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A wedding day is a milestone for many people. It’s a day that’s dreamed about and planned for. It can also be expensive. If you’re wondering if you should finance your wedding, here is some guidance when it comes to making that decision.

The Average Cost of a Wedding

SoFi’s most recent survey found that the median cost of a wedding is $10,000. Of course, prices can be higher or lower than that median: A destination wedding or one held in a big city with 300-plus guests will likely be a much bigger expense than having 50 of your nearest and dearest gather in your grandmother’s beautiful backyard flower garden.

Now in 2023, the average cost of a wedding is rising once again, with the average cost sitting at $29,000. In larger cities, many spend $35,000 or more.

Here’s what you need to consider when it comes to financing your wedding.


💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

To Borrow or Not To Borrow

There are many variables that can affect the cost of a wedding, including the time of year you say I do, the day of the week, the number of guests, the reception venue, and a host of other things. Not to mention, there are sometimes unexpected wedding expenses that are sometimes forgotten in planning, like the cost of beauty and hair treatments and the marriage license, for example.

Temptation can also get the better of you. If you plan on using a wedding loan to pay for your wedding, it’s possible that you will qualify for an amount that’s more than you need. Will you have the discipline not to upgrade your plans and spend more than you can realistically afford? It can be easy to get caught up in the fantasy and have regrets later.

The Pros of Financing a Wedding

• You get your day with all the bells and whistles that you’ve dreamed of. You have the wiggle room to have more guests, a highly sought-after DJ or band, and food that will still be talked about on your anniversary. Mission accomplished in having a special day that will last a lifetime of memories.

• You might be able to borrow enough money to have a relaxing honeymoon, too, which might be nice after the stress of wedding planning.

• You won’t deplete your savings to pay for your wedding. Starting your life together without an emergency savings account can be stressful.

The Cons of Financing a Wedding

• When the wedding is long over, that monthly loan payment is still owed. Depending on the amount and term of the loan, that can be a big commitment.

• Interest rates for personal loans vary based on the borrower’s credit rating and other factors. If you don’t qualify for favorable interest rates, you could end up paying a decent amount in interest over the life of the loan.

• Taking out a loan also increases your debt-to-income (DTI) ratio. If you are planning on near-future large purchases that will require another loan, like a mortgage, having a high DTI ratio might make it more difficult to qualify for future loans, or might affect the rates you qualify for.

Making the Decision

Borrowing money to pay for wedding expenses is a major decision. Being informed of all the details will help you make the best decision for your financial situation.

A wedding loan is a personal loan and is most often unsecured, which means you don’t need to put up collateral to secure the loan. You will, however, need to meet other qualifying factors, such as a certain credit score or employment history, to name a few.

Ideally, you want the lowest interest rate you can get. Fixed-rate loans carry the same interest rate throughout the term of the loan, but a variable interest rate loan can fluctuate throughout the term based on changes in the underlying index rate.

There also may be fees to be aware of, such as origination fees, closing fees, prepayment penalties, and others. It’s helpful to know what all the fees are for and if they are negotiable.

Knowing your total costs and understanding the total interest you will pay over the life of the loan will help you with your decision about whether or not to borrow. Either a lower interest rate or a shorter term may save money in the long run. A personal loan calculator or amortization table can help with this analysis.


💡 Quick Tip: Choosing a personal loan with a fixed interest rate makes payments easy to track and gives you a target payoff date to work toward.

Other Options for Financing a Wedding

If you’re having second thoughts about borrowing to pay for your wedding, you might need to come up with alternatives. With wedding planning, there’s always a Plan B.

• Postpone the wedding. You might be able to avoid borrowing altogether by postponing the wedding to give yourself time to save the money to pay for it. Cutting unnecessary expenses might free up some money in your budget. Or earning extra money by taking on a side hustle might be a good way to add to your savings.

• Use a credit card. Using a credit card to pay for wedding expenses might be another option. While a personal loan might offer a lower rate than a credit card, you might find credit card offers with low introductory rates — perhaps even 0% — for a limited time. If you’re confident that you can pay the card off in full before the introductory rate ends, this could be an attractive option.

