So, you’re newly engaged? What exciting times! Your friends, family and colleagues are all so happy and can’t wait to share your special day with you and your fiancé. But there’s still so much to do! Have you thought about the cake? Flowers? Dress? Wedding rings? What about the catering and entertainment? It’s easy to feel financially overwhelmed – that’s where wedding loans can help!
Weddings can be an expensive and seemingly unaffordable time in your life. Weddings are getting more and more costly, and no, you’re not just imagining it. Wedded Wonderland, an Australian digital weddings publisher, recently surveyed 500 brides who married within the last 18 months. The survey found that not only have wedding costs risen, but in 2019 it will cost the average Australian $53,168 to say “I do.” This is a 3.75% increase from 2018.
Following this trajectory, if you are engaged now and plan to marry in 24 months, you could be expected to pay over $57,000. Unless you are privileged with a high paying job or very wealthy parents, this is unattainable for the average Aussie. So it’s no wonder that Choosi’s 2018 Cost of Love report found that 84% of Australians felt weddings added unnecessary stress to newly engaged couples. You can only imagine the number of couples requiring wedding finance.
As a lender-finding service, Safrock is able to match you with a lender who can provide you with the best wedding day loans. Consequently, this guide will help you figure out how wedding loans could help you. Let us take you through the steps you can take now to start heading towards the wedding of your dreams!
What are wedding loans?
Basically, a wedding loan is as it sounds – a small loan that helps you cover the expenses of your big day.
While this list is by no means exhaustive, the best wedding loans can be used to help you pay for:
- Engagement party
- Service and reception venues
- Wedding rings
- Travel expenses and transport
- Flowers and decorations
- Catering and cake
- Entertainment and music
- Beauty services
If this list is making your heart skip multiple beats, then you’ve come to the right place!
Why should I apply for wedding loans?
Taking a loan for a wedding is not a decision that you and your fiancé should take lightly. Getting a personal loan for a wedding has the potential for you to wind up in more debt than you bargained for, so it’s important you understand all of the Ts & Cs before you jump into anything.
If you are putting together a wedding budget and are concerned about finding the money to fund your dreams, then a wedding day loan may be right for you.
What should I look out for?
As with any kind of loan, there are many considerations and choices involved. As well as the regular things to look at like the interest rate and repayment amounts, check for the following features when comparing wedding loans:
- Flexibility: Check to see if your lender will charge you fees for paying out your loan early, or if extra repayments are possible. Also find out if there’s a possibility for you to extend the loan terms or revert to interest only payments for a period of time if you are struggling.
- Additional features: There are some features that lenders offer that can actually help you save money, such as receiving a discount for bundling your wedding loan with other financial products you may already have. If you decide that a credit card is a better option, you may be able to earn points on your purchases too.
- Fixed or variable rate: If you choose a loan with a fixed rate option, this means that your repayments will remain constant over the course of your loan. But it also means that you may miss out on lower interest rates should the market fluctuate. Variable loan repayments change from month to month which can make them hard to budget for. However there is the potential to save money with the lower variable rates on offer.
- Secured or unsecured: All loans offered through Safrock are secured. This is good news for you as it means that our lenders are generally able to offer very competitive interest rates.
What type of loans for wedding expenses can I get?
While you can’t necessarily walk into your bank branch and ask for a “wedding loan,” there are several options to choose from. Wedding loans for bad credit are even a possibility. At Safrock, we can set you up with a secured personal loan to assist you with your wedding expenses. However, it’s also important for you to know the other choices that are out there.
Pros and cons of different types of wedding loans:
|Line of Credit|
|Bad Credit Personal Loans|
In order to continue your celebrations and have the wedding you deserve, you may also consider a personal loan for honeymoon.
Honeymoons can easily cost upwards of $10,000, depending on where you go and how long you go for. If you blow out on a big wedding, maybe you should consider a shorter and cheaper honeymoon, perhaps to one of the breathtaking natural wonders in our own country. But if you’ve managed to save some money in the planning of your big day, the honeymoon could be a chance for you to have the overseas trip you’ve both dreamed of for so long.
