How to Get Wedding Loans

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By WriterGig
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Personal wedding loans can make up the difference between expenses and your cash on hand when paying for a wedding. Many couples expect to pay off their wedding loans soon after their nuptials from the monetary gifts they receive, and just need a little extra cash to make sure their day is everything they want it to be. Rather than borrow from friends or families to throw the wedding you like, try online social lending ... here's how.

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Difficulty: Moderately Easy

Instructions

Things You'll Need:

Good credit
Computer
Internet access
No recent bankruptcies

Getting Wedding Loans Online

Step 1

Check on your credit score and make sure you don't have errors on your credit report. A score of at least 640 is required and you'll want to correct any mistakes on your report before applying for your loan.
Step 2

Make sure you have at least five sources of credit at least three years old, which may be any combination of car loans, credit cars, financed purchase accounts, line of credit or mortgages. These should be utilized at no more than 60 percent of the total available balance.
Step 3

Consider your budget, comparing your income to your monthly expenses. Make sure that this is a loan you can really afford to pay, each and every month.
Step 4

Check out social lending sites, such as Zopa (link below) which has a category specifically for wedding loans on their peer-to-peer lending site.

Tips & Warnings

Pay off your loan more quickly than you're required to save money that would be spent on interest.
Avoid taking out a loan for more than what you need. Stick to your budget, even if you use a wedding loan.
Don't deplete your savings; you should always keep a cushion for emergencies.

Resources

Comments

Laurelek said

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on 12/29/2008 Massachusetts residents may wish to try weddingpaymentplan.com. This company only works with highly qualified candidates (whether bride / groom / family member).