Planning a wedding is no easy task with average costs for weddings exceeding $30000. A personal loan from iCREDIT can help you concentrate and plan for the day that’s most important.
Unlike credit cards, wedding loans usually offer lower interest rates which are fixed for the loan term. Credit cards do offer an interest free period but revert back to a much higher interest rate on the remaining balance after the interest free period has ended.
A wedding loan is essentially a personal loan which can either have a security (car, boat, caravan etc) as collateral for the loan or fully unsecured. This can be used to cover costs for catering, venue hire, wedding dress and the honeymoon.
Interest rates vary from lender to lender and loan to loan. When applying your credit score / credit rating, the loan amount, loan term and the loan application will determine what interest rate you will receive.
With banks constantly changing their interest rates, our process of comparing loans & lenders can help find an interest rate that is suitable for you.
To apply for a wedding loan, you will be required to provide some details. Generally the more information you can provide the more options will be available to you.
Information to assist with personal loans include:
Payslips
Notice of Assessment or Tax Return (if self employed)
Photo ID
The simple answer is, Yes. Although most personal loan lenders prefer to see clear credit history, we do have lenders on our panel that can assist if you have bad or poor credit history. As everyone’s circumstances are different, so are the lenders guidelines and our finance consultants are experienced in sourcing a suitable loan to meet your requirements.
Yes, a co-borrower or joint loan application can help with the lenders when providing answers.
No, security is not required for wedding loans, however if you’re borrowing larger amounts, using your current vehicle as collateral for the loan can provide comfort to the lender helping your loan be processed smoothly.
Wedding Loans can help spread the costs over a fixed period of time. This can help with budgeting and forward planning.
The turnaround time for an answer can be as little as the same day.
Helps to keep your savings in the bank of offset against your home loan.
Interest rates for personal loans are based upon your overall credit score / rating. A lower credit score may mean higher interest rates.
If using security for your wedding loan, some secured lenders may charge an exit fee if you pay out the loan before the contracted period (ie: pay the loan out early)
