Do Interest Rates for Wedding Loans Differ from Other Personal Loans?

Wedding personal loans are given by both traditional and alternative lenders. They are not altogether different from other personal loans in a number of ways.

Some wedding loans are actually just personal loans. You do not always need to stipulate how the funds will be used. You will simply be asking for a loan to be paid back in traditional installments. These loans may come directly through your bank, even, either in cash or in the form of a credit line.

Both wedding loans and other personal loans are usually unsecured. This means they do not require collateral, and it also means they tend to have high interest rates. The good thing about wedding loans, though, is they tend to be very short term. The high interest rate does not matter as much on a short term loan.

Wedding loans tend to have low limits like most personal loans; do not expect a fairy tell when you are paying in borrowed dollars. It is rare to take either type of loan out in an amount greater than $10,000. Larger loans typically require some form of collateral, and a lender will not usually approve that large of a loan unless you have a very high income.

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