The Instagram-perfect wedding isn't cheap, and many young couples are going into debt to have them. investinyou (In partnership with acorns.)
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.
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