It is your big day!
You’ve probably nursed the idea of a perfect wedding from childhood, and to no small extent, some details and luxury from your childhood idea of a perfect wedding may be way out of your financial ability.
Even if you will have to do without big castles and the entire town at your wedding, funding an average wedding is worth thinking about. An average wedding in Canada costs somewhere between $30k to $35k, excluding the honeymoon. Studies show that more than 79% of Canadian newlyweds include the cost of a decent honeymoon into their wedding budget, so together, we can be looking at expenses close to $40k.
The responsibility of financing a wedding falls on you. While others may offer assistance, the better part of the bill has to be paid by the couple. The options available to most couples looking to finance their wedding is either with money saved up or through a loan.
Saving up for your wedding is excellent, but most times isn’t practical given that the decision to get married at times comes within a short time, at least not long enough to save up $40k. Little wonder why many are turning to wedding loans to finance their big day and it is proving to be a lifesaver. Times are hard, there will always be expenses and frankly speaking, pressing things to do with your saved-up cash. So leave your precious savings for those and see how you can get a wedding loan to see you through your big day.
What You Should Know About Wedding Loans
It is normal if you cringe at the thought of taking a loan. We are talking of months of debt, high-interest rates and the possibility of not even getting your loan approved in the first place. To help you make better choices, you must know the following facts.
- A wedding loan is like every other loan. That loan you are taking for your wedding in the eyes of the lender is no different from what he is giving out to someone else looking to buy a car. The same conditions apply, including your credit rating for approval. So do not be deceived into thinking you will automatically be approved despite your poor credit score just because it is for your wedding day.
- The bank is not your only option. You don’t have to restrict yourself to the bank when applying for a loan. Banks are more likely to reject your loan for a wedding. However, some independent lenders are willing to give out loans to people to help finance their needs.
How To Qualify For A Wedding Loan
Just indicating that you will love to get cash to fund your wedding is not going to get your loan approved. It takes a little more than that.
- Work On Your Credit Score. A lot depends on your credit score when it comes to getting a loan. Understand that a good credit score gives you access to better loans as you are considered financially responsible.
- Get A Co-Signer. If you are not sure of scaling through due to your poor credit score, adding a co-signer can give your chances a boost. Remember that your co-signer is on the hook if you default on the loan.
- Pre-qualify For Multiple Loans. Check out what other lenders are willing to offer you. This way, you can compare offers and interest rates and select a plan that you can repay.
There are many lenders in Canada that can offer loans to finance your wedding. Here’s just a few to help you get started on your research:
- LightStream: you can qualify for a wedding loan up to $100K to fund your wedding, with a minimum credit score requirement of 660.
- Prosper: you can access a wedding loan up to $40K with a minimum credit score requirement of 600
- Upstart: you can qualify for a wedding loan up to $50K with a minimum credit score requirement of 600.
One thing’s for certain. You must do your homework. Learn more and try getting a quick quote to compare offers from lenders using the LoanConnect tool.
A lot comes with weddings but nothing beats planning. So take your time, get your numbers right and work with your budget. A great way to maximize your budget is by hiring a wedding planner. Pink Media has helped many couples put their wedding budget together using limited resources. It is a day you want to remember and we are passionate about making it perfect. Reach out with any burning questions you may have. We got you.