Do I Need Good Credit?

It depends on the amount of the loan, as well as the length and terms of the loan for which you are applying.

Some short-term lenders are understanding that people can fall on hard times. If you have blemishes on your financial record it can be very difficult to get a loan – especially during a tough economy. Everyone deserves a second chance, and a wedding is the first step toward starting your new life, and possibly the first step toward improving your credit.

If you’re looking for a small, emergency wedding loan – usually under $1000 – then it does not matter if you have bad credit or no credit at all.

Most online wedding loan providers do not check the three major, traditional credit bureaus during the application process.

Short-term loans are designed to help people who are in need of emergency cash, so lenders are understanding that you may have had credit issues in the past, and are willing to work with you. You can still qualify for a short-term wedding loan regardless of your credit history. The rates are oftentimes higher than other short-term loan rates or traditional loan rates. The higher rates help balance the higher risk of lending to people with bad credit or no established credit. For this reason, it is advisable to always pay off a short-term loan as soon as possible, and to not borrow more than you can afford to pay back on your next payday.

Paying back your loans on time, without defaulting, can help improve your credit score. Once your credit score is higher, you may then be able to qualify for loans that offer a lower APR.

If you are looking for a wedding loan of over $1500 you will likely have to provide some credit history. Many higher dollar wedding loans will be offered as installment-type loans with longer terms. People with bad credit can still qualify for these loans, but it may be a little more difficult and the APR may still be relatively high.

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