Finding the Right Fit for Your Big Day
Planning a wedding, corporate event, or major celebration often requires a significant budget. This can cause a lot of people stress if they don’t have the budget to really do what they want for their wedding or event. Financing options can make your dream event more accessible. This wedding and event finance guide will explore some of Australia’s top event and wedding finance companies. This information will provide essential tips to consider when financing a special occasion.
1. Plenti
Loan amount: $5,000 – $65,000
Features: Plenti offers personal loans with a quick and easy online application. Approval and funds can be available within 24 hours, with loan terms from 1 to 7 years.
Pros:
- Fixed interest rates for predictable repayments
- Fast approval process, with funds possibly available within a day
- Loan terms offer flexibility to choose monthly payments that fit your budget
Cons:
- Requires good credit history to qualify for favourable rates
- Not ideal for those with a lower annual income
Best for: Couples or event planners looking for quick financing with a straightforward, fully online process.
2. Harmoney
Loan amount: $2,000 – $70,000
Features: Harmoney offers unsecured personal loans for various events, including weddings, with loan terms of 3, 5, or 7 years. They have fixed interest rate, providing security in repayments.
Pros:
- Flexible repayment terms (weekly, fortnightly, or monthly)
- No early repayment penalties, which allows you to pay off your loan faster if desired
- All loans are 100% online, simplifying the application and approval process
Cons:
- A fixed interest rate can sometimes be higher than variable rate loans
- Establishment fees ($275 for loans under $5,000 and $575 for higher amounts)
Best for: Those seeking predictable, fixed-rate repayments without early repayment fees.
harmoney.com.au/personal-loans/wedding-loansplenti.com.au/personal-loans/wedding-loans/
3. Finance One
Loan amount: Up to $75,000 (asset-backed for higher amounts)
Features: Finance One caters to clients with varying credit backgrounds and offers flexible loan options with a focus on fair assessment.
Pros:
- Flexible and accessible loans, even for those with poor credit history
- Asset-backed loans allow higher borrowing limits
- Transparent terms, with no hidden fees
Cons:
- Some loans require collateral (e.g., an asset-backed loan for higher amounts)
- Approval can take up to 48 hours, which may not be as immediate as other lenders
Best for: Clients looking for flexibility and fair options, especially those with less-than-perfect credit histories.
4. Fox Finance Group
Loan amount: Customisable
Features: Fox Finance Group Specialises in low-rate personal loans for weddings and other major expenses. They offer fast approvals, fixed rates, and various repayment options.
Pros:
- Fast approval process, potentially within the same day
- Competitive interest rates and customisable loan terms
- Options for different types of loans, including travel and solar financing
Cons:
- May charge certain fees depending on the loan type
- Limited to clients with good to moderate credit history
Best for: Couples seeking low-interest rates with fast approval for a large-scale event or wedding.
5. Orchard Lending
Loan amount: Customised to fit client needs
Features: Orchard Lending specialises in event and wedding loans with personalised finance solutions, offering options for both traditional and alternative income verification.
Pros:
- Offers flexible options for clients with varied income verification needs
- No early exit fees, which makes it easy to replay the loan sooner
- Complimentary credit consultations help tailor loan options to fit the client’s financial situation
Cons:
- The application process can be more detailed due to customised solutions
- Longer application processing time compared to instant loan options
Best for: Those looking for sepcialised finance options tailored to non-traditional income or borrowing situations.
Key Considerations When Getting Event or Wedding Financing
When financing an event or wedding, it’s crucial to consider more than just the loan amount. Here are some important factors:
- Budget realistically: Do your research thoroughly first so you know what each element of your wedding or event is going to cost. This will help determine a realistic budget for your event. This also helps avoid unnecessary debt and keeps your event finances manageable.
- Prioritise important expenses: Identify and allocate funds for elements that matter most to you (e.g., décor, catering, or entertainment). Having a bit extra in your budget allows for budget flexibility for any unexpected adjustments during your planning.
- Check interest rates and repayment terms: Fixed-rate loans offer stability, while variable rates can be more affordable short-term. Consider which fits your budget better, especially for long-term commitments.
- Understand fees and penalties: Some lenders charge establishment fees, while others may impose penalties for early repayments. Look for transparent lenders with minimal fees to avoid unexpected costs.
- Credit score and eligibility: Your credit history will impact loan eligibility and interest rates. Choose lenders that align with your credit status to ensure affordable repayments.
- Plan for post-event finances: Weddings and major events are one-time celebrations, but loan repayments extend beyond the event day. Choose terms that won’t strain your finances afterward.
Conclusion
Securing financing for your wedding or event can relieve financial stress and let you focus on creating truly memorable experiences. With options like Plenti, Harmoney, Finance One, Fox Finance Group, and Orchard Lending, you can find a solution tailored to your needs. Remember to budget carefully, consider loan terms, and choose a lender that aligns with your financial goals to make your special day everything you envisioned. If you would like help with creating a budget for your wedding or event from our expert wedding and event planners we would be happy to help.
Contact us today for help with working out your wedding or event planning and decorating costs.
