Yes, Peerform offers wedding loans of up to $25,000 with an APR range of 5.99% - 29.99%, depending on your overall creditworthiness. Peerform wedding loans can be used for any wedding-related expense, such as the engagement ring, the venue, the cake or the honeymoon.
Key Facts About Peerform Wedding Loans
Loan amounts: $4,000 - $25,000
APR range: 5.99% - 29.99%
Credit score requirement: 600
Repayment period: 3 or 5 years
To be clear, Peerform’s wedding loans have similar terms and functionality as its general-purpose personal loans, but they’re just marketed a bit differently.
Finally, it’s worth noting that you may want to consider saving up for your wedding rather than using a loan. It’s best to start married life with as little debt as possible.
Applicants need a credit score of 600 to get a personal loan from Peerform, according to the company. That means the Peerform personal loan credit score requirement is in the bad credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.… read full answer
Keep in mind that just having a 600 credit score is not enough to qualify you for a Peerform personal loan. Peerform will consider your entire financial profile, including things like your income, existing debts, and recent credit inquiries when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Peerform with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Peerform personal loan online to gauge your chances of getting approved with your current credit score.
Note: Peerform may not be accepting new personal loan applications at this time.
There are several ways to pay for a wedding with no money, from taking out a personal loan (if you have income, but no money on hand) to opting for a simple ceremony without the pomp and circumstance. Marriage licenses cost between $5 and $100, depending on the state – so it’s possible to get married without spending much at all. Other options include asking family for assistance or crowdfunding. Let’s go through all of the different possibilities.… read full answer
How to pay for a wedding with no money:
Get a personal loan. Depending on the lender, you’ll be able to borrow from $1,000 to $100,000 for wedding expenses (or pretty much anything else). You’ll typically have 1 to 7 years to pay it back, and there are loan options for people with all credit scores. You can get a personal loan if you have no money saved, but you’ll need a steady income and little existing debt.
Take out a home equity loan. If you own a house before marriage, you could borrow against the value of that property through a home equity loan or line of credit. But this isn’t the greatest option, as your house serves as collateral.
Use credit cards. Depending on how high of a credit limit you have, you may be able to charge some or all of your wedding expenses to a credit card. But credit cards tend to have much higher rates than personal loans, so if you go this route, use a credit card with a 0% introductory APR.
Have a simple wedding. Marriage licenses are inexpensive. So consider simply having a small ceremony with your closest friends and family at someone from the group’s home or a park where you don’t have to pay rental fees. You could also ask friends to use their talents to bake a cake or perform music, for example.
Ask family for help. Parents often front a lot of the costs of a wedding – about two-thirds, actually, on average. If you’re comfortable doing so, you can ask them to chip in.
Ask guests for money. In lieu of traditional wedding gifts, you could ask guests to give you money toward the cost of the wedding. You’ll need to ask for these gifts in advance if you want to use them to pay for the wedding itself; otherwise, you’ll have to borrow money and use the gifts to recoup the costs.
Crowdfund. Crowdfunding all sorts of expenses has become more popular in the past few years. If you have an especially dedicated group of friends, or a big social network, they might contribute money toward your wedding.
Enter a contest. If you’re lucky, you may win a sweepstakes that pays for a wedding dress, honeymoon, wedding ring or more.
Get sponsored. If you have a large following on social media, you may be able to convince companies to sponsor your wedding in return for giving them advertising.
Get a grant. There are few opportunities for wedding grants. The only currently viable option, Wish Upon a Wedding, is for people with terminal or life-altering illnesses.
If those ideas won’t work for you, you should take one of two approaches. The first is to wait and save some money until you have enough to pay for the wedding you want. The second is to just go to a courthouse and get married legally. Then, you could throw a big party on your first anniversary, for example, after taking some time to save.
From the number of times I've seen this type of question recently, spring wedding season must almost be upon us. Please don't tell my catering son-in-law about my answer, Rather than asking "experts" their opinion, sit down with your to-be and decide if you want to begin marriage in debt. Debt is one of the largest contributing factors to marital troubles. If scaling back your agreed upon plans is not possible, you might get early on a good sense of your partners attitude toward money. And up until you say "I Do", you have a less expensive solution to major differences in financial attitudes than hring a divorce attorney after the honeymoon is over.… read full answer
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.