One option for funding a wedding is to apply for a personal loan.

Weddings can be expensive, we all know that. Not everyone is lucky enough to have their family pay for a wedding, this makes financing  your special day a difficult task. One option to explore is getting a personal loan for your memorable moment.

Can you get a personal loan for a wedding?
Yes you can, some banks and credit providers will allow you to apply for a personal loan to fund your wedding. A personal loan is what it is, a loan for personal reasons, you can get a personal loan for a holiday, car, debt consolidation, home renovations and a wedding. To get a personal loan for a wedding you need to meet the following criteria

1. Have a good credit history
2. Be an Australian resident over 18 years old
3. Steady employment that meets the minimum income requirements

Check here to compare personal loans for a wedding.

How much can you  borrow for my wedding
This answer will depend on a few factors. Typically banks will have a minimum and maximum amount, that you can borrow. The time you can pay your loan back will vary average from, 2 to 7 years. Some factors the affect your borrowing amount can include:

1. Your annual income
2. Current debts and expenses
3. Credit history

How to get the right personal loan for your wedding
In order to get the best personal loan for you it is important to do your research. Like most purchases in life, the more time you spend researching and comparing the more likely you will get the best deal possible. There are many loans available on the market in Australia, that range in interest rates and fees and charges. Using online comparison websites, calling banks, reading newspapers and magazines will help you find the right personal loan for your wedding. When comparing personal loans the following may be helpful

1. Decide whether you want a variable or fixed interest rate
2. Compare as many interest rates as possible
3. Find out all the details on fees and charges. Including application fee, monthly fees and late payment fees as seen with credit cards.

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How to apply and when can you access the funds?
Once you have decided on the right personal loan for your wedding, there are a few methods that you can use to apply for your loan:

1. Online applications – these are quick and easy, saving you time.
2. Apply in person – you can go directly into the bank and apply in person. Giving you the opportunity to ask more questions about the finer points of the loan.
3. Via telephone – you can call the bank or credit provider for details on how to apply

Most banks or credit providers will give you the money withing a couple of days. Providing you have meet their lending criteria.

Are there serious consequences for missing repayments?
Yes, you should never borrow money if you have concerns about meeting the repayment agreements. Missing repayments can have a negative effect on your credit history, making if extremely difficult to obtain credit in the future. FIZONE recommends that you seek the guidance of a professional financial adviser before making any decision on applying for credit.