Looking for a wedding loan?
Weddings often involve a long list of expenses, from venues and catering to outfits and photography. As these costs add up, some couples explore different ways to manage them, including the option of a wedding loan or other easy loans designed specifically for wedding financing.
With a suitable wedding loan or personal loan for a wedding, you may be able to cover costs from the wedding dress and rings to catering and other expenses.
In this guide, we’ll explore everything about wedding loans, including how to apply online and their benefits. We’ll also discuss the thirteen questions people frequently ask before getting a wedding loan.
Disclaimer:We are a lender-finding service. We do not offer financial advice. Consider seeking independent legal, financial, taxation, or other advice to check how the information and ideas presented on this website relate to your unique financial circumstances, personal objectives, and credit criteria. If you would like to provide feedback or make a complaint, please visit our dedicated page.
What are the Benefits of Getting a Wedding Loan?
Here are some ways having a wedding loan could help you have a stress-free wedding:
1. Spread the cost over time
A wedding loan may allow you to borrow the loan amount you need and repay it in instalments, such as weekly, fortnightly, or monthly instalments, rather than depleting savings all at once.
2. Cover unexpected or extra costs
Even with careful budgeting, weddings often have hidden or unexpected expenses (e.g., extra guests, decorations, photography, catering, bands).
A loan for a wedding can bridge the gap without forcing you to compromise on key aspects of your wedding.
3. Avoid using credit cards with high interest rates
Using credit cards or instalment purchases for a wedding may lead to high-interest debt if not paid off quickly.
A personal wedding loan usually has fixed rate loans or variable rate personal loan options with set repayment terms, making costs predictable and easier to manage.
4. Plan your wedding without stress
Knowing you have access to loan funds can help you book venues, vendors, and services confidently without waiting to save up.
It gives flexibility to pay deposits or secure dates in advance.
5. Potential to improve financial planning
By setting a fixed repayment schedule, you can budget around your loan repayments and current repayment obligations.
It may also help protect your savings for emergencies or other life events.
How to Apply for a Wedding Loan?
You may find it easier to apply for loans through our lender-finding service. Here’s how you can do it:
Step One
Input the loan type and loan amount in the box at the beginning of this page, and click Apply Now.
Step Two
Here, you will need to complete our personal loan submission form. We only ask for the essential information, including your verifiable Australian taxable income, bank statements, regular monthly expenses, and current debts such as a home loan or other financial commitments, so this may only take you a few minutes or so. Once you have finished everything, our system will take it from there.
Step Three
Our system will now try to pair you with an available credit provider holding an Australian Credit Licence. Depending on when you apply, you may receive an outcome within the hour. If a lender approves your application, they may contact you. Approval is never guaranteed.
Keep in mind, approval is never guaranteed.
How Does a Loan for a Wedding Work?
A wedding or an engagement ring loan is basically a personal loan. Like any personal loan, this one may have an interest rate over the loan term and may come with early repayment fees or early exit fees, depending on your personal loan. You can choose a variable rate loan or fixed rate personal loan, depending on your circumstances.
How to Choose the Right Wedding Loan?
Choosing the best wedding loans can avoid stress in the future and is an important part of wedding and financial planning. Here are a few things you may want to do before choosing a wedding loan:
- Compare the personal loan interest rates and the comparison rate: Ensure you can afford the interest (fixed or variable rate), and compare with other loans to discover the most feasible option.
- Check fees and other charges beyond interest: Some loans may come with establishment fees, monthly account fees, and sometimes early repayment penalties or exit fees. If you plan to repay the loan sooner, check if it has early repayment fees.
- Decide on a loan term: Shorter loan terms may mean paying off the loan sooner (less interest over time), but could have higher monthly repayments. Longer terms reduce monthly strain but typically increase total interest paid.
- Check if it’s unsecured or secured: An unsecured personal loan may not require collateral and may have higher interest rates. A secured loan may require collateral and may offer lower rates.
- Calculate monthly repayment options: You may use a loan repayment calculator (many lenders or independent sites offer these helpful calculators) to see monthly payments and total cost over the term to ensure it fits your wedding budget.
Which loan you use may depend on your financial situation, ability to repay, and other financial commitments.
How to Plan and Use Your Wedding Budget Wisely?
Planning a wedding often involves many moving parts, so having a clear structure for your budget can help you stay organised and make decisions that feel right for you.
1. Set a Budget
Begin by calculating the maximum amount you can borrow, as this will help set expectations. You may have to ask family members or others if they want to contribute.
2. List Potential Wedding Expenses
With a detailed list, you may be able to allocate and track funds easily. Some typical expenses include:
- Reception venues
- Catering
- Wedding attire and wedding dress
- Celebrant
- Photography or videography
- Entertainment and bands
- Flowers and decorations
- Invitations and stationery
- Transport and wedding cars
- Hair and makeup
- Cake
- Contingency for unexpected costs
3. Prioritise Your Expenses
Every couple has different values, and as a result, their priorities may change. For example, while one would want an extravagant decor for great pictures, another may choose a simple outdoor location. So may help you direct more of your budget towards what feels meaningful.
4. Track Your Costs in Real Time
Tracking your expenses in real time may help you decide if you want to adjust your spending. For that, you can use:
- Quotes
- Deposits
- Due dates
- Final balances
What if You can’t Afford an Upcoming Repayment?
Look, the first step is to stay calm. After all, lenders are aware of how life plans and budgets can be shifted.
If you are worried you won’t have enough money to afford an upcoming repayment, get in contact with your lender. Generally, if you give your credit provider at least 24 hours’ notice, they should be able to reschedule or cancel your repayment for a contractual fee.
