The most romantic day of your life can also be very expensive. While some couples save up for their big day, or the bank of mum & dad steps in, you may be looking for alternate ways to finance your wedding. There are a number of loans you can apply for, including wedding personal loans.
A wedding loan is a form of credit that you use to finance your wedding. This could be in the form of a personal loan, a credit card, a line of credit, a buy now pay later arrangement or even a loan from a family member or friend.
If you're looking for a loan to pay for your wedding, there are a number of options to choose from. The best loan for you is one that will suit your budget and covers your upcoming expenses. These include:
Whether it's a small ceremony or an all-out extravaganza, there are a number of items and services you will have to pay for. Some of these additions may cost more than you originally thought. In the table below are some of the expenses you can expect and their average costs, according to surveys by easyweddings.com.au and truebride.com.au. Note that these costs will differ based on the state you're in. Costs for 2020 and 2021 may also differ due to the pandemic and lockdowns.
Consider the expenses below:
| Expense | Average cost in Australia | Expense | Average cost in Australia |
|---|---|---|---|
| Wedding invites, thank you notes and placeholders | $675 | Catering and wedding cake | $6,188 |
| The wedding dress and accessories | $2,330 | Flowers and decorations | $1,565 |
| Groom/groomsmen suits and accessories | $1,446 | Photography and videography costs | $3,320 |
| Bridesmaids dresses and accessories | $854 | Entertainment considerations | $1,693 |
| Flowergirls, ushers and pageboys | $168 | Makeup, hair styling and facials for bride and bridal party | $743 |
| Wedding venue | $15,258 | Transport to and from wedding | $675 |
| Marriage celebrant | $794 | First-night hotel stay | $315 |
| Alcohol and beverages | $3,377 | Honeymoon | $5,603 |
The hosts aren't the only ones out of pocket for a wedding. According to Finder research, 27% of Aussies have spent money attending a wedding between 2018 and 2023
When you're comparing your loan options, there are a number of factors you need to think about.
A joint wedding loan is essentially a joint personal loan that you use to pay for a wedding. Both borrowers in a joint personal loan arrangement are equally responsible for loan repayments. This means that if one becomes unable to pay, the other must successfully meet the full loan repayments.
Applying for a joint wedding loan is a big decision for many couples (much like getting married!), so you may want to consider the following factors.
If you have a poor credit history, it can make qualifying for a wedding loan more difficult. However, there are a number of personal loans that are specifically designed for people with a bad credit score. Prospective applicants for bad credit personal loans should be aware that these loans:
Technically, anyone can apply for a personal loan to pay for someone's wedding – it doesn't necessarily need to be the betrothed couple themselves. Some parents, guardians or even siblings may wish to apply for a loan on behalf of the married couple in order to pay for, or help to pay for, their wedding.
Please be aware that in order for someone to qualify for a wedding loan for themselves, or on behalf of someone else, they must be:
🤔 Work out how much you need to borrow and what you can afford. You can use a personal loan calculator to help you.
🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use the comparison table on this page.
✅ Select a lender. Click "Go to site" to be directed to the lender's page, or "More info" if you want to read about the lender.
🖨️ Organise and prepare the required documentation. This will make the application process easier.
📱 Apply. Most lenders have their applications online.
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hi,sourcing a loan for our upcoming marriage in march 2017, regards
steve
Hi Steve,
Thanks for reaching out.
If you are looking to apply for a loan to fund your wedding, you can check and compare your options in the above comparison table. Please click the name of the loan product you are interested in to check the eligibility criteria and requirements to apply before clicking the “go to site” button to submit your application.
Cheers,
Anndy