Rhiannon Hendricks
Wedding dresses can be expensive, with some brides reporting costs of up to $2000. As such, many brides are turning to financing options to pay for their dream dress. Some shops offer in-house financing, allowing brides to pay a deposit and then pay off the remainder over time. Alternatively, external financing companies, such as Affirm, Layaway, and MyWeddingLoans, offer loans to brides to help them pay for their dresses. These loans can be used to pay for not only the dress but also alterations, veils, jewelry, and shoes.
| Characteristics | Values |
|---|---|
| Payment methods | Cash, credit card, flexible payments, gift cards, personal loans, etc. |
| Payment plans | Monthly payments, deposits, installments, layaway, etc. |
| Interest rates | 0%–36% APR, depending on credit score and eligibility |
| Additional costs | Alterations, veil, jewelry, shoes, etc. |
| Boutiques/shops | David's Bridal, MyWeddingLoans, Affirm, etc. |
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What You'll Learn
Wedding dress loans
Wedding dresses can be expensive, and many brides-to-be are often discouraged from buying their dream dress because of the price tag. Wedding dress loans can help you pay for the perfect gown, including alterations, a veil, jewellery, and shoes.
A personal loan for a wedding dress gives you the cash to pay for these items and allows you to choose a payment plan suited to your budget. You can apply for a loan online and select the repayment term and the amount you wish to borrow. If the monthly payments don't meet your budget, you can extend the repayment term or lower the loan amount.
Some companies, such as David's Bridal, offer their own payment plans, allowing customers to buy their dream dress and pay over time in instalments, often with 0% APR and no hidden fees. However, interest will be charged to your account from the purchase date if the balance is not paid in full within the promotional period, and you may have to pay more than the minimum payment to avoid accrued interest charges.
Another option is to use a service like Affirm, which offers payment plans for various companies, including David's Bridal. Affirm's payment options depend on your purchase amount, and a down payment may be required. For example, at a purchase price of $800, you could pay a down payment of $160, followed by 12 monthly payments of $57.77 at 15% APR or four interest-free payments of $200 every two weeks.
Before taking out a loan, it's important to consider your budget and the potential for alterations, which can cost anywhere from $300 to $1,000. It's also worth noting that some boutiques offer financing or payment plans, but this can encourage people to spend more than they can afford.
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Payment plans
Wedding dresses can be expensive, and it is not uncommon for brides-to-be to seek financing options to pay for their dream dress. Many shops offer flexible payment plans, allowing customers to make monthly payments or pay in instalments. Some boutiques may also offer financing options or accept payment through services such as Affirm, Layaway, or Special Order Reservations. These services often provide transparent and flexible payment options, such as paying in 4 interest-free instalments or spreading out payments over time with low APR rates.
Some shops may require a deposit upfront, ranging from 10% to 60% of the total cost, with the remaining balance due when the dress is picked up or when alterations begin. It is essential to discuss payment options with the sales staff during your appointment to understand their specific policies and rules.
Additionally, some companies, such as MyWeddingLoans, offer personal loans specifically for wedding dresses. These loans can provide cash to pay for the gown, alterations, veil, jewellery, and other bridal accessories. With an unsecured cash loan, you can choose a repayment term and budget that suits your needs.
Another option is to utilise a credit card, either through a general credit card company or a store-specific credit card programme like the one previously offered by David's Bridal. Credit cards can provide interest-free periods, allowing you to pay off the dress over time without accruing additional costs. However, it is important to carefully review the terms and conditions of any credit card agreement to avoid potential hidden fees or interest charges.
Lastly, some brides may opt for alternative methods to obtain their dream dress without paying full price. This could include purchasing a pre-owned dress from websites like eBay or choosing a dress off the rack, which some shops require to be paid in full.
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Credit cards
However, it is important to be cautious of high-interest rates and hidden fees when using credit cards. If you are unable to pay off the balance quickly, you may accumulate excessive interest and end up paying much more than the original cost of the dress. It is crucial to understand the terms and conditions of your credit card agreement and ensure that your chosen payment option aligns with your financial capabilities.
Some bridal boutiques and retailers offer their own credit cards with promotional periods of zero or low-interest rates, giving you more time to pay off the balance. For example, David's Bridal previously offered a credit card program with flexible payment options. However, as of August 31, 2022, they discontinued this program in favour of other payment options like Affirm, Layaway, and Special Order Reservations, which provide more transparent and straightforward payment plans for their customers.
Another option is to use a third-party payment service like Klarna, which allows you to split your purchase into four interest-free installments. This can help you manage the cost of your wedding dress over time without incurring additional fees, as long as you make your payments on time.
While using a credit card to finance your wedding dress can be a convenient option, it is important to consider your financial situation and make sure you can commit to paying off the balance in a timely manner to avoid unnecessary debt.
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Personal loans
Wedding dresses can be expensive, and many brides-to-be are opting for financing options to pay for their dream dress. While some boutiques may offer financing or accept payments through services like Afterpay, Affirm, or Layaway, others may not. In such cases, a personal loan can be a convenient way to fund your wedding dress.
When considering a personal loan, it's important to evaluate your financial situation and budget accordingly. Discuss your plans with your partner, as this financial decision will impact your married life. You can estimate how much you'll need based on your wedding budget, including the cost of the dress, alterations, gratuity, taxes, and any other last-minute expenses.
Applying for a personal loan is a straightforward process. You can apply for a wedding loan online by submitting your financial documents, and in many cases, you'll receive a decision within a few days. If approved, the loan amount will be deposited directly into your account, giving you the funds needed to purchase your dream dress.
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Deposits
The deposit amount for a wedding dress varies across stores. Some stores require a 50% deposit, with the final payment due at pickup. Some stores offer a discount of around 15% for full upfront payment. Some boutiques offer financing or accept afterpay, but this can encourage spending beyond one's means.
Some stores require a 60% deposit, with the remainder paid when the dress arrives. Some stores require a 30% deposit, while others require 75% upfront to order the dress. Some stores require full upfront payment.
It is important to be clear about your budget and not exceed it. Alterations can cost anywhere from \$300 to \$1000, so it is important to factor this into your budget. Some stores offer payment plans, and financing options are also available from third parties such as Affirm, Layaway, and Special Order Reservations.
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Frequently asked questions
Yes, there are several options for financing a wedding dress, including payment plans, personal loans, credit cards, and layaway programs.
Some companies that offer wedding dress financing include David's Bridal, Affirm, and MyWeddingLoans.
Financing a wedding dress can help make your dream dress more affordable by spreading out the cost over time. It also gives you more flexibility and control over your budget.
The qualification process and requirements vary depending on the financing option and company. For example, some companies may offer financing based on your credit score, while others may have more flexible options.
In addition to the cost of the dress itself, don't forget to budget for alterations, which can range from $300 to $1,000 or more, depending on the work needed. You may also want to factor in the cost of accessories, such as a veil, jewellery, and shoes.
