Loans

Best Loans In Canada For Paying For A Wedding

Advertiser Disclosure

This article may contain references to products/services to our partners. We may be compensated when you click on links to their products/services. Our partners cannot pay us to guarantee any favorable reviews. All products we feature or write about are objective and unaffected from these partnerships.
Hide text


Last updated on January 21, 2021

Borrow up to $50,000

Fast approval. Free to apply. Get up to $50,000 today.

Start Free Quote ➞

Nowadays, weddings come with expensive price tags. So, wedding loans can be a great alternative to other types of borrowing if you are strapped for money when planning a wedding.

For those who do not have sufficient cash saved to cover the costs related to the wedding themselves, wedding loans can help them to cover several expenses that come together with celebrating a marriage. And if you want to finance your marriage, here is some useful information to consider when opting for a personal loan.

Wedding Loan: What is it?

A wedding loan is a small personal loan that you use to finance your wedding. There are many personal loans out there. Personal loans are either unsecured loans or secured loans. These two loans have slightly different needs and terms so you can select whichever option best suits your requirements. With a wedding loan, you take cash from a lender, credit union, or bank, and use it to pay for your marriage. And you repay the loan with monthly payments over a few years. Opt for a small personal loan that you can repay in affordable installments over a few months.

Best Loans In Canada For Paying For A Wedding

Loans Canada

Loans Canada

Maximum borrow amount: $50,000

Features: Get multiple offers from one application. Free to apply. Fast approval.

When can you get the funds? As early as same day

Loans Canada offers one of the fastest and easiest methods of getting any kind of personal loan. You can borrow up to $50,000 and can get the funds as early as the same day. Fill out the application once (free to apply) and get multiple offers you can choose from.

Learn more

Loans Canada connects you with quotes from multiple different lenders for a wedding loan.

Loan Connect

LoanConnect

Maximum borrow amount: $50,000

Interest rates: As low as 4.6%

When can you get the funds? Same day

LoanConnect has one of the largest borrow amounts in Canada of up to $50,000. They don't directly fulfill the loans themselves, but they work with dozens of different lenders in Canada to provide Canadians with the best offers. As a result, you can get interest rates as low as 4.6% and get access to your funds within the same business day.

Learn more

Lend Direct

This lending institution gives you line of credit loans with the option to take up to $15,000. While its business is mainly based online, the lending company has physical branches located throughout Southern Ontario. Plus, the company accepts people residing in Saskatchewan, British Columbia, and Alberta. It charges an annual interest rate between 19.99% and 46.93%.

Fortunately, qualifying for a personal line of credit through the lending company is easy and simple and you can finish the entire application process within a few minutes.

In order to qualify for a wedding loan, you should:

  • Provide your email address and mobile number
  • Earn a monthly income of $1,500
  • Have an active bank account
  • Be 18 to 70 years of age
  • Be a citizen of Canada with an authenticated ID
  • To finish your wedding loan application, you will need the following things.
  • Proof of your recurring income
  • Personal information, such as your mobile number, email, address, and name.
  • Online banking details, such as your bank account number, financial institution or bank number, and bank transit number.

Loan Away

This lender provides loans of up to $5,000 for eligible borrowers in Ontario, British Columbia, and Alberta. What’s more, borrowers with bad credit or who have recently been discharged from bankruptcy can qualify for the wedding loan if they provide the right information. The term of the loan ranges from six months to 36 months. The lender charges an annual interest rate between 19.9% and 45.9%.

To be eligible for the wedding loan, you should be a resident of Ontario, British Columbia, or Alberta. The documents that you may require to give to the lending company include the latest bank statement or proof of your salary and government identification. And you must be 18 years of age.

The company’s application process is simple and takes just 10 minutes to finish. And your wedding loan could be transferred to your working bank account within 24 hours if everything goes well.

