with Bad Credit?
You are now aware of what a bad credit wedding loan is and where to get cheap wedding loans as well. The next step is to find an excellent loan company that will offer you a wedding loan with reasonable interest rates and repayment plans. So, here’s how you can get a wedding loan with bad credit below.
1. Find a reputable loan company or lender to provide you with your needed wedding loans
Before anything else, you should first find yourself a reputable lending or loan company. After all, you wouldn’t want to connect with a scam loan company and make things even worse for you. And one easy telltale sign is that a loan company is a scam if they don’t bother to ask for your credit score at all.
Even if you have a terrible credit standing, bad credit wedding loan companies will still investigate your creditworthiness. Moreover, be sure to look up reviews about the said company, check out the legitimacy of their details, and find out if their company is officially registered in your state.
2. Provide the necessary documentation to your lender
Wedding loans are classified as personal loans. Because of that, you won’t need to provide any collateral when trying to qualify for one. But that doesn’t mean your lender won’t ask you for other documents anymore when applying for a bad credit wedding loan.
As stated above, other than checking your credit score, your lender will also ask you for further documentation to check if you meet all their qualifications to get a wedding loan—these other details regarding your job, salary, education, and the like. And as you hand out these details to your employer, you will also need to provide the necessary documents regarding the details required to qualify for the loan.
3. Be transparent with your details
Although this is most likely considered a given, it’s still important to emphasize how being honest can help you get the funds you need for your wedding. Besides, you must establish a good relationship with your lender. And you can do this by being transparent regarding all your details.
4. Check your chosen lender’s interest rates, fees, and terms and make comparisons to other wedding loan companies
Once you’re done sending in the requirements, your lender will now present their interest rates, fees, and terms for you. But before saying yes to their contract, it’s still recommended that you compare their terms, rates, fees, and other inclusions to other wedding loan companies. Doing so will ensure that you get the best offer possible.
For that matter, here are some things you should consider when taking a look at the mentioned factors:
Always ensure to get a loan with lower interest rates: This ensures that you have lesser additional amounts to pay once you start repaying the loan you took out for your wedding expenses. Thoroughly read the fine print and double-check for any hidden fees: Be sure to check if there are any hidden fees in your loan’s repayment terms. You’d only want good surprises on your special day, not bad ones, including surprise fees from your wedding loan.
Weigh in your repayment terms: You can finish paying your loan shortly by getting shorter repayment terms. However, that’d mean you’d have to pay for bigger monthly installments. On the other hand, you can still use more extended repayment plans for smaller monthly payments. Still, the downside of long-term repayment plans is getting increased interest for the loan you took out. When picking a repayment option plan, be sure to get one that suits your situation and needs.
5. Receive your money and repay it according to your loan company’s terms
When you’re done thoroughly reading your preferred loan company’s terms, you can now turn in your application. After that, it’s now time to wait for your approval letter. But generally, bad credit wedding loans can be given to you in less than a week or shorter than that, so you don’t have to wait too long to get the money.
Once you receive the cash, you can now go ahead and spend it on your various wedding components. These include your wedding clothes, catering, wedding bands, venue rental, and other wedding must-haves. And lastly, be sure to repay your loan according to what you have agreed with your lender.
How Much Does a Wedding Loan Cost?
As of writing, most wedding loans would offer around $5,000 to $100,000 in the US. And as previously mentioned, repayment plans, interest rates, and other factors could vary depending on different loan companies. This is why it’s highly recommended that you compare what other lenders have to offer before you agree to their terms.
And since weddings nowadays in the US can cost an average of $20,300, you may need to take out higher loans if you desire a grander wedding. But of course, not all bad credit loan companies would probably offer you loan amounts as huge as $100,000. However, with the aid of PayMyWedding, you can avail of wedding loans up to $100,000 despite having a bad credit history.
Get Bad Credit Wedding Loans Free of Charge with PayMyWedding
If you’re looking for great bad credit wedding loans for your big day, you can always get bad credit wedding loans for free with PayMyWedding. After all, PayMyWedding has simplified the application process for bad credit wedding loans. Compared to lengthy procedures done in other loan application processes, filling out a form through PayMyWedding will only take around five minutes.
Furthermore, unlike other bad credit personal loan companies, PayMyWedding allows you to take up loans as high as $100,000. In addition, despite high loan amounts, you can still enjoy low-interest rates and get to choose flexible repayment terms ranging from 6 to 72 months. PayMyWedding can also connect you to over 500 lenders, including prominent lenders that can offer you a loan plan of your choice.
And the best part? Applications at PayMyWedding have instant approval, and the money gets sent to you directly. You also don’t have to worry about hidden fees as well, offering you a pleasant experience when getting everything ready for your big day. Overall, PayMyWedding is your best bet if you want a superb wedding, don’t have the money you need for it, and have a bad credit standing to get a personal loan on your own.
Wrap Up
Having a bad financial background doesn’t necessarily mean bidding farewell to your dream wedding. Besides, you can still resort to other efficient methods such as taking out cheap wedding loans. And by getting bad credit wedding loans with the help of PayMyWedding, you can instantly have access to money that you need for your wedding, get lower interest rates, and choose repayment plans that greatly suit your preferences.