• Ask your parents to contribute. Asking parents for money might not be the most appealing option, but it might be a worthwhile consideration. Even though the average age of newlywed couples is rising, which might mean more couples are established financially before they marry, it’s still traditional for the parents of the couple to contribute to the cost of the wedding and it’s common for the couple to have help paying for the wedding.

The Takeaway

Your wedding is a special day, but it’s just one day — then comes the rest of your lives together. Using borrowed money to finance your wedding is a big decision and should not be taken lightly. Taking on debt will affect your budget immediately and your borrowing options in the future.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

Photo credit: iStock/PeopleImages

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We take our household appliances for granted. Ovens, refrigerators, dishwashers, washers, and dryers — they’re all essential for everyday life, but we just always expect them to work. When one finally breaks down and we realize it’s time to buy a new, expensive replacement, it can be a bitter pill to swallow.

But what if you don’t have the cash on hand to pay for a new appliance? That’s where appliance financing, also called an appliance loan, comes in.

What Is Appliance Financing?

Appliance financing refers to buying a new appliance on credit. Rather than paying out of pocket for a new appliance, you’ll pay it off over time in monthly increments, like a house or car payment.

While this means you don’t have to spend money from your emergency fund or borrow money from a relative to pay for a replacement fridge or washer, it does mean you might face additional fees, like interest.

You can get appliance financing in a number of ways, including taking out a personal loan, paying for the appliance with your credit card, and exploring in-store financing, such as in-store appliance loans or rent-to-own options.

How Does Appliance Financing Work?

When you can’t afford a new appliance but need one because your old one has broken down and is beyond repair (or not worth the cost of repair), you can take out an appliance loan. How this type of financing works depends on the method of financing you use.

For example, if you pay for the appliance with a credit card, you’ll simply make your credit card payments as you would for any other purchase. But if you take out a personal loan from a bank or credit union, you’ll have a set number of years to pay off the loan, and there may be certain fees on top of the interest charged.

Methods of Appliance Financing

There are a few key ways of paying for an expensive appliance you can’t afford.

Personal Appliance Loans

You can take out a personal loan from a financial institution for almost anything, including home renovations, a wedding or vacation, debt consolidation, and, yes, even a new appliance.

Credit score requirements for a personal loan vary depending on the lender. Often, borrowers with bad credit can still qualify for personal loans, but interest rates and fees may be higher.

Additionally, lenders might have origination and prepayment fees, so it’s a good idea to read a lender’s loan details thoroughly before signing on the dotted line.

Personal loan terms generally range from two to seven years. Monthly payments will be higher on a shorter loan, but interest rates are typically lower — meaning you’ll spend less on interest over the life of the loan.

Recommended: What Is a Signature Loan?

Credit Cards

If you have a credit card with a high enough limit, you can also pay for an appliance with your card. Just keep in mind your credit card’s APR, or annual percentage rate — if you can’t pay off the balance in full by the due date, you may rack up interest charges quickly.

If you have a cash back or travel credit card, you could earn significant rewards by paying for an appliance on credit. For instance, refrigerators cost anywhere from $430 to $10,600. A 3% cash-back rewards card would earn you $318 on the purchase of a $10,600 fridge.

In-Store Financing

Many retailers offer their own financing options for large appliances, often via a store credit card. Unlike other credit cards, these cards are closed-loop, meaning you can only use them at that store.

These stores, like Lowe’s and Home Depot, may offer special perks for financing with them. This could include no interest if you pay in full within a set number of months or a percentage discount off the purchase price.

Some retailers may also offer rent-to-own options. In this scenario, you’d make a weekly or monthly payment until you’ve paid off the appliance. If you miss a payment, the store will take the appliance back. Rent-to-own fees can be high, making it more expensive for consumers by the time the appliance is paid off.

What Can Appliance Financing Be Used For?

