Wedding Loan FAQs

How much do I need to borrow for a wedding?

It’s completely up to you. But at an average cost of $30,000, a wedding or civil union is a major financial undertaking. Most weddings have a few major costs, and a cluster of smaller ones, so it’s a good idea to start by listing everything you can think of, and how much you’re willing to spend on each. Do your research – make sure your expectations are achievable in your wedding budget range.

Whether you’re planning a $1000 wedding or a $70,000 wedding, creating a wedding budget should be one of your first steps. Understanding how much you’re willing and able to spend from the get go, and where that money should be spent, will help avoid overspending. With reservation deposits and final payments left, right and centre, a wedding loan can be a good way to relieve the financial pressure for you and your family in the lead up to the big day.

Once I know my budget, how do I calculate how much I should borrow for my wedding?

It’s important to make sure that your wedding budget is realistic. Perhaps you have some savings to contribute, or family willing to help out - but if there’s a shortfall, a wedding loan could be an affordable option.

Complete our easy online application and find out how easy it could be to repay your wedding loan. And with no early repayment penalties, you have the flexibility to pay your loan off early if your savings grow quicker than expected.

Use our loan calculator to select the amount you’re looking to borrow for your wedding or honeymoon, and we’ll give you an indication of what your repayments could be.

Should I get a wedding loan?

If you’re asset rich and cash poor, keen to avoid racking up the credit card, or contributing to the costs of a family wedding, a wedding loan could be a good idea. Harmoney’s personal loans through our marketplace range from 6.99% p.a. to 29.99% p.a.* and have no early repayment penalties – so you have the flexibility to pay your loan off early. Harmoney’s peer-to-peer lending marketplace means your wedding loan could be funded by tens or hundreds of Lenders from all over the country.

What could I use a wedding loan to pay for?

You could use a Harmoney wedding loan for almost any wedding-related cost - whether it’s the venue, the caterers, the honeymoon, or the rings. When your wedding date is in hot demand by a number of couples, having cash-on-hand for that lock-in deposit can be the key to making your big event go smoothly, in the location of your dreams.

If you don’t have the cash on hand, or your savings plan didn’t account for unexpected expenses so early in the process, then a short term personal loan could be just the thing to save your wedding planning. Harmoney’s marketplace loans are offered on 36 or 60 month terms, but with no early repayment penalties, you get the freedom to pay your loan off early.

Can I get a wedding loan if I have bad credit?

Harmoney doesn’t offer bad credit loans. Because we're a peer-to-peer lending marketplace, the money Borrowers receive comes directly from Lenders on the platform. It’s important for us to make sure that everyone we approve is a good fit for the marketplace – that they’re likely to be funded, and that the chance that they will default falls within our acceptable margins. It’s a critical part of the service we provide – making sure we don’t expose Lenders to undue risk, or put Borrowers in a position where they may have difficulty meeting their obligations.

Not sure whether you’ll meet our credit criteria? Harmoney checks your credit history with New Zealand’s three credit bureaus – Centrix, Dun & Bradstreet and Equifax.

If you want more information about how credit histories work, what information affects them, and who can access them, we recommend having a read of Sorted.org.nz’s guide to credit histories. With an estimated 133,000 Kiwis affected by identity theft every year, even if you think your history is clean, it could be a good idea to request a copy of your credit report and know for sure.

How does applying for a Harmoney wedding loan work?

Harmoney’s application process is 100% online, and easy to use. Just use our loan calculator to select the amount you’d like to borrow and start your application. You’ll be asked to provide some important details to perform a credit check, verify your identity and your finances, but we like to keep it as simple as possible. You could know whether you’re approved and how much you could borrow in minutes.