What you need to know about wedding loans
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You’re officially engaged (congratulations!) and ready to start the rest of your lives together. Like centuries of humans before, you’ve dreamed of your wedding day since you first heard what a veil was. But, as many people know, a wedding can be very expensive.
After you factor in all of the costs, such as a venue, photographer, videographer, baker, caterer, entertainment, dress, suit, flowers and doves for the theatrical entrance, a wedding, on average, costs $35,329. Is that number higher than you thought it would be?
You still want to make your wedding dreams a reality, and maybe there is a way to make that happen.
What is a wedding loan?
A wedding loan is an unsecured personal loan that you can use to pay for any expenses related to your special day. One common way people pay for weddings is to put the expenses on their credit cards. However, there are alternative ways to pay for your wedding that you may not be aware of.
If you decide to look for alternative ways to pay for your wedding, a wedding loan from Marcus by Goldman Sachs® could potentially save you some money versus higher-interest credit cards.
If you qualify, you’ll receive a lump sum that you can use to pay for the wedding, which you will pay back monthly, with interest, over a fixed term.
Wedding Planning Tip –
The average cost of flowers alone is $2,534. If you’re looking for a fun way to save a little money, use the bridal party’s bouquets as the centerpieces for the dinner. After the ceremony, just have the bridesmaids place the bouquets into vases on the tables.
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How can you use a wedding loan?
As long as what you’re purchasing is for your wedding, you can use your wedding loan in place of a credit card.
Here are a few things you can use your wedding loan for:
- Deposits
- Caterer
- Honeymoon
- A designer to craft your invitations
- Printing and mailing your invitations
- All the decorations
- The best wedding photographer: the one who knows your good side
- The venue by the lake
- Your spouse’s favorite cocktail ingredients
- The dress and alterations
- The tux
- The shoes
- The flowers
- The wedding officiant
- The video drones for those wonderful aerial shots
- The entertainment
- The party favors
Wedding Planning Tip –
It’s a good idea to set aside some money, about 5% of the overall budget, as a “just in case” fund. This way, you’ll have some backup money for those unexpected expenses that always seem to come out of nowhere.
Why choose a Marcus wedding loan?
We know that wedding planning is stressful enough, even without thinking about how to cover all the costs.
With a no-fee, fixed-rate personal wedding loan from Marcus, you can tailor your loan amount and monthly payments according to your needs. What’s more, many Marcus customers receive their funds within 5 days.
The amount you are approved for is the amount you receive. Marcus offers personal loans with Rates ranging from 6.99% to 24.99% APR and loan terms range from 36 to 72 months. For NY residents, rates range from 8.99% to 24.74% APR. Only the most creditworthy applicants qualify for the lowest rates, longest loan terms and largest loan amounts. Rates will generally be higher for longer-term loans. Learn more.
With a financing strategy that suits your needs, you can get back to focusing on what matters: planning your day and where to seat all the feisty relatives.
Other benefits of Marcus wedding loans:
No fees.
No sign-up fees. No late fees—you just pay interest for the additional days. No prepayment fees. No fees, period.
Fixed rates for the life of your loan.
Your interest rate is fixed, so you won’t have to worry about changing rates over the life of the loan or fluctuating monthly payment amounts.
Easy online application process.
The application process is easy — compared to picking out your dress, that is. Many Marcus customers receive their funds in as little as 5 days. This way, you can start deciding between eggshell and soft cream silk.
Loan amounts up to $20,000.
Marcus wedding loans are available from $3,500 to $20,000 with terms ranging from 3 to 6 years.
Couples tip –
Go through the planning process together! Not only will it make lasting memories, but it will also eliminate confusion.
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Once you and your spouse are officially newlyweds, you’ll be so happy it all came together to be your perfect day. You know there is still a lot of planning to do and that time is of the essence.
So as you start making reservations and putting down deposits, just remember: There is more than one way to finance a wedding.
With Marcus, you could get a wedding loan up to $20,000.