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Typical Rates And Terms

The cost of weddings is going up every year making the “dream wedding” even harder to obtain. A wedding loan is a great way to afford the ceremony you want. The term for your wedding loan should be determined based upon your income and how much you can comfortably make monthly payments on. The longer you stretch out the loan term the smaller the payments, but you will also be in debt longer. The rates and loan amount, however, will vary largely on the amount you borrow, your income, if the loan is secured, your credit history and whether or not you have a co-signer. You should shop around as the interest rates and fees will vary resulting in money saved.

Typical Rates

The benefit of a wedding loan is that the interest rates are often less than using a credit card.

Your interest rates may be higher if:

  • You do not have a co-signer
  • You have fair, poor or no credit
  • Your loan in unsecured – the majority of wedding loans are unsecured.

Your interest rates may be lower if:

  • You have a cosigner
  • You have goo or excellent credit
  • You have a secured loan

Typical Terms

The terms for wedding loans are typically from 5 to 10 years long. Below are examples of typical rates based on terms and loan amounts. Please note that your rate may change based on the term you choose, down payment and your credit history.

 

$40,000 Loan:

Terms* 24 months 36 months 48 months 60 months
APRs as low as 8.95% 9.95% 9.99% 9.99%
Est. Payment $1834 – $1854 $1296 – $1296 $1019 – $1038 $854 – $854

 

$25,000 Loan:

Terms* 24 months 36 months 48 months 60 months
APRs as low as 8.95% 9.95% 9.99% 9.99%
Est. Payment $1146 – $1159 $810 – $810 $637 – $649 $534 – $534

 

$15,000 Loan:

Terms* 24 months 36 months 48 months 60 months
APRs as low as 8.95% 9.95% 9.99% 9.99%
Est. Payment $688 – $695 $486 – $486 $382 – $390 $320 – $320

 

$5,000 Loan:

Terms* 24 months 36 months 48 months 60 months
APRs as low as 8.95% 9.95% 9.99% 9.99%
Est. Payment $230 – $232 $162 – $162 $128 – $130 $107 – $107
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