A wedding loan is a type of personal loan that you’ll receive in a lump sum and repay in fixed installments. Wedding loans have fixed annual percentage rates (APRs) and predetermined repayment terms. This way, your interest rate will never change and you’ll know exactly when your loan will be finished.
Among the many ways they can be used, wedding loans can cover the cost of expenses such as an event planner, venue and rings. Wedding loans can also be unsecured or secured personal loans. Most are unsecured, but some lenders offer secured loans, meaning you’ll provide collateral such as a savings account or vehicle.
Just as you can get a loan for a wedding, you can also take out honeymoon loans or borrow money for other aspects of getting married (like engagement ring financing).