Are Wedding Loans a Good Idea?
Your wedding should be one of the happiest days of your life, but between venue hire and catering, not to mention the honeymoon, it can also be one of the most expensive. If you’re considering alternative methods of funding your big day, you might have come across wedding loans. So are wedding loans a good idea? We’ve put together everything you need to know, including how to apply with bad credit.
Overview
- What is a wedding loan?
- What can I use wedding loans for?
- How much can I get?
- How do I know if I’m eligible for a wedding loan?
- Is a wedding loan right for me?
- How fast will I get my cash?
- Applying for wedding loans
- Get a wedding loan today
What is a wedding loan?
Wedding loans allow you to get some extra cash for your wedding and honeymoon, even if you have bad credit. The money is deposited directly into your bank account so you have fast access to the cash.
Your loan can help you pay for anything from the venue down payment, to the catering, to your videographer.
Are wedding loans common?
The average wedding in Australia costs around $36,000, so it’s no wonder couples are looking for alternative ways to pay rather than using their savings or turning to the bank of mum and dad. In fact, according to a government survey on Moneysmart, 60% of couples in Australia get a loan for their wedding. So it is quite common to take out some type of loan to help cover your wedding costs.
Are wedding loans a good idea?
Okay, so wedding loans are fairly common, but are they actually a good idea? Well, that depends on your circumstances and how much you’re willing to compromise. After all, it’s not just the event itself. There are also costs like changing your name and updating your will. And even if you plan everything out, you can still go over budget and need more cash.
So if you don’t want to dip too deeply into your savings, a wedding loan could be a good idea for you.
What can I use wedding loans for?
Wedding loans are a type of personal loan, so you can use them for any costs you like. Common uses include financing your:
- Engagement ring
- Wedding rings
- Wedding dress
- Honeymoon
- Venue hire
How much can I get?
The amount for a wedding loan ranges. With the approximate cost for your wedding in mind, you can estimate how much money you’ll need.
For example, if you estimate your wedding to cost $29,000, and you have $25,000 available, you’ll want to apply for a $4,000 loan. With the extra $4,000, you won’t have to worry about how you’ll pay for your wedding. You’ll be less stressed—allowing you to enjoy the wedding planning process and the day itself. And if you only want a small wedding, $5,000 might be more than enough to cover everything you desire.
At Swoosh, we offer wedding loan options for up to $5,000. All you need is to list the amount on your application.
Need a bigger loan to get the wedding of your dreams? You can get a personal loan for your wedding for up to $65,000 from Oceania Finance.
How do I know if I’m eligible for a wedding loan?
To be eligible with Swoosh, you only need to meet four requirements:
- Be over the age of 18
- Be a permanent resident of Australia or a relevant visa holder
- Have been employed for three months or longer
- Own a vehicle registered in your name, with no finance owing or encumbrances.
Our application fee is $0 and you don’t have to pay for anything if your application is not approved.
Can you get wedding loans with bad credit?
Yes! You can get a bad credit wedding loan in Australia. Loan companies like Swoosh offer secured loans to people with bad credit, because we know that circumstances change and it can take a while for credit reports to reflect that. But because we consider your current financial situation, not your past, we’re able to lend to a wide range of people, even those with bad credit.
Is a wedding loan right for me?
When you’re stressed out, a small loan for your wedding can relieve some of the financial stress. Here’s what to consider when deciding if it’s right for you:
- Do you need some extra cash to fulfil everything on your wedding plan?
- Is there a special item or experience that you really want, like a wedding photographer or a perfect honeymoon spot?
- Are you in need of extra cash but limited by bad credit?
- Do you just need a break from the stress and bills that are piling up?
If so, a wedding loan could be just what you need.
No matter how you spend your loan, remember that this is your special time—and no one else’s. You can choose whatever you want for your big day. You’ll look back on your wedding day for your whole life, so why should it be anything but perfect?
Go ahead, and plan the wedding of your dreams!
How fast will I get my cash?
Wedding loans with Swoosh are eligible for same day approval. This means that you can apply for a loan, be approved, and have the money in your account all in one day.
Once we receive all the information we need, we’ll do a quick eligibility assessment. Once your approval is sorted, we’ll send you an email with all of the details and the contract. Then you just have to electronically sign and return it.
It’s easy as! There’s no hassle, no paperwork, no lines, and no waiting.
Applying for wedding loans
The application process is easy, and it can all be done online from your phone, computer, or tablet.
You just need the basic information on-hand, like your contact information and employer details. Fill out your application and you’ll have an answer within one business day.
How to get a loan for a wedding
It’s fast and easy to get a wedding loan online in Australia. With Swoosh, it only takes minutes to complete the online application form. Just follow these 3 quick steps and you could have cash in the bank today:
- Complete a simple online application form on your mobile phone, computer, or tablet.
- Approval of your loan is provided within 60 minutes of receiving your information (during business hours). The decision will arrive promptly — right in your inbox.
- After approval, an offer is sent to you via email. Once you’ve signed the contract, we’ll send the money directly to your bank account!
As long as we get all the information we need, you can be eligible for same day cash approval. So there’s no waiting around and you can get back to planning your dream wedding.
Get a wedding loan today
Now that you’ve got all the information, if you’ve decided a wedding loan is right for you, don’t wait to get started. Apply for a small wedding loan today – even with bad credit! The online application takes less than 5 minutes. You’ll get a quick answer, and you’ll have the chance to review the contract before agreeing to anything.
Still have questions? Contact us and we’ll be happy to help.
Need some ideas to come in under budget? Check out our top cheap wedding ideas to help you plan the day of your dreams without breaking the bank.
