Adam McCann, Financial Writer
@adam_mccann
To get a loan for a wedding, first check to see if you are pre-qualified for any personal loans. Most lenders don’t offer loans specifically for weddings, so you will likely take out a general personal loan which you can use for any purpose. Getting pre-qualified will help you narrow down the field of loans by telling you which ones you’re likely to be approved for and what rates you can expect if approved.
Once you’ve been pre-qualified for a few loans, you can further narrow down your options based on other factors, such as which pre-qualified you for the lowest rates and which will provide large enough loan amounts to accommodate all of the costs of the wedding.
From there, pick the loan with the best overall terms, submit an application, and wait for approval followed by your funds. It usually takes a total of 2 - 7 business days to get a loan for a wedding, but it could take a few weeks in some cases.
How to get a loan for a wedding:
- Check if you’re pre-qualified for a loan. Use WalletHub’s free pre-qualification tool to see which lenders you have a good chance of approval with and what interest rates your loan may have if you’re approved. Pre-qualification depends on factors such as your income and a soft pull of your credit report.
- Compare your loan options. From your pre-qualified options, check the sizes of the loans offered. Think about how much of your wedding expenses you can pay for in cash and how much you need to borrow for rings, food, music, etc. Then, move on to factors such as the APR, origination fees and the length of the payoff period. Select the best loan for you based on these criteria.
- Submit an application. You’ll have to provide information such as your address, income, housing and employment statuses, and Social Security number.
- Wait for a decision. It’s possible to get an instant decision from some lenders. Otherwise, it shouldn’t take more than a few business days.
- Wait for funding. You should have the money within 7 business days of approval in most cases.
The process of getting a loan for a wedding isn’t really much different from getting a personal loan for any other purpose. And it’s not especially difficult for the average person. Most personal loans will require a credit score of at least 660. But some will accept lower scores, even in the bad credit range.
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