Wedding Loans for People With Bad Credit

If you’re about to get married and you have bad credit, you probably feel as though your options for having an amazing wedding are pretty limited. Assuming that you’re planning to finance the wedding yourself, you could be looking at spending anywhere from $1,000 to as much as $50,000 or more depending on how big you want the wedding to be. With bad credit, even $1,000 might be hard to come up with for a nice celebration. If this sounds like the dilemma you’re currently in, a quick Google search will allow you to find out in a hurry that there are plenty of lenders willing to give personal installment loans for weddings in spite of your bad credit score. But should you go through with it?

Wedding Loans for People With Bad Credit May Not Be the Answer

Just as is the case with most other bad credit lenders, the vast majority of companies offering these bad credit wedding loans are not going to give you great terms. So yes, you might be able to get up to a $25000 personal loan right now to have a nice wedding, but once the honeymoon is over, you’ll be looking at paying that same bill month after month. Your payment will most likely be high and not very affordable, and it will also come with a high interest rate, which means you’ll be paying on it for probably a few years minimum before you even start to see the actual principal of the loan diminish by very much. Having to deal with a payment like that is going to limit you and your new spouse in many ways financially because it could keep you from doing all kinds of things you might want to do like buy a new home, a new car, or any number of other things to help you get your lives together started off nicely. So, you have to ask yourself if that many years of worry and stress over paying one bill is worth it just so you can have one perfect day.

You Do Have Other Options

Even though you have bad credit, your soon-to-be spouse may not. If it looks like you can’t borrow the money to finance your wedding, have a discussion with him or her to find out if they would be willing to finance it instead. Make it clear that after you’re married, the payment for the loan would be on both your shoulders and not just the worry of the person who borrowed the money. It’s also not a bad idea to investigate cheaper wedding options. Just because you can’t take out a $15000 personal loan for your ceremony doesn’t mean you can’t still have a wonderful wedding. And besides, who wants to start their married life out in so much debt? Do lots of shopping around on wedding photographers, catering, and different places to have the ceremony so you can figure out what the cheapest options are. If you happen to know of any friends or family members who do catering, photography, or who have access to an area that would be appropriate to hold the wedding, see if you can call in a few favors. The Knot, which is a respected wedding planning website, additionally has plenty of other options to help you plan a wedding on a budget. You might be surprised at just how inexpensive your wedding can be if you go about things the right way.