Budgeting: Everything You Need to Know About Wedding Loans

Where do you go? How does it work? Is it the really right thing to do? Matt Heath from Gilrose Finance explains the ins and outs of seeking out big-day finance.

  • Story by Photo Jackie Meiring

Where do you go? How does it work? Is it the really right thing to do? Matt Heath from Gilrose Finance explains the ins and outs of seeking out big-day finance.

Who should take out a wedding loan?

Wedding loans are a great option for couples who are saving, but not fast enough, or parents who want to pay for the wedding but have been caught out by bad timing. A wedding is such a monumental moment in life, so it’s understandable you should want to celebrate it in style. We let couples host guests in a stunning venue, dine on delicious food and wear once-in-a-lifetime attire without worrying about scary lump sum deposits – instead, it can all be achieved with small repayments that can be made weekly, fortnightly or monthly.

How does it work?

The process is easy – you can fill out a five-minute application at gilrose.co.nz, and our team will get back to you within around 15 minutes during business hours with either an approval or a request for more information. Once you have received your contract, you can assess whether the interest rate and fees work for you. If so, simply sign the contract and we’ll pay your loan into the nominated bank account as soon as we can. It’s a no-obligation contract process, so you can choose not to proceed with the loan at no charge if it isn’t for you.

Can couples spend the loan with anyone or are there pre-approved vendors?

Couples can shop almost anywhere – of course, we like to think the money will be spent exclusively on wedding-related costs. For higher-priced components we may ask for an invoice and pay the company directly.

Is there a minimum pay-back period?

Our repayment loan terms range from six to 36 months. That said, we don’t charge an early settlement fee, meaning you can pay back your loan whenever you like within your loan term.

How should couples go about choosing a finance company?

Seek out a company that has a stringent approval process – our expert analysts closely examine customers’ situations to make sure they don’t get into financial hardship. The whole purpose of a financial loan, too, is to make the wedding planning process easier, so be sure this is the case with your lender – for instance, our Wedding Card, set to be launched in May, works towards that goal. Instead of asking for a set dollar amount, we provide you with a max lend amount based on the strength of your application – it means you can shop knowing you have the funds available at Gilrose, and only make payments once you begin using the card and available funds.

For more information, visit gilrose.co.nz. 


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