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Honeymoon loans

A wedding is often an incredibly important event that people usually only intend on doing once, and it ought to be up there with some of life’s happiest moments. It can often also be a stressful time for many couples. There’s all the planning and organisation, the nerves of the big day, family expectations, emotions running high and the borderline inevitability that somebody will make a scene. And of course, there’s the hefty costs involved.

According to MoneySmart, the average Australian wedding costs $36,200, and that’s excluding the honeymoon. Whether you’re paying for your wedding with savings, the help of family members, or a loan, it’s not unlikely that you could find yourself a little financially tapped out by the end of the ceremony.

Honeymoons are the often much-needed downtime after the big day, when newlyweds can really kick back and relax after the hustle and bustle and stress of a wedding. Money should be the last thing on your mind when you’re embarking on your exciting new life together. Unfortunately, every luxury has a price tag.

But don’t despair; even if you find yourself looking at a drained bank account, it doesn’t mean you can’t have the holiday of your dreams with the love of your life.

Here we’ll look at some financing options for honeymoons at home or abroad, including where to find the cash for your special getaway.

Personal loans for honeymoons

Personal loans for vacations are available from several lenders, so you may want to compare personal loans before making your choice. There are many companies that offer unsecured personal loans for vacations. You don’t have to go with your current bank or one of the big four banks to find the right loan for you. Some smaller companies and credit unions might offer more competitive rates than the bigger banks.

Personal loans for vacations are often unsecured personal loans, as these loans aren’t being used to buy an asset that can be held as loan security or collateral. If you’re looking for a honeymoon loan, a good start may be to compare unsecured personal loans. If you would prefer a secured loan, options may be available to secure the loan against an existing asset in your possession, like a car or home equity. This can be a risky move in some cases, as you could lose your asset if you default on your personal loan repayments, so it’s important to consider your options carefully.

Honeymoon loans for bad credit

The likelihood of your honeymoon loan application being accepted, as well as the interest rate you’ll be offered, may be affected by whether you have good credit or bad credit. To access a free credit report and find out your credit score, go to www.mycreditfile.com.au.

Bad credit might not necessarily keep you from being accepted for a loan, and shouldn’t stop you having the honeymoon of your dreams. There are companies that specialise in loans for bad credit; just be aware that this might mean that you must pay higher rates and potentially higher fees.

  • Improve your credit score

Depending on how much time you have left to plan, you might be able to improve your credit score if you follow some of these handy tips (link). Some loans can be easily applied for online and have quick cash turnarounds, so if you can improve your score before submitting your application you may have a higher chance of approval, or of getting a lower rate.

  • Guarantor loans for bad credit

There might be someone willing to help you out by offering to be a guarantor for your loan. Perhaps a parent or a family member with a good credit score can vouch for you. This does though mean that if you default on the repayments, their credit score will be negatively affected. It might be wise to only do this if you’re confident you can afford to pay the loan back on time.

Discounted honeymoon packages

A lot of statistics regarding the cost of weddings get bandied about by companies offering services that can trap people into thinking that an expensive wedding, and by the same logic an expensive honeymoon, is an inevitability.

Decadence can be done at a discount. Saving on something like a discounted honeymoon package leaves extra cash for souvenirs, dinners and multi-coloured cocktails with little umbrellas, to be enjoyed with your new husband or wife.

Frequently asked questions

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.

Can I get a bad credit personal loan with a guarantor?

Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.