You can use appliance financing for any kind of home appliance, but it’s generally not a good idea to take out a loan for luxury appliances like espresso makers and immersion blenders. Instead, experts advise only taking on loans for appliances that are considered more of a necessity, like:

•   Ovens and stovetops

•   Microwaves

•   Dishwashers

•   Refrigerators

•   Kitchen sinks

•   Washing machines

•   Dryers

Pros and Cons of Appliance Financing

Thinking about using appliance financing for your next household purchase? Let’s weigh the pros and cons:

Pros

Appliance financing offers the following upsides:

•   No waiting: When your washer or oven breaks down, you need a replacement. Sure, you can go to the laundromat and rely on microwave dinners temporarily, but ultimately, you’ll need to purchase a new appliance. If you don’t have the money in your bank account or are saving for other goals, you can instead take out an appliance loan or pay with your credit card to ensure you get the appliance you need without having to wait.

•   Home renovation: If you’re doing a larger home renovation, like remodeling your kitchen, you may be purchasing all-new appliances. Those costs can add up quickly. By using a personal loan for appliances — or even a home renovation loan for the entire project — you can get everything you need, rather than replacing appliances one at a time.

•   Rewards: If you finance your appliance with a rewards credit card, you may earn cash back or miles on your purchase. Or, if you use in-house financing from the store, you may qualify for special terms or even a discount.

Cons

Meanwhile, consider these downsides of appliance financing as well:

•   Higher cost: When you take out a loan for home appliances, you’ll likely pay more for the appliance through interest and fees. Even if you put it on a credit card, you could incur fees if you don’t pay off the balance in full by your next statement due date.

•   Credit score requirements: While bad-credit borrowers can typically get a personal loan, some consumers with low credit scores may have trouble qualifying for in-house financing or credit cards without high fees.

•   Temptation to spend beyond means: Making a low monthly payment instead of paying the full price upfront can create the illusion of affordability. That means you might be tempted to buy an expensive appliance that’s actually outside your budget — after all, the monthly payment looks manageable. Just remember that you’ll have to make that monthly payment for several years.

Recommended: How to Pay for Emergency Home Repairs

The Takeaway

Appliance financing makes it possible to purchase a new appliance when your old one breaks down and you don’t have the cash on hand. Whether you need a new refrigerator, washer and dryer, oven, or dishwasher, an appliance personal loan, in-store financing, or credit card might be the way to go.

Thinking about funding your new appliance with a personal loan from SoFi? You’ll enjoy competitive SoFi personal loan interest rates, and same-day funding. Check out your personal loan rate in just 60 seconds.

FAQ

Which appliances can be financed?

You can finance virtually any appliance if you qualify for a personal loan or pay with a credit card. Retailers that offer in-house financing may only offer their programs for specific appliances, however. Before financing, just keep in mind that it’s not a good idea to finance luxury appliances that you don’t need or can’t afford. Instead, most experts advise using appliance financing for necessary appliances priced within your means, such as a refrigerator or washing machine.

What is the credit requirement for an appliance loan?

Credit requirements for appliance loans vary depending on the type of loan. Borrowers with bad credit typically can find personal loans for appliances, though these will come with high interest and fees. Rent-to-own programs don’t have a credit check. But if you want to take advantage of a retailer’s in-house financing, you may need a credit score of 580 or higher, though requirements vary by store.

Photo credit: iStock/Talaj

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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Legal fees can get expensive. Whether you need to hire an attorney for a divorce case, to represent you against criminal charges, or to guide you through the adoption process, the cost can be prohibitive — but that doesn’t mean you should move forward without legal counsel.

Instead, there are a few different ways to pay for a lawyer, including personal loans. We’ll review how to get a loan for legal fees, as well as other options available to you.

What Are Loans for Legal Fees?

While you cannot find a loan designed specifically for legal fees, you can take out a personal loan to cover your legal costs. If your lawyer mentions taking out a loan for payment, they’re likely referring to a personal loan.

How Do Loans for Legal Fees Work?

Personal loans for legal fees work much like how a personal loan works typically. Personal loan rates and terms vary by financial institution. In general, the longer the loan term, the higher your annual percentage rate (APR) will be, but because the repayment is spread out over more years, the monthly payments will be lower. Generally, personal loan terms range between one and seven years.

