Wedding Personal Loans
Wedding personal loans are a reasonable way to approach paying for your big day. It is a smart way to get the financing required for all the major expenses. When negotiating deals, having the ability to pay up front gives you some advantages. Today we are giving you the ultimate guide on online personal loans to achieve your dreams.
So you’ve finally gotten your partner to say yes. A yes is a wonderful thing, but now you have to make sure that you provide the fairy-tale wedding environment. You want this day to be one that comes right out of a storybook. You both want your family, friends and neighbors to remember it until the end of time. Weddings cost money, however, and that’s where you may fall short.
The average cost of a wedding in the United States is over $32,000. That’s a year’s salary for some people, and that’s not even for a fairy-tale celebration. There’s no need to fret, though. First of all, you can make some smart decisions that will get you discounts on your venue, catering, lodging and honeymoon events. All you have to do is qualify for a good online personal loan.
The following are some online personal loan types that can help you to achieve your dreams:
What Is a Peer-to-Peer Lending Option?
A Peer-to-peer lending site is a site that brings together individual investors and borrowers. Unlike traditional sites, peer-to-peer sites are comprised of people who want to help the borrowers achieve their goals.
Lending Club is the largest of the P2P lending sites. It started offering its services back in 2007 and has successfully helped members fund more than $392 million worth of projects.
The LC peer-to-peer lending site allows its borrowers to apply for up to $40,000 for their projects. Therefore, you may be able to get all the money that you need for your wedding in one place.
Applying for Lending Club Personal Loans is easy. Just visit www.LendingClub.com
How Do You Get Started?
You can get started on that site in three easy steps. The first thing that you’ll need to do is find out your rate. Your interest rate will have a lot to do with your credit score, so you have to answer the questions about your credit score accurately.
If you decide to proceed with the qualifying process, you will not have to worry about it affecting your credit score. The system will only make soft inquiries which have no impact.
What Happens Next?
When you are done with the application, you will receive offers from investors if the system is able to match some with you. You’ll have the opportunity to examine the offers that are available to you and decide whether you want to accept such offers.
The money can then go directly into your bank account. You will then repay the funds at a fixed amount each month, and those funds will conveniently come directly from your bank account. The other lending sites may have different qualifying and verification processes.
Personal Loan Networks
To acquire the type of money that you need to have a successful wedding, you could also go the route of personal loan networks. A personal loan network is a site that works with a myriad of lending companies to get you the funds that you need. It is a good source for wedding personal loans and can get you the amount you need to fund all of your major events.
Instead of you asking one company for wedding funds, you essentially ask thousands of companies for the funds at the same time. Personalloans.com is an example of one of the top personal loan networks.
What Options Are Available?
You can borrow up to $35,000 from this site. That should be enough to provide you with a fairy-tale wedding for your loved one. The loans that you can apply for here are extremely versatile. You can get a loan that lasts only six months, or you can accept an advance that you have 72 months to repay. It all depends on what your needs are and what your situation is. The APR is another area where you can have a nice, comfortable situation. Your APR may be as low as 5 percent, or it could be more than 35 percent. The higher APR may be assigned to you if you have very poor credit. However, you could still have access to the money that you need. If you have excellent credit you should get a great rate.
Once you apply you will be notified with the offer that you can accept or reject. If you accept the process goes quickly and you can usually get the money direct deposited within a day of approval.
How Does It Work?
The entire process starts with you determining your credit status. You need to let the company know where you think you stand. If you believe that your credit is poor, then you will need to select that so that the application process will be accurate. Once you identify your assumed credit score, the page will shift to a full-blown application where you will need to enter information such as your annual income, residence, identity verifying information and the like. The verification and approval process will begin when you submit your application.
PersonalLoans.com is connected to a large database of lenders, so the chance of you getting a loan are very high. You’ll start receiving offers as soon as they come in, and then you can choose the one that meets your needs the closest. More than 500,000 people have used their lending platform to get their funding. The site has many positive reviews, and it is an accredited firm.
Can I Get a Wedding Loan With a Low Credit Score?
The P2P and lending network options are your best options if you need tens of thousands of dollars. These cater to those with a minimum credit score of around 600.
When your credit score is lower you may have to take a smaller loan at a higher rate. If you’re looking for a smaller loan, like say around $4,000, then you can take another route like a small personal loan.
The positive aspects of a smaller loan especially if you have a lower credit score, are that they are quick. You do not need amazing credit to qualify. The negative aspects are that they may not offer you the low rate you were hoping for just because of your low credit score.
In regards to using wedding personal loans to finance major items, you must always do what’s best for you no matter what. Understand all the details of the wedding loan and make sure it fits your budget. The above options for peer-to-peer or lending networks can get you very low APR rates and can stretch out your repayment time for up to six years. A long-term loan gives you a nice steady fixed payment with a set end date when it is paid off. These are both good options for wedding personal loans.
If you have a lower credit score than 600 you may want to take out a smaller loan up to $4000 through OppLoans.
Now that you know some of the options that you have, you should feel more confident about creating your dream wedding plans. You can start your application by visiting any of the sites mentioned in this article.