But what if you can’t repay it at all?
Missing a repayment is one thing, but having your circumstances change dramatically is another. More specifically, if you are badly injured or made redundant, you may no longer be able to afford your repayments. If this occurs, you may want to consider applying for financial hardship.
Credit providers may have a hardship department equipped to deal with claims like these. Here’s how you can apply for hardship:
- Get in contact with your lender’s hardship department.
- Supply any supporting documentation (medical certificate, termination of employment).
- Your credit provider may assess your claim.
Your credit provider may offer you an altered repayment plan if your claim is approved.
10 Common FAQs About Wedding Loan
1. Is it possible to get a wedding loan?
Mostly!
A wedding loan is simply a personal loan that you can use to cover any wedding-related expenses, from catering to venue hire. The personal loan interest rates on a wedding loan will be determined by the loan product you apply for, as well as the lender itself. Most online lenders will have a fast and easy application.
However, whether you’ll get a wedding loan or not depends on our lenders.
We are a lender-finder service, and could potentially pair you with a credit provider offering a wedding loan of up to $15,000.
2. Who is eligible for a wedding loan?
We think everybody should be able to afford the wedding they want.
So, before getting started with us, make sure you meet the eligibility criteria below:
- At least 18 years old.
- An Australian Citizen or Permanent Resident.
- Have a personal mobile number and email address.
- Received an income into a personal account for at least the past 90 days, providing verifiable Australian taxable income.
3. What is the best way to pay for a wedding?
The answer to this question is simply whichever you can afford and fits around your lifestyle.
If, over the years, you have been saving consistently, you may be able to afford nearly everything out of your own pocket. On the other hand, if your savings aren’t exactly at the level you’d have hoped, you could consider applying for finance.
If you are unsure of the right course of action, consider seeking financial advice.
4. Is a wedding loan a good idea?
Whether a wedding loan is suitable depends on individual circumstances. It may be a feasible option for some and less appropriate for others. As a result, ask yourself the following questions before applying:
- Can I pay for parts of the wedding out of my own pocket?
- Are my friends and family able to help?
- Can I afford the wedding loan repayments within my regular budget?
At the end of the day, you will need to answer this question yourself. If, however, you feel a wedding loan fits your individual circumstances, find out how we may be able to help.
5. Is it possible to be approved for a wedding loan with bad credit?
Yes! Consumers may be able to be approved for wedding loans, despite their poor credit history.
Admittedly, while traditional lenders may be unwilling to offer bad credit loans, our network of lenders may be able to do things a little differently.
This is because our network of trusted credit providers may be able to focus on more than just your credit rating. Instead, these lenders may be able to take into account your regular income, expenses and budget.
Finally, you may be eligible for cash loans for bad credit. With lenders potentially offering up to $15,000, consumers may be able to cover the cost of any size wedding.
6. What about a no credit check loan?
A wedding loan may be a great way to finance the biggest party you’ll ever throw. However, if you are searching specifically for cash loans with no credit check, you may be a little concerned about your credit rating.
Lenders may or may not conduct credit checks as part of their assessment policy. In short, it is up to the lenders themselves to conduct a credit check. As we are only the lender-finder, we cannot guarantee whether or not a lender will credit check your application or not.
7. I’m looking for a wedding payment plan. Can Monzi help?
Monzi is a 100% online lender-finder service. In short, we employ some of the latest in banking technology to provide a seamless and streamlined service for Aussie consumers. However, behind our tech-centric business model are Aussies just like you, working out of an office in a leafy inner-city suburb of Brisbane.
In essence, we are in the business of matching everyday Australian consumers with quality online lenders. Moreover, we’ve built up a trusted network of online credit providers over time. Therefore, if you’re looking for lenders offering a wedding loan from $2,100 to $15,000, consider applying with us.
8. What are unsecured wedding loans for bad credit?
In short, they are small loans available to consumers with bad credit looking to finance their wedding.
Unsecured loans are generally small loans of $2,000 and under. Unlike secured personal loans, unsecured loans do not require security.
Security is an asset the borrower nominates as a guarantee that they will comply with their wedding loan contract. Moreover, if a borrower is unable to repay their loan, the credit provider has the right to repossess and sell the asset.
As a result, unsecured bad credit loans for weddings may be a good option if:
- You are looking for a wedding loan of $2,000 or under.
- Your credit file is a little bruised.
- You don’t have an asset you wish to use as security.
So, if you’re wondering how you can get a small loan, consider us. We may be able to pair you with a potential lender quicker than you can say I do.
9. Is paying back my wedding loan easy?
Absolutely! If you’re paired with a lender, repayments may be scheduled to suit your needs, making them easier to manage.
When you accept a wedding loan contract, you and your lender may agree on the loan repayment terms. More specifically, you will choose how many months you wish to pay your loan over, as well as the repayment schedule itself.
From there, wedding loan repayments will automatically be deducted through a direct debit. In other words, you don’t need to stress about repayments. In short, consumers only need to worry about ensuring there is enough money in their account when the direct debit rolls around.
10. What is a wedding payment plan?
Wedding payment plans are a way to finance any wedding-related expenses and to spread the repayments over several months. In other words, consumers can afford the dress and wedding venue they want and then fit the repayments around their normal budget.
A wedding loan could act as a payment plan. More specifically, your repayments will be spread over 12 to 24 months, depending on the lender and the size of the wedding loan.
Celebrate your Dream Wedding with Monzi
Monzi is a lender-finder service that strives to connect loan seekers like you with a suitable lender. Using our advanced technology MAMA AI, we may analyse your financial profile in real-time and instantly connect you with a lender.