When planning your dream wedding, you don’t want to let a shortage of funds deter you from having the event of a lifetime. Many couples opt for wedding loans to ensure that their wedding is everything that they dreamed it would be. In this article, we will tell you how to obtain wedding loans with bad credit.
If you have a poor credit record or no credit history whatsoever, wedding loans for bad credit can help you obtain the financing you need. Not everyone can finance a wedding with their savings, as not many have the required amount of money saved. Help from friends and family may not be enough, either. That doesn’t mean you have to settle for less. You can request wedding loans instead.
How to Finance a Wedding?
You can finance your big day with either a loan or a credit card.
A lot of people overcharge their credit cards when spending on their wedding preparation. It may be the speediest solution to monetary requirements; however, it’s not a financially viable option. If you go into credit card debt without a plan, you’ll end up defaulting on your payments. If you keep using the card, despite the existing debt, that may pose a severe problem. Your debt can keep on accumulating, leading to serious financial troubles in the future.
A wedding loan is an unsecured personal loan that provides an alternative to credit cards. There are no restrictions on what you can use the loan for. Many don’t even use a wedding loan for their wedding. You can use it for virtually anything, from financing your honeymoon to buying a wedding ring or dress.
Advantages of Loans for Wedding
Wedding loans are easily obtainable through online platforms. You do not have to fill in several requests in numerous branches and wait for banks to review your credit history extensively. Banks often reject loan requests or request for collateral in return for the loan. Those with a bad credit record run the risk of being denied a loan.
A wedding loan is an unsecured personal loan, so even those with a bad credit record stand a fair chance of getting an offer. Having a favorable credit history works in your favor and gets you lower interest rates on your loan request.
Loan Request Process
Requesting wedding finance assistance online has a very straightforward process.
You fill in an online form and provide details like:
- The amount of money required
- Loan term
- Monthly income
- Proof of regular income
- Bank account details
- National Identification number
Once you give the relevant information and choose a loan term, we at GetCash connect you to one of our 100+ authorized lenders. They then set the interest rate and profit margin based on the details provided by you. This is where a good credit history can prove advantageous for you.
Online lenders often won’t reject requests based solely on credit records. They use your credit ranking to draft their offer to you. You can also use a wedding loan to improve your credit ranking by paying your monthly installments on time.
With an improved score, you can get better interest rates on all your future loans. Because a wedding loan has preplanned and fixed monthly installments, you have the option to stay on top of your payment plan with proper budgeting.
Wedding Loans vs. Credit Cards
Using a credit card for your wedding expenses is only beneficial if you have excellent credit. Banks do not charge interest from customers with excellent credit for 18 months, which is the promotional period. If you are able to pay off the debt within the promotional period, it can be an excellent option to finance a few of your wedding expenses.
With a credit card, buying a wedding dress makes more sense than financing your honeymoon trip. On a trip, there may be a myriad of unplanned costs, and you can go overboard with the spending within minutes. The accumulated debt becomes harder to pay off, especially if it keeps piling up. There are too many cases where credit card transactions get out of hand because of insufficient planning.
With a wedding loan, you have to be more thorough in your planning. You set yourself a budget after you work out all your expenses. Then, you only borrow the amount that you need and one that you can pay back effortlessly. The payment plan is predefined, so there is little-to-no chance of you messing up.
For the short-term, smaller expenses, you can even opt for payday loans to fund your wedding. You can get a payday loan for your wedding dress, wedding ring, an emergency deposit for the wedding venue, or catering service.
Payday loans are coveted for these key reasons:
- Quick request submission process
- Fast approval
With wedding loans, lenders tend to run credit checks on the borrower. Based on the credit record and loan term, they set the interest rates. Lenders place an offer based on the loan amount and loan term that you mention in your loan request.
Also, when it comes to wedding loans, some lenders ask for a guarantor. It is always good to have one readily available when filling in your online request. Online loan processes are faster, and it is better if you ask a friend or your parents to be your guarantor before you start the process. Not doing so can delay the loan process.
GetCash connects you to one of 100+ authorized lenders in its network, so you don’t have to fill out the request form again and again. You can readily obtain all the wedding finance assistance you need for all your big day within minutes. Don’t hold yourself back; order the most expensive champagne, get that designer dress, and choose the venue that gives you a wonderful feeling. Wedding loans for bad credit can help you have the wedding of your dreams, even with a poor credit record.