Loans

10 Lenders That Offer Wedding Loans


10 Lenders That Offer Wedding Loans 10.08.2019Leave a comment
10 Lenders That Offer Wedding Loans

A wedding is an event that is remembered forever, it retains the idea of love that a person carries in their heart through their whole life. This celebration is a symbol of the transition to a new stage of life, full of support and love.

Girls dream about this event from early childhood, imagine themselves in a white dress, surrounded by flowers, and for young people, the wedding becomes an official confirmation that they can create and provide for their own family.

Wedding loans have become a popular and convenient way to solve financial problems associated with the celebration. The beginning of a life together is connected with quite serious expenses, which can be partially solved by the support of parents/relatives and, maybe, the ability to plan a budget, but the celebration itself is not a cheap event.

Average Wedding Cost by Year 2008-2018

So that the celebration would not affect the financial situation of a future young family crucially and at once, it would be an excellent way to get a wedding loan and to pay it off in a good period.

This will greatly facilitate the process of organizing the celebration and allow lovebirds not to worry about financial difficulties while planning the biggest day.

In today’s article, 10 most reliable and trustworthy lenders which provide wedding loans will be discussed.

But, before to proceed to the financial institutions, one has to have a clear idea of what a wedding loan is and its features.

A Wedding Loan and Its Peculiarities

A marriage loan can be spent on renting a restaurant, paying for musicians, a dress for a bride, or a honeymoon – everything is at the complete discretion of a borrower. A lender doesn’t have the restrictions on the ways of use of financing he gives.

As a matter of fact, it should be clear for an applicant, a so-called wedding loan can be characterized from a financial point of view, as a well-known personal unsecured loan.

Thus, to obtain money for the great occasion like a wedding, it is inevitable to meet the requirements of a creditor that proceed with personal loans.

Before to apply for fast funding, an individual has to consider the following aspects:

  • Applicant’s serviceability is of great importance. This is the actual possibility to repay the debt.
  • Credit scoring is a significant point for loan approval.
  • Interest rates can be fixed and variable (floating), it is crucial to be fully aware of the exact conditions of an agreement.
  • There can additional fees (for loan origination, for example) or even penalties. Some lenders might charge fines for the prepayment/late payment of debt.
  • Bad credit history may be an issue for obtaining a voluminous sum of money.
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If a person is determined to receive quick funding for the best planning and celebration of a big day, it will be interesting for them to get to know the list of trustworthy and reliable financial organizations that can provide them with the opportunity to have the wedding of their dreams.

Here, they are:

    1. Earnest;
    2. LightStream;
    3. OneMain;
    4. Prosper;
    5. Upstart;
    6. Upgrade;
    7. SoFi;
    8. FreedomPlus;
    9. First Midwest Bank;
    10. Peerform

Earnest

https://www.earnest.com/
https://www.earnest.com/

Earnest is a lending company which provides a wide range of services, including personal loans provision.

The company has been appreciated by the number of well-recognized organizations with power and influence, such as NerdWallet, Trustpilot, and the Better Business Bureau.

Trustpilot gave Earnest an excellent rating based on 1,166 reviews.

https://www.trustpilot.com/review/earnest.com
https://www.trustpilot.com/review/earnest.com

Main Requirements:

  • A minimum credit score to qualify is 680;
  • Proof of stable income is a must;
  • A borrower must not have current open loans obligations.

Conditions

  • APR ranges from 6.99% to 18.24%;
  • The possible sum to borrow – $5,000-75,000;
  • The term of paying back the funds – 3,4, and 5 years.
  • There is no prepayment or early payment penalties;
  • Origination fees are not charged.
  • Earnest partners with System & Service Technologies (SST), all personal loans are issued by them.
  • An applicant has an opportunity for a free quote without hurting a credit rating.

Disadvantages

  • Earnest doesn’t proceed with personal loans itself, to solve any possible issue with fast funding, a borrower has to contact System & Service Technologies;
  • There is no opportunity to co-borrow money;
  • Service may require to check a current bank account.
  • Quick amounts are not issued in the states of Alabama, Delaware, Kentucky, Nevada, and Rhode Island.

 

LightStream

lightstream.com
lightstream.com

LightStream is an actual online subsidiary of SunTrust Bank. Although it doesn’t mean an applicant should have a bank account in this financial institution, the platform provides services to all legal citizens of the USA.

NerdWallet gave an organization an excellent rating – 5/5.

Main Requirements

  • A credit rating has to be equal to, at least, 660;
  • Several years of good credit history is a must;
  • A person should be able to verify all the information given by appropriate documents.

