Looking for wedding financing options but have a less-than-ideal or even poor credit score? No problem, you can still secure financing for you wedding and related expenses. Although it is true that you may face more rejections or scrutiny from direct lenders than those with high credit scores, many lenders offer specific loans for low credit individuals at fair interest rates and fixed payment terms. Bad credit personal wedding loan providers will give you the ability to approve your interest rate, repayment terms, and if you come to an agreement a personal loan will be funded and you’ll have money in your account in less than a week (sometimes in as few as 2 business days).
Are there Wedding Loan Size Limits for Borrowers with a Poor Credit Score?
No many lenders are still willing to offer personal loans of up to $50,000 to fund weddings even if you have poor credit. Use WeddingLoans.com vendor comparison feature to be matched with a direct lender for your specific circumstances.
Do you have to use a car or other asset as collateral for your personal wedding loan?
No generally all personal loans are unsecured, so you do not need any collateral to be issued a personal loan for your wedding.
Can a Bad Credit Wedding Loans be used for things besides my wedding like my honeymoon and guest travel arraignments?
Yes, personal loans issued for weddings can be used for all wedding related expenses (venue, cake, dress, engagement ring, ect) as well all any vacation or honeymoon plans you have after your wedding. In fact many personal loans are very flexible and can be used to cover a wide variety of personal related expenses.
Will I pay a higher interest rate on my personal loan due to my poor credit?
It can be safe to assume that in general the lower your credit score, the higher the perceived risk of lending to you is and so lenders will change a premium interest rate to account for this higher level of risk.
Can I increase my Credit Score to Get more favorable terms when applying for a wedding loan?
Yes, if you know you plan to apply for a wedding loans in the coming weeks or months improving your credit score can help with your ability to secure a personal loan at an attractive rate. Some things you can do to help improve your score are:
- Make all credit card bill and loan payments on time
- Keep your credit utilization percentage low (amount of money you are spending/ your approved credit limit)
- Avoid opening up new credit cards and applying for multiple loans that require a hard pull of your credit score before apply for a personal wedding loan.
- Regularly monitor your credit score to make sure no errors or problems arise.
In general having a low credit score does not stop your from applying and getting approved for wedding financing. You do not have to use a car or any other asset as collateral and by making payments on time it can help establish a string credit history for you and improve your credit score over time.