When you get a personal loan for legal fees, you’ll get the lump sum from the lending institution to pay your lawyer. Some banks offer same-day funding. Then, rather than owing the lawyer, you’ll owe the lender until the loan is paid off in full.

Keep in mind that, in addition to interest, some personal loans include origination fees and prepayment penalties.

Typical Legal Loan Requirements

When you go to apply, the lender may have a few personal loan requirements that you’ll have to meet. These may vary by financial institution.

Credit Score

A key factor in getting approved for a legal loan is your credit score. In general, the higher your credit score, the better your chances of approval (and at a lower interest rate, which means lower personal loan rates).

The credit score you need for a personal loan will vary by institution. Some lenders may even grant personal loans to borrowers with bad credit. In those cases, fees and APRs are typically very high.

Speaking of your credit score, most lenders offer soft pulls for personal loans to see if you’re qualified. But once you apply, expect a hard inquiry on your credit report, which will temporarily lower your score.

Debt-to-Income Ratio

Lenders also factor in your debt-to-income (DTI) ratio when considering your loan application. Your DTI ratio is the total amount of your monthly debts (think car payment, student loan payments, credit card bills, mortgage, etc.) divided by your monthly income.

The lower your DTI ratio, the better your chances of getting approved for a personal loan for legal fees with favorable rates and terms.

Proof of Income and Employment

To get a legal fee loan, you’ll need to demonstrate your ability to repay it to the lender. That means that lenders often want to see proof of income and employment, such as a signed letter from your employer, pay stubs, and/or W-2 forms.

Self-employed and need a personal loan? You’re not out of luck. Lenders may just want to see your tax returns and/or bank deposit info.

Origination Fees

Some lenders charge a loan origination fee when you take out a personal loan. This is a one-time fee at the start of the loan that covers the administrative costs of processing the loan. (If you’ve ever bought a house, you likely paid a mortgage origination fee as part of your closing costs.)

Personal loan origination fees might be flat fees or a percentage of the loan amount. Not every lender charges these fees.

Collateral

Loans for legal fees are usually unsecured personal loans, meaning they’re not backed by any collateral. Other examples of unsecured loans are traditional credit cards and student loans, where you can borrow money without putting up assets as collateral. Because there’s no collateral, fees and interest rates tend to be higher.

That being said, personal loans can be secured in some instances, meaning you’d have to put up some kind of collateral, like a car or house. Secured personal loans may have lower fees and interest rates, but costs vary by lender.

If you get a secured personal loan for your legal fees, you’ll need to offer some kind of collateral to the lender.

Pros and Cons of Using a Loan to Cover the Cost of Legal Fees

Thinking about using a personal loan to cover legal fees? Here are the pros and cons to consider:

How Legal Fees Are Billed

Legal fees can run the gamut. Your attorney may charge you several types of fees during the course of their representation. Here’s a quick look at some of the fees you might incur when hiring a lawyer:

•   Hourly fees: A lawyer will likely charge you by the hour for their services — and that’s not just the hours you spend consulting with them. Lawyers do a lot of work on your case behind the scenes, and they’ll bill you for every one. Hourly rates can range from as little as $50 to $100 an hour to as much as several thousand dollars an hour, depending on the lawyer’s experience, the complexity of the case, and geographic location. The average hourly rate for a lawyer in 2022 was $313, according to the Clio 2022 Legal Trends Report.

•   Flat rates: Sometimes, a lawyer might charge you a simple fixed fee for a specific service. This is typically for less involved work (i.e., no court representation). For instance, they may charge a set rate to prepare your will or help you with a real estate transaction, bankruptcy filing, or uncontested divorce.

•   Contingency fees: As the name implies, these fees are contingent. You’ll only pay them if you win your case and are awarded a monetary sum. Often, a lawyer’s contingency fees are a percentage of that sum.