SkyCap Financial

Founded back in 2013, SkyCap Financial offers alternative financing to all citizens of Canada, no matter what their credit history or financial past. The best part is that they approve applicants within a day. And the lending company offers wedding loans that range from $500 to $10,000.

Its lending decisions are based on three primary factors – stability, credibility, and present salary. The good news is that the lending company accepts clients who have poor credit or have undergone debt issues in the past. If you have a part-time or full-time job, a good credit score, a decent salary, and a low amount of outstanding debt, you may be eligible for a good interest rate, repayment term, and loan amount.

Apart from this, the company can offer you a wedding loan if you have recently gone through personal bankruptcy. But you should be discharged from bankruptcy in order to be eligible for the loan.

Cash 4 You

The Cash 4 You is perfect for you if you are a resident of Ontario searching for an easy source of financing. It is a Canadian finance company that was established in 2001. The lending company has more than 100 physical locations across Ontario. Furthermore, it offers a loan of up to $15,000, which could cover a major portion of your marriage. And the company charges an annual interest rate of 46.93%.

The term of the loan is from 12 months to 60 months. You will need to fulfill some basic requirements to be eligible for a loan with the lender. For example, you should have an active bank account, a stable salary, be an Ontario resident, and be 18 years of age.

What’s more, good credit is not needed. The lender offers customized solutions; therefore, regardless of your financial condition, there is a solution for you.

Eastern Loans

This lender offers wedding loans of up to $1,000. What’s more, you can repay your wedding loan over three to five months. The lender offers an annual interest rate of 23%.

To be eligible for the wedding loan, you should be a citizen of Canada, have a stable job and income, be at least 18 years of age, and have a Canadian bank account. In addition to this, your ratio of income-to-debt should be low and you should earn $1200 every month.

The complete process of taking out a wedding loan online is straightforward. You need to provide some financial and personal information to the lender.

The lender will gauge your eligibility once it receives your personal and financial information. It will deposit the cash into your account within one day if you are approved.

Should You Take Out a Wedding Loan?

You might want to think about taking out a wedding loan if you cannot afford the wedding expenses. Here are some things you need to take into account while looking for a wedding loan.

You should not charge all your marriage expenses to your credit card. While charging some items to your credit card is okay, charging your whole wedding would potentially put your financial future at risk. Therefore, a personal loan is a better option if you need assistance paying for your marriage than charging it all to your credit card.

Take a loan from online lenders instead of financial institutions. While taking out a wedding loan from a bank or financial institution is always a good option, it is becoming difficult to get approved by them nowadays. Fortunately, there are a number of online lenders who specialize in wedding loans and are ready to lend loans to potential clients.

You should try to improve your credit score. It is important for you to know that just because you are settling down does not mean you will be approved for a wedding loan. If you are presently engaged and know that you will require a wedding loan to help pay for your marriage, you might want to think about improving your credit score to help raise your chances of being approved.

Benefits of Wedding Loans

  • You can get a wedding loan with a lower interest rate than your credit cards if you have a decent credit score.
  • You will receive your cash fast. Some lenders can approve your loan application and transfer the loan amount to your account in a few days. And some lending institutions can deposit the loan amount within a day.
  • These loans are easy to get. Often, you can apply for your loan online in a few minutes once you get your documents ready. The lender will go through your loan application and will transfer the loan amount directly to your bank account if you are approved.
  • Wedding loans are an easy way to receive cash. As you begin planning your marriage, you will find that the wedding vendors need a deposit upfront to reserve their services. A wedding loan can give you the money you require to cover your deposits if you do not have a large amount of cash in your bank account.

Disadvantages of Wedding Loans

  • Current loans make it hard to qualify for new loans.
  • You will be beginning your marriage in debt.
  • By taking out a marriage loan, you will be paying interest on your wedding loan for many years.

Borrow up to $50,000

Fast approval. Free to apply. Get up to $50,000 today.

Start Free Quote ➞

Do you live in Canada?

Get updates on the best new products and offers for Canadians.