Wells Fargo offers personal loans of up to $100,000 with an APR of 5.99% - 19.99%, depending on your overall creditworthiness. These loans can be used for any wedding-related expense, like the engagement ring, the venue, the cake or the honeymoon.
Wells Fargo Personal Loans That Can Be Used for Weddings: Key Details
Loan amounts: $3,000 - $100,000
APR range: 5.99% - 19.99%
Credit score requirement: 660 according to multiple third-party sources
Repayment period: 12 - 84 months
If you're set on specifically getting a "wedding loan," you might want to look into LightStream or Best Egg. Just bear in mind that these loans have similar terms and functionality as general-purpose personal loans. To see the top-ranked offers, visit the best wedding loans page on WalletHub.
Wells Fargo does not offer “emergency loans” by that name, but Wells Fargo personal loans can be used for any purpose, including paying emergency expenses. Wells Fargo offers a quick approval and funding timeline on personal loans. It takes just 2 - 4 business days for most customers to get approved and receive their funds.… read full answer
There are a few other methods you can use to get a loan from Wells Fargo in an emergency as well. They include getting a direct deposit advance, using an existing personal line of credit or home equity line of credit, charging the expense to a credit card, or getting a credit card cash advance.
Ways to Get a Wells Fargo Emergency Loan:
Personal loan: You can get a Wells Fargo personal loan in 2 - 4 business days, though you’ll reportedly need a credit score of 660+. Personal loans range from $3,000 to $100,000 and have APRs of roughly 5.99% to 19.99%.
Personal line of credit: Unlike a loan, which is a one-time lump sum, a personal line of credit lets you borrow up to a certain amount whenever you want, with no minimum. You can get money from a Wells Fargo personal line of credit as soon as 1 business day after you’re approved. Credit lines range from $3,000 to $100,000, and there’s an annual fee of $25. The APRs are 9.5% to 21%.
Home equity line of credit: A HELOC is just like a personal line of credit except it’s secured by your house. The amount you’re able to borrow is a portion of the value of your home minus the mortgage balance (from $25,000 to $100,000). If you’re unable to pay the loan back, Wells Fargo can foreclose on your home. APRs range from about 4% to 9%.
Direct deposit advance: If you have a Wells Fargo checking account and make regular deposits into it, you may qualify for a line of credit up to $500 that can be directly deposited into that account when you need it. You will have to pay a fee of $1.50 for every $20 you borrow, though there is no interest.
Credit card: Wells Fargo offers a variety of credit cards that you can charge expenses to in an emergency. The best options are cards with an introductory 0% APR on purchases. If you don’t already have a credit card, it can take several weeks to get approved and receive the card by mail. If you’re approved instantly, the soonest you can expect to get the card is 7 business days.
Cash advance: You can use a Wells Fargo credit card to get cash at an ATM. While this is very convenient for emergencies, you should know that cash advances come with big fees and high APRs. Plus, interest starts accruing immediately, with no grace period.
There are a lot of ways to get a loan from Wells Fargo for emergency expenses, but the best is a 0% credit card because it helps you avoid interest altogether. However, that’s the best option only if you can pay off the whole amount during the 0% period. For long-term borrowing, a personal loan is the best choice because it will have the most reasonable terms and quickest funding timeline, without requiring any collateral or tacking on extra fees.
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
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