Wedding Loans in Canada
Say “I do” to your dream wedding with a Spring Financial loan. Ready to apply? Enter your email and get up to $35,000 today.
Financing Your Wedding with Spring Financial
You don’t need a thick stack of savings to have the wedding of your dreams. With a Spring Financial loan, you can seamlessly fund many aspects of your big day, from rings and flowers to catering, decor, and honeymoon expenses. Our loans allow you to focus on creating lifetime memories from when “yes” is said to “I do.”
How can you finance your wedding?
Savings or checking account
The immediate way to pay for your wedding is by tapping into your checking or savings account. However, it’s good to ensure your account has enough funds to cover wedding costs and other financial needs you may have. Draining your savings could leave you with a thinner financial cushion for emergencies or future urgent needs.
Wedding personal loans
Joint wedding loans
A joint wedding loan lets you and a co-borrower share the responsibility for repaying the total loan amount. Both credit scores are usually negatively affected by missed or late payments, which could potentially make it more challenging for either to secure favourable financial opportunities in the future.
How can you get a wedding loan?
Apply in 3 easy steps
Fill out our secure online application
Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.
Get approved
Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.
3. Receive your funds!
Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!
Wedding loans for bad credit
While a good credit score typically secures favourable terms, a poor score can still access funding. A low credit score usually results in higher borrowing costs. If you have time before your wedding and want better terms, consider improving your score. Raising your score can boost your borrowing power and help you get better terms.
Our credit-building product, The Foundation, can help you achieve a higher credit score and strengthen your borrowing power. Join The Foundation today to help unveil better financing options and start building a solid foundation for your financial success.
Why choose Spring?
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Bank Loans
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Credit Cards
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Payday Loans
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Max Amount
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$35,000
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$50,000
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$10,000
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$1,500
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Interest Rates
From |
9.99%
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9.99%
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$19.99%
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200-450%
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Fully Online Application
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Fast Approval
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e-Transfer
Delivery |
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Max Amount
$35,000 |
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interest Rates From
$9.99% |
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Fully Online Application
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Approval within
Hours |
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Same-Day
E-Transfer |
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Bank Loans
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|---|
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Max Amount
$50,000 |
|
interest Rates From
9.99% |
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Fully Online
Application |
|
Approval within
Hours |
|
Same-Day
E-Transfer |
|
Credit Cards
|
|---|
|
Max Amount
$10,000 |
|
interest Rates From
$19.99% |
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Fully Online
Application |
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Approval within
Hours |
|
Same-Day
E-Transfer |
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Payday Loans
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|---|
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Max Amount
$1,500 |
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interest Rates From
200-450% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
*Information is based on avarages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.
No credit check wedding loans
No-credit-check loans, like payday and title loans, don’t require a credit history review. However, they usually come with extremely high rates plus additional fees and charges to offset the risk for lenders. In Canada, rates can range from 35% to 400% APR, and many borrowers find themselves trapped in a debt cycle, struggling with escalating penalties and charges.
Calculate your payments
You have questions,
we have answers.
Should you get a wedding loan?
With the average wedding cost in Canada ranging from $25,000 to $35,000, it can be challenging to finance such an event. If borrowing money is necessary to cover wedding expenses, a wedding loan might be worth considering. Loans for weddings could be a smart move, especially if you have good or excellent credit, can manage extra debt, and have a solid budgeting plan.
Where can I get a wedding loan?
Various sources like banks, credit unions, loan agencies, and online lenders offer wedding loans. When choosing a lender, it’s important to compare core factors like interest rates, repayment terms, fees, and the types of loans being offered.
Additionally, it’s a good idea to learn how the lender reports your payment activity to credit bureaus, as this can impact your credit score. Keep in mind that while some loans promote lower interest rates, they might come with hidden fees and charges or strict repayment schedules. Consider not just the interest rate but also the total borrowing cost, including fees; and choose a loan term that allows you to comfortably repay the loan on time.
Can you take out a line of credit for a wedding?
Yes, lines of credit offer an alternative for funding wedding expenses. They work as revolving credit, letting you borrow amounts up to a specific limit. Your income, debt to income ratio, and credit history help determine both your interest rate and borrowing limit. Note that line of credit interest rates are often variable, meaning your monthly payments could change, making budgeting less predictable. Before considering a line of credit, evaluate your financial situation. If you are not careful, easy access to funds can lead to overspending; plus, variable rates can introduce more uncertainty when compared to other financing options like personal loans, which offer more predictable and stable terms.
How to choose a loan option for a wedding?
To start, assess your financial position and determine your exact wedding budget. Check your payment history and credit profile; many major credit bureaus offer the option to perform a soft credit inquiry on their websites, which gives you access to your credit score. When exploring personal loan lenders, remember that different loan options might have different requirements, including a minimum credit score.
Review the terms and conditions while looking for additional charges, such as an origination fee. If applicable, consider comparing different personal loan rates to help you find the most competitive option for your needs.
Are there wedding loans you don’t pay back?
The only way to access wedding financing without needing to repay the money is through a gift from an external party. However, if you need a loan and want to minimize interest, it’s beneficial to maintain good financial health. With strong finances you could secure personal loans with very low, possibly, single-digit interest rates. For smaller expenses, consider checking if your credit card offers a 0% rate option.
Should I pay for my wedding with my credit card?
While using a credit card can be convenient in many ways, it is important to be cautious when using the plastic for wedding payments. Some cards, such as the Discover credit card, offer features like cashback and travel rewards that can help pay for minor aspects of your wedding, like a venue deposit or honeymoon flights. However, keep in mind that credit cards often come with higher interest rates compared to other solutions like unsecured personal loans.
If you’re unable to pay your entire balance every month, you may encounter credit card debt that could pile up over time. Instead, consider using a credit card to finance purchases that you can comfortably pay off in the short run, and explore other loan funding options like a personal loan for larger purchases to avoid high interest rate charges.
How long does it take to get approved for a wedding loan?
Approval times for wedding loans differ depending on the lender and type of financing you choose. Lines of credit can take days to process, while personal loans are one of the quickest ways to obtain urgent funds. Some lenders, like Spring Financial, allow Canadians to apply online and receive money as soon as the same day they submit an application.
Apply today and explore funding options of up to $35,000, with rates starting at just 9.99%*. Spring Financial makes it easier to fund your wedding all from the convenience of your personal smart device.
What are the pros and cons of financing a wedding with a loan?
Many wedding loans offer quick funds, flexible repayment plans, and the ability to protect savings. However, they can lead to debt and affect your credit score if payments are missed or delayed.
What can I pay for with a wedding loan?
What can I pay for with a wedding loan?
Wedding loans, often referred to as personal loans, can be used for various expenses. Couples often turn to them to cover wedding expenses which can include a wedding dress, engagement rings, venue rentals, decorations and even honeymoon costs.
Additionally, many people undertake personal loans for debt consolidation, travel, and home improvement. However, different lenders might have specific restrictions. For example, many institutions don’t permit using their personal loans for post secondary education expenses. Always check your loan agreement to ensure loan funds can be used to cover your intended expenses.
About Spring Financial
Apply From Your Device and Say Goodbye to Financial Stress
Experience the most convenient and hassle-free loan application, specifically designed for Canadians, by Canadians. Apply, get approved, and receive the funds via e-Transfer, all from the comfort of your device. Say goodbye to long queues and tedious paperwork! Our process is intentionally designed to be simple, fast, and straightforward.