•   Litigation fees: Your lawyer may include this as a line item on your invoice, but really, it’s a catch-all for several fees. These include court filing fees, attorney’s fees, expert witness fees, fees for re-creating an accident or accessing records, copy fees, and others.

Recommended: The Cost of a Divorce

Alternatives to Legal Loans

A legal loan is not your only option for covering legal fees. If you don’t want to take out a personal loan or don’t qualify, consider these other options. Just make sure to steer clear of predatory lending.

Credit Cards

Many lawyers accept credit cards as a payment method for their services. If that’s your preferred payment method, ask a lawyer if they accept credit card payments. If they say no, keep looking for a different option.

Just keep in mind that credit cards may have higher interest rates than a personal loan. Check your credit card’s APR to calculate how much you might owe in interest if you don’t pay off your credit card balance quickly.

Legal Payment Plans

Some law offices may offer payment plans to their clients. In this case, you would pay your lawyer in monthly installments rather than in one lump sum.

While not every lawyer offers this option, it never hurts to ask. This is another question you can ask upfront before hiring a lawyer.

Crowdfunding

Asking friends and family for financial help is never easy, but loved ones may chip in if you’re in a bind.

Alternatively, you can seek a wider net of potential benefactors by crowdfunding on social media or using official crowdfund platforms. Just keep in mind that such platforms often keep a percentage of the funds as payment.

Taking Out a Personal Loan With SoFi

Paying for costly legal fees with a personal loan can ease the process and make legal counsel more accessible, whether you’re adopting a child, getting a divorce, fighting criminal charges, or suing a person or business as a victim. SoFi offers personal loans at competitive rates.

Tackle your legal fees with a personal loan from SoFi.

FAQ

Is it legal to take out a loan for legal fees?

Yes, it is legal to take out a loan for legal fees. Legal funding loans are simply personal loans that you take out with a lender to cover the cost of hiring a lawyer.

Can legal fees be tax deductible?

If you’re a business owner who incurs legal fees for your business, you can deduct the cost on your taxes. This applies to property owners who incur legal fees when renting out their property to tenants. In addition, legal fees related to adopting a child are tax-deductible through the federal adoption tax credit.

Can legal fees be paid in installments?

Many law firms offer payment plans to their clients that allow them to make payments in installments. If your lawyer doesn’t offer this and you can’t pay out of pocket, you can also look for a legal finance loan (a personal loan) to cover the cost. While you’ll pay the lawyer in a lump sum, you’ll pay off the loan in installments.

Photo credit: iStock/Andrii Yalanskyi

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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Payday loans are also called cash advance loans, deferred deposit loans, post-dated check loans, or check advance loans. They are short-term, high-interest loans. People who use these loans tend not to have access to other types of lending, and this is a last resort to get them through to the next paycheck.

Many states consider these loans predatory because of their high interest rates and financing fees. Some states place caps on the fees and interest rates or ban this type of lending completely.

Read on to find out what a payday loan is, how they work, and other options for those who need a short-term loan or cash advance.

What Is a Payday Loan?

Payday loans, also known as cash advances, are high-interest, short-term loans, typically for $500 or less. They are notorious for having very high interest rates and fees. There are few payday loan requirements, but borrowers typically need to be over 18, have a checking account in good standing, and show that they earn a secure income.

Consumers can find these types of loans through online lenders, apps, and local brick-and-mortar merchants. The loan amount is typically paid back by direct debit once the borrower receives their next paycheck. Alternatively, loans may be secured with a post-dated check.

How Does a Payday Loan Work?

Consumers fill out an application with a lender and show proof of identity, a recent pay stub, and a bank account number if required.

Borrowers have to secure the loan with a post-dated check or agree to have the funds debited from their account when they are paid, usually in two weeks. Loans are usually between $50 and $1,000, and funds are deposited within a day or two. Borrowers can also receive cash.

People with bad credit and access to better financing tend to use these loans to help them get by temporarily. However, payday loan problems are well-known: High interest rates and exorbitant fees can trap someone in spiraling debt if they cannot repay the loan on time.