Your wedding day will probably be the first time all members of both families have come together. Many couples can find this stressful and a little overwhelming. A honeymoon is a perfect chance though to destress and spend some quality time together, just the two of you.
You may consider a honeymoon loan if you’ve spent all of your savings on your wedding day but don’t want to miss out on this perfect opportunity to travel together. Or, you might wish to borrow a little more on top of your wedding loan to account for your honeymoon expenses. Whatever you decide, don’t overlook the fact that even a short and inexpensive trip away together can be a memorable and valuable way to begin this journey of marriage. It doesn’t necessarily need to be immediately after the wedding either!
But… do I really need a marriage loan?
This may sound like typical boring advice from your parents, but having a grip on your financial situation is SO important! Getting married should be a fun and exciting time about you and your love. It shouldn’t be a time where you put yourselves into unmanageable debt just to please others.
As well as the obvious suggestions, like creating a budget, saving your own money or inviting fewer people, below are some other economical suggestions:
- Ask for wedding help (maybe in the form of a wishing-well) instead of wedding gifts.
- Get back to nature and have your ceremony outdoors (even in grandma’s garden!).
- Have minimal flowers. Better yet, visit a flower wholesaler and arrange your own!
- Don’t go overboard on decorations (they can easily look tacky anyway…).
- Rent the suits!
- Buy the dress “off the rack.”
- Have a simple Aussie honeymoon.
- Have a small and intimate bridal party. You’ll spend less on outfits and thank you gifts!
- Don’t get married on Saturday!
If you’re concerned that a personal loan for your wedding is going to add extra stress, it doesn’t mean you need to hold back on the details. Just be smart about it!
So how is Safrock going to help me?
All wedding loans found through Safrock’s lender-finding service are secured loans. Secured personal loans are often easier to get because you offer the lender an asset as security. So, if you default on your loan, they can sell your asset to repay the money you still owe. This lowers the risk for lenders, so they are more willing to offer you a lower rate.
After you apply, we start by getting you a list of reputable lenders. We will put together a comparison of secured personal loans from lenders that are best suited to your wedding needs! We only partner with the best lenders Australia has to offer, so you can be assured that all offers are legitimate and risk-free.
After viewing your options, pick the lender that’s right for you. We will show you the most important comparison points from each lender so that you can make an informed decision. This includes information on rates, fees, charges and repayment terms. It’s always important to do your own extra research and reading too, especially if this wedding loan is going to be with you for a while. After this, you select the lender you feel best suits your circumstances and we will pass on your application details to them so that they can get in touch.
How do I apply?
Seems so easy, right? Right! Our application process is so simple, even a stressed out bride-to-be could be done within just a few minutes. Just click “Apply Now” from any page on our website to get started.
Step 1: Apply Online
If you have all necessary documentation handy, the form should only take you a few minutes. Then, just choose your loan amount and duration and we will get to work!
Step 2: Meet your Match
After we’ve received your application, our team gets to work to present you with a comparison of personal loans straight away. Once you choose the lender you want, we send them your details.
Step 3: Find a Premium Loan
Your chosen lender will then perform their own assessment. Processing times vary depending on the individual lender, though if you’re approved you should receive the cash straight into your bank account!
Am I eligible for an online wedding loan with Safrock?
There are a few things that you will need to provide us with during your loan application. Be sure that you have these items ready so that your application is quick and easy:
- Internet banking details
- myGov account details
- Contact information
- Employment information
- Information about your asset (this could be your car, motorbike, caravan or boat)
As Safrock is not a lender itself, we do not perform the application assessments or credit checks. However, most lenders will need proof of the following before you are approved for a loan:
- 18 years or older
- 100 points of identification
- Australian citizen or permanent resident
- Receiving a regular income for the last 90 days
- Have a valid mobile number and email address
Click “Apply Now” and we’ll help you get started in finding the wedding loans of your dreams!