With the cost of wedding expenses increasing and more people ending up paying for their weddings. One of the newer loan product on the market are wedding loans. These loans are not cheap. It appears they are comparable to payday loans. In many cases, even couples with good credit will need to pay double-digit interest rates for a wedding loan. Many carry interest rates that are comparable to what you would pay using a credit card instead.
There are various companies that offer wedding loans. Most of them are online and you only need to complete a one page application and proof of a job and payroll stubs or W-2 form, more or less the same procedures as all other ways of borrowing money online. It appears that they offer loans to people with both good and bad credit, the loans can be either secured or non-secured loans. For a secured loan you would use valuables in your home or your car to get the loan. However you should think twice before putting your home or car on the line for wedding expenses. Especially with the uncertainty in housing prices and equity, your home may not be worth as it once was and you may not have any or as much equity in it as you thought.
A wedding loan may be a possilbility, if you can not borrow the money from anywhere else and do not qualify for a credit card. But it appears that is would be a very expensive option. If you are in a situation that you need a wedding loan, it may be advisable to look at what and how much you are expecting to spend on your wedding and see if you can downsize it. It is more about who are have in attendance than the venue, decorations and foods for a happy marriage. With the additional interest charges it will cost you even more and put you further in debt. If you do choose to borrow money for your wedding, you should determine beforehand what the monthly payments would be and how much you can afford for payments.
Many people think it is necessary to have expensive weddings but there are enough stresses on newlyweds today without needing to add the stresses of going into debt for your wedding.