The Consumer Financial Protection Bureau states, “More than four out of five payday loans are re-borrowed within a month, usually right when the loan is due or shortly thereafter.” Borrowers then face even higher financing fees and interest rates compounding their debt load.

Many states place caps on the interest rates and fees charged for payday loans; some states, such as New York, have outlawed them completely.

What Are the Requirements for a Payday Loan?

Most working adults qualify for a payday loan. Here are the most common standards.

Age

Borrowers must be at least 18 years of age.

Proof of Income

Applicants have to show proof of income, such as a pay stub.

Citizenship

Consumers may have to show proof of U.S. citizenship.

Bank Account

Borrowers need to have a bank account that is in good standing.

Payday Loan Interest Rates

Depending on the state, interest rates for payday loans can carry a 400% annual percentage rate (APR) or more.

In states that cap interest rates on payday loans, lenders may instead charge a fee that is a percentage of the amount loaned. Finance charges can be between $15 and $30 for each $100 borrowed.

Payday Loan Amounts

Payday loan amounts are usually $100 to $1,000. In some states, a borrower is allowed only one payday loan at a time. Other states, like Texas and Nevada, offer unlimited payday loans for customers.

Alternatives to a Payday Loan

Rather than take out a high-interest payday loan, there are better options for people in a precarious financial situation.

Credit Cards

If the borrower has a credit score, using a credit card is a safer bet than a payday loan. The average credit card interest rate is around 22%, while payday loan interest can be over 400%. However, if the borrower needs the cash to pay bills such as rent or utilities, that is often not possible with a credit card.

Cash Advance Loans

A cash advance loan puts cash immediately into your bank account. These loans are offered by online lenders, such as Earnin or PayActiv. These companies don’t charge loan financing fees but ask for “tips.” So, a borrower might tip between 5 and 15% of the advance. These apps are often marketed as payroll benefits, and they charge membership and service fees.

TSP Loans

A TSP account is a tax-deferred retirement savings and investment plan that offers Federal employees the same tax advantages as a 401(k) retirement plan. If you have a TSP retirement account, you can take out a loan from that plan without having to pay tax or penalties. However, you must pay the amount back to the account within five years with interest (which will be much lower than the interest on a payday loan).

Personal Loans

For consumers with a good credit score, banks and online lenders offer unsecured or secured personal loans. Unsecured loans are not backed by any collateral and will have a higher interest rate than a secured loan, but not as high as a payday loan.

Unexpected expenses can be paid for with a personal loan and at a lower interest rate. Many people take out personal loans to pay off credit card debt because the interest rate on a personal loan is less than the interest rate paid on their credit card debt. Getting approved for a personal loan isn’t hard if you have good credit.

Loan payback terms can be between two to seven years, with loan amounts typically between $1,000 and $50,000. If you manage the payments on a personal loan responsibly, you can build up a strong credit history. That is not the case with a payday loan, which is not reported to credit rating bureaus.

Recommended: What Is a Personal Loan?

The Takeaway

Payday loans are short-term loans that cash-strapped consumers use to get by until their next paycheck. The borrower is expected to repay the loan on their next payday, or they may submit a post-dated check. Interest rates are extremely high because of the risk to the lender that the borrower will default. Unfortunately, this is often the case, and borrowers can find themselves spiraling into debt as interest and fees accumulate. For this reason, many states have banned payday loans.

Payday loans are probably the worst option for quick cash. But a SoFi Personal Loan offers fixed, competitive interest rates on loans from $5K to $100K. And there are no fees ever.

FAQ

What are the requirements to get a payday loan?

Most working adults qualify for a payday loan. A borrower needs to be 18 or over, show proof of income (a paystub) and citizenship, and have a bank account.

Is proof of income a requirement for a payday loan?

A lender requires proof of income because they want to know you have the means to pay the loan back. A recent pay stub or similar documentation is typically enough.

Is taking out a payday loan a good idea?

