Upstart promotes its use of artificial intelligence and machine learning to measure nearly 1,500 data points to determine an applicant's ability to pay back a loan. Rather than looking at a credit score alone, the company evaluates education, area of study and job history when considering applicants.
The average wedding loan Upstart approves is $11,000 for a three-, five- or seven-year term. The annual percentage rate, which is the rate charged for borrowing and represents the yearly cost of the loan, can fluctuate between 5 percent all the way up to nearly 36 percent, depending on the applicant.
Online lender Earnest, which also issues loans for vacations and home improvement projects, uses the tagline "Inspired by Pinterest? Make it happen with low interest," to market its wedding loans. Additionally, loan provider Prosper offers couples engagement ring financing and extra cash for their honeymoon.
However, wedding loans are more of a PR play rather than an entirely new product, experts say. They're simply unsecured personal loans rebranded to attract new borrowers, especially those in their 20s and 30s. And some critics are concerned that the efficiency and ease these companies promise in getting cash could become more of a burden than a benefit as Americans become swamped with debt.Before you secure a $30,000 loan to fund your special day, check out this video to learn more about the wedding loan industry and discover what steps experts recommend you take before applying.
acorns Avocado toast and grande lattes writ large. Guarantee that later on, most Mils who overspend on weddings will look back and wish they had the $$$ for something useful. Thanks media for fomenting and amplifying peer pressure that affects not just Mils but their families as well.
acorns Recession here we come
acorns Don't get married
acorns I will rather have little wedding... Hanging my coat where my hand will reach them
acorns Why?
acorns One couple: 'APR of 20%...' More people taking on more debt. Not good!
acorns Why not just find someone else’s and photoshop the pictures?
acorns
acorns That’s because wedding traditions have clearly gone off the rails. Everyone should do themselves a favor, spend 1:5 of the money on a destination wedding somewhere beautiful and save the rest
acorns ❤❤❤❤❤.......
acorns How stupid is that. Taking loans for a wedding? What is the main purpose, to tie a knot with someone you love (can be done nearly for free) or have hundreds of pictures you hope others will be jealous of?
acorns
acorns because they live for the likes... yikes
acorns Save wisely
acorns Get married in a courthouse and have a nice luncheon guys.
acorns HF....good luck getting that Instagram house then MoneyHeist
acorns Stupid.
acorns Wedding loan? Don’t get married.
acorns When they divorce they will want the loan forgiven
acorns A very bad way to start a marriage (in debt)
acorns If you think that is important and can pay the price you should celebrate your marriage. There are other choices. Justice of the peace and a good trip. Probably save you some money.
acorns Bless their hearts
acorns That sounds like a really bad way to start off
acorns Unreal. Here’s a great idea right before we get married... let’s willfully get heavily into debt. 🙄
acorns What Nonsense! Are these the same people that the liberals want to forgive their student debt.
acorns
acorns $11,000 for a wedding? Don’t get married, buy a motorcycle.
acorns Dumb
acorns More ways for people to get into debt
acorns That’s stupid, don’t do it 🤦🏾♀️
acorns This is the problem with my generation... bad choices made for instant gratification, feel good moments. Spent 18k on a wedding and I did it just saving my money, be patient and save up instead of getting into unecessary debt.
acorns Only pay what you can afford. Simple economics.
acorns If the man defaults on the loan does the bank reposes the wife like they do with the cars when someone defaults on car payments?
acorns Stupid is as stupid does.
acorns Go to the Justice of the Peace. Get married. No debts. No silliness.
acorns Borrowing money for a wedding is a terrible way to start a life together
acorns Are they still married by the time they pay it off?
acorns Democrats need to campaign on forgiving wedding debt. Why should newlyweds start out life in debt
acorns Awesome start your life with debt !
acorns God this is dumb. A wedding is the perfect example of an expense you don’t borrow money for.
acorns If ur taking an 11k loan for a wedding yall better not be planning on having kids anytime soon. Having a baby and not thinking about paying for college is setting that baby up for failure
acorns Vegas, Elvis chapel of love & kick $ss honeymoon.
acorns Forget the wedding. Buy a motorcycle.
acorns Sorry but anyone who loans $11,000 just for one day is a little crazy to be honest. The interest that will accumulate to pay the debt will equate to near on the amount borrowed if only minimum payments are made !!
acorns Which democrat will come out and say they will erase all wedding debt? Bernie? Elisabeth warren? Can I get some free college and healthcare with my free wedding. ?
acorns WTF is wrong with people. You are starting a life together. Why start out by going into debt ...just so a bunch of people can get drunk for one night and then complain about the food the next day. Put a down payment on a house. Idiots
acorns Starting off on the wrong side of the bed. Wake up😇🥰😇🥰😇🥰😇🥰
acorns We need to teach much more about debt to our kids
acorns ...only to fight for who will pay for it after the divorce...two years later. Weddings are a racket...
acorns Their money......not mine
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