Conditions

  • A borrower can apply for a sum from $5,000 to $100,000.
  • APR is 3.99-16.99% (though it is stated in a small print on the bottom of the page that the maximum APR is equal to 17.49%).
  • A company issues funds for the 24-84 months period.
  • There is no origination fee.
  • The platform doesn’t put prepayment charges.
  • There is an option of AutoPay, though it ought to be chosen before a loan request.
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Disadvantages

  • There is no option of pre-qualifying, a quote will influence an applicant’s credit rating.
  • Interest rates indicated on the website are given taking into account AutoPay function. Actual rates, on each loan, can be in 0.5 grades higher.

OneMain

https://www.onemainfinancial.com
https://www.onemainfinancial.com

OneMain is an organization with a long history in the financial market. At the moment, it provides quick sums for different purposes, including weddings. The service has a high rating on Trustpilot – 9.4, based on 13,661 reviews.

https://www.trustpilot.com/review/onemainfinancial.com
https://www.trustpilot.com/review/onemainfinancial.com

Main Requirements:

  • Proof of residence;
  • Proof of stable income;
  • A presence of valuable collateral (a car);
  • A minimum credit score of 600-650.

Conditions

  • APR is 18.00-35.99%;
  • Funds are issued for the period of 2-5 years;
  • There is an origination fee which differs by a state;
  • Amounts to lend are $1,500-$20,000. Though the minimal sum varies from a state to state. For detailed information visit the company’s website.
  • Naturally, an organization insists on collateral (an auto) for funding disbursed. Also, the active-duty military should not provide a vehicle as collateral for a loan.
  • There are no prepaying fines.
  • A company provides soft credit checking first, it does not have any impact on a borrower’s credit score.

Disadvantages

  • A borrower has to provide collateral (a vehicle), in most options.
  • The interest rates are pretty high.
  • In case, a person doesn’t supply any collateral for a loan, they will receive higher APR, most likely.

Prosper

Prosper.com
Prosper.com

Prosper is an online P2P platform that assists borrowers and investors meeting for the mutual benefit. It has been founded in 2005 and successfully functions up to the present moment.

The platform cooperates with such big investors as Credit Suisse NEXT Fund, Sequoia Capital, and Institutional Venture Partners, etc. Our rating is 4/5.

Main Requirements

  • A minimum credit score is 640. Though to receive more favorable conditions a borrower has to have, at least, 710.
  • 2 years of credit history is a must. For a more profitable loan, an applicant has to possess a minimum of 11 years.
  • An average annual income of an individual has to be equal $89,000, at minimum.

Conditions

  • APR is 6.95-35.99%.
  • The organization provides soft credit checking without hurting the actual one.
  • The possible period of repayment is 3-5 years.
  • The biggest sum to borrow is $40,000, the smallest one is $2,000.
  • There are no prepayment fines.
  • A person receives money in 1-3 business days after the loan approval.
  • Loan paying back can be done through a personal account.

Disadvantages

  • There is an origination fee – 2.4-5%.
  • There is a fee for a late money return – 5% of an unpaid amount.
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Upstart

upstart.com
upstart.com

One more P2P platform where it is possible to obtain a wedding loan is Upstart. Though it is a bit different from the previous one. This company states that they evaluate the eligibility of a borrower not only by credit scoring but also by the education and gained degrees. An organization has an excellent rating on Trustpilot based on 4,805 reviews.

https://www.trustpilot.com/review/www.upstart.com
https://www.trustpilot.com/review/www.upstart.com

Main Requirements

  • 620 is a minimum credit score;
  • It is acceptable an applicant has no credit history;
  • An income per annum has to be equal to $12,000, at least.

Conditions

  • APR is 7.69-35.99%.
  • The longest period to pay off money is 5 years, the shortest is 3 years.
  • There is a loan origination fee of 0-8%.
  • A borrower can be charged fees for a late repayment – 5% of the amount left.
  • There are no prepayment penalties.
  • The sum to borrow is $1,000-$50,000.
  • A pre-qualified inquiry does not pull a credit score.

Disadvantages

  • Residents of West Virginia and Iowa are not able to qualify.
  • A borrower can’t apply for fast funding with a co-signer.
  • Minimum amounts to get vary in different states. See the full information on the website of an organization.

 

Upgrade

https://www.upgrade.com
https://www.upgrade.com

Upgrade is an online lender that is willing to help borrowers with their financial difficulties. A company has a simple and intuitive interface. All the information is stated

clearly and in plain language. An organization is accredited by the Better Business Bureau. It partners with WebBank. Trustpilot gave an excellent rating to the service 9.5/10 based on 4,495 reviews.

Main Requirements

  • A platform insists an applicant has to possess 620-850 credit scores to apply.
  • Minimum age is 18 years;
  • Proof of identity is a must;
  • A person has to be a citizen of the US or have a residence permit.
  • An applicant has to provide income proof.
  • An income per annum has to be equal to $30,000 or higher.

