Weddings are magical… but also cha-ching!—they can be seriously pricey. Between the venue, dress, flowers, food, and that Instagram-worthy neon sign that says “Til Debt Do Us Part” (oh, the irony), the costs can add up faster than your Aunt Karen hitting the dance floor after one too many proseccos.
So, do people get loans for weddings? Absolutely. In fact, plenty of couples in Australia turn to personal loans to help fund their big day without draining their savings or surviving on nothing but noodles for the next year.
Here’s everything you need to know—without the boring bits.
Why Do People Get Loans for Weddings?
Because weddings are expensive—and unless you’ve got a rich uncle named Jeff (and we don’t mean Bezos), you might need a little financial boost. The average Aussie wedding costs around $36,000 (yep, gulp), according to Moneysmart.
Common Wedding Expenses That Might Have You Thinking, “Hmm, Maybe a Loan?”
- Venue hire and catering – Fancy food and pretty places aren’t cheap.
- Photography and videography – Because blurry iPhone pics just don’t cut it.
- The dress (or suit!) – You want to look like a snack, not stress.
- Entertainment – DJ? Band? Fire-breathing acrobats? (No judgment.)
- Honeymoon fund – Because after all that planning, you deserve a getaway.
- Last-minute “oops” fund – Surprise costs love to crash weddings too.
So, How Do Wedding Loans Work?
A “wedding loan” is basically just a personal loan with a fancier outfit. You borrow a set amount, pay it back in instalments, and voilà—wedding funded without maxing out your credit cards.
Key Features
- Flexible terms: pay over a time period that suits you
- Fixed or variable interest rates: Fixed = predictable payments. Variable = could go up or down.
- Fast approvals: Some lenders (like Nimble) can have the money in your account super quick.
Things to Consider Before Saying “I Do” (to a Loan)
- Interest rates: Shop around for the best deal.
- Fees: Watch out for sneaky charges like application fees.
- Repayment terms: Longer terms mean smaller payments but more interest over time.
- Your credit score: A good score can mean a better rate. Read about how to check your credit score here
Is Wedding Debt Normal?
Yep! Around 60% of Aussie couples use personal loans to cover wedding costs. But just because it’s common doesn’t mean it’s right for you. Starting married life with a pile of debt isn’t exactly romantic—unless your love language is spreadsheets.
Borrow what you can comfortably repay. Your future self (and your partner) will thank you.
What If You Think You’ve Got Bad Credit?
Don’t stress. You’ve still got options.
Types of Loans for Bad Credit
- Secured loans: Use an asset (like a car) as collateral.
- Guarantor loans: A family member with good credit backs you up.
- Specialist lenders: They focus on helping people with lower credit scores (but rates might be higher).
Watch Out: Avoid dodgy lenders promising “guaranteed approval”—if it sounds too good to be true, it probably is.
Alternatives to Wedding Loans (AKA Debt-Free-ish Options)
Not keen on taking out a loan? No worries—here are some other ways to fund your big day:
- Savings: The stress-free option.
- Family contributions: Some parents chip in (just be clear on expectations).
- Side hustle: Freelance, Uber, sell that pile of clothes you “might wear someday.”
- Smaller wedding: Fewer people mean fewer expenses.
Your wedding should be about love, not loans—but if a personal loan helps you create the day you’ve dreamed of without draining your savings, it’s totally okay. Just borrow smart, compare your options, and remember: at the end of the day, it’s not about how much you spent—it’s about who’s waiting at the end of the aisle.
Thinking of a wedding loan? Nimble makes it fast, simple, and stress-free.