Conditions

  • APR is 7.99-35.89%.
  • A possible amount to obtain is $1,000-$50,000.
  • A paying off period is 36-60 months.
  • There is an origination fee which ranges from 1.5% to 6%.
  • A platform charges a late paying back fee – $10.
  • There is no prepayment penalty.
  • An applicant has an opportunity to qualify with a co-borrower.

Disadvantages

  • The service is available only in 44 states. For detailed information, visit a company’s website.
  • An organization disburses funds in 7 business days.

 

SoFi

https://www.sofi.com/
https://www.sofi.com/

SoFi can be a great opportunity to have a wedding loan on favorable conditions. Trustpilot gave the service a great rating based on 2,192 reviews. NerdWallet included a company into the list of the Best Personal Loans of 2019.

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Main Requirements

  • A minimum credit rate is 680.
  • A borrower’s annual income has to be over $100,000.
  • Only US residents can obtain fast funding.
  • An applicant should have a strong monthly cash flow.

Conditions

  • A company has fixed (5.99-16.79%) and variable (5.74-14.70%) ARPs.
  • There no origination and late payment fees.
  • The repayment period varies from 2 to 7 years.
  • The service provides a possibility of a soft credit check.
  • There is a possibility of forbearance in case of a job loss without an applicant’s fault.
  • The amount to borrow is $5,000-$100,000.

Disadvantages

  • The service is not available to residents of Mississippi.
  • Only people with significant monthly cash flow can count on loan approval.

FreedomPlus

https://www.freedomplus.com
https://www.freedomplus.com

One with good credit history can try their luck to obtain a wedding loan with FreedomPlus. The company has favorable conditions and well-functioning customers’ support.

Main Requirements

  • An applicant has to have a minimum credit score of 640 to apply.
  • An annual income has to exceed $40,000;
  • Proof of income is a must.
  • A borrower has to be able to provide all the necessary for loan provision documents.

Conditions

  • The amounts to borrow are $7.500-$40,000.
  • APR is 5.99%-29.99%.
  • There is an origination fee – 0-5%.
  • A late payment fee is 5% of the money left.
  • An unsuccessful paying off fee is equal to $15.
  • The company doesn’t charge a penalty for an early paying back the funds.
  • The possible period of repayment is 2-5 years.
  • An applicant can make soft credit checking without pulling the credit.

Disadvantages

  • Funds proceed to a bank account in nearly 72 hours.
  • The service is not available to residents of all states. For detailed information, please, consult the company’s customers’ support.

First Midwest Bank

www.firstmidwest.com
www.firstmidwest.com

This financial institution provides various lending options to its clients. One of them is personal loans issuance. If a person has good credit or better, it is possible to try to obtain a wedding loan (a personal loan).

Main Requirements

  • A minimum credit score which is equal to 680 or higher.
  • At least, 5 years of credit history is a must.
  • Proof of income is obligatory.
  • One has to provide a valid ID to prove the residency.
  • There should be no bankruptcies in the past to request for a loan.

Conditions

  • Possible amounts to receive are $5,000-$25,000.
  • APR ranges from 6.65% to 15.44%.
  • Funds can be lent for a period of 12-60 months.
  • There are no origination and prepayment fees.
  • A late payment fee is $10.

Disadvantages

  • The company doesn’t provide a soft credit inquiry.
  • There is a $100 documentation fee.
  • The service operates in only 27 states.
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Peerform

https://www.peerform.com
https://www.peerform.com

This peer-to-peer lending platform will be specifically interesting to those who have bad credit rating but still want to take a wedding loan. In fact, the company’s activities are aimed at ensuring that people with bad credit can obtain financial assistance and adjust their scoring.

Main Requirements

  • A minimum credit score is 600;
  • 1 year of credit history is a must;
  • An income of borrower per annum has to be no less than $10,000.

Conditions

  • A possible sum to borrow ranges from $4,000 to $25,000.
  • APR is 5.99-29.99%.
  • The term of repayment is 3-5 years.
  • An origination fee is equal to 1-5%.
  • A late paying off fee is $15.
  • There is no penalty for paying back funds earlier the set date.

Disadvantages

  • The company’s services are not available to the residents of West Virginia, Connecticut, Vermont, Washington D.C, North Dakota, and Wyoming.
  • There are no options of co-signing and collateral provision for a loan request.

Conclusion

Every borrower is unique and has his financial peculiarities. However, a lending market is diverse and there’s definitely an option for each and every person who wants to obtain fast funding to cover expenses of such a great occasion like a wedding.

There are good chances, one will be able to select the very lender they need from the reviewed above.

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Andrei Shilkov

Blog author. I am well versed in Finance and Digital Marketing. I have two bachelors degrees in Finance. Born in Russia, but later moved to the USA, to western Pennsylvania, the city of Pittsburgh. I have a Certified Public Finance Officer (CPFO) certificate. I also worked at IRS and Microsoft.

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