Basically, no. A payday loan should only be used as a last resort, and if you are sure you can pay back the loan in two weeks. Even then, the interest you will pay will be much higher than a cash advance or a short-term loan from an online lender.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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Today’s burgeoning bathroom trends range from bold color palettes to high-tech functions. Whether you’re gut-renovating a primary bathroom or freshening up a powder room, you’re bound to find plenty of inspiration at all price points and levels of difficulty.

Keep reading to find bathroom remodel ideas for 2022, plus tips on how to budget for the home spa of your dreams.

8 Bathroom Ideas for 2022

The dominant bathroom trends for 2022 skew modern in nature with clean lines, organic materials, and a lot of warm, natural wood. At the same time, some homeowners are taking cues from their grandmothers, incorporating throwbacks to the 1960s with pink tile and patterned wallpaper. Whichever route you take, there’s little denying these bathroom ideas 2022 have a little something for everybody.

For a deeper dive into the topic, check out our guide to bathroom remodels.

1. Opt for an All-in-One Shower and Bath

Price: Moderate
Difficulty: High
Style: Contemporary

Functionality is at the forefront of many homeowners’ minds. And what’s more functional than a bathtub that doubles as a shower? It saves space and can be more economical than adding two separate bathing areas. Prepare to spend $1,100-$5,500 to remodel a shower alone, whereas a shower-tub combo costs around $1,400-$1,600, including fixtures and modifications.

Recommended: The Cost To Repair a Plumbing Leak

2. Choose Earthy, Organic Styles

Price: Low to Moderate
Difficulty: Moderate
Style: Contemporary

Gone are the days when subway tile was the only way to decorate a shower enclosure. In 2022 bathroom trends, tile is more tactile and natural. To mix things up, consider stacking tile vertically during layout, then enclosing it with a horizontal border.

Homeowners are opting for wooden tile for an organic look, often complementing it with white floor tile. Also on the rise: other natural materials in earthy tones that give the bathroom a sense of warmth.

3. Bring the Outdoors In

Price: Low
Difficulty: Easy
Style: Contemporary

In addition to earthy tones, homeowners are adding more plants to their bathroom spaces. Lush greenery is an economical way to mimic the feel of a resort spa. In addition to floor and counter planters, consider hanging plants from the ceiling in locations that enjoy natural light.

If you’ve got the budget to spare, merge indoors and out via a glass wall and outdoor rain shower.

4. Add Twin Showerheads

Price: Low
Difficulty: Moderate
Style: Contemporary

Adding side-by-side showerheads is one of many shower remodel ideas you may choose to add to your bath remodel. Not only does it add symmetry to your shower, but it allows more than one person to shower at a time. That can come in handy if you have children you’re trying to bathe simultaneously, or spouses who get ready for work at the same time.

5. Incorporate Creative Storage Solutions

Price: Moderate
Difficulty: Easy to Moderate
Style: Contemporary

If you live in an apartment or own a home with smaller bathrooms, finding new ways to add storage is at the top of many homeowners’ priority list. Perhaps you have an unused nook where you can add built-ins for toiletries and linens. Or you can replace a floating vanity with one that has under-sink storage. Built-ins and custom cabinetry can cause your bathroom budget to balloon, but they’re often worth the investment if space elsewhere in your home is at a premium.

6. Switch to a Bold Black Palette

Price: Varies
Difficulty: Easy to moderate
Style: Contemporary

Black is back in bathroom trends 2022. Taking a page out of Scandinavian design (which is fond of mixing black with natural wood), interior designers are using black walls, floors, and stone to make a strong statement. Even bathroom fixtures are skewing dark with matte black tubs and faucets.

Love black but don’t want your entire bathroom to be a single color? Use black sparingly instead — on floor tile, a wooden wall covering, or a sink and toilet combo — and incorporating gold fixtures.

7. Go All Out with Color and Pattern

Price: Varies
Difficulty: Moderate
Style: Traditional

On the flip side of the sleek black trend is Grandma’s bubblegum-pink bathroom. Adding a splash of color to your bathroom is one way to up the wow factor. Dare to go all pink — from a clawfoot tub to dusty rose floor tile to a blush-dominant floral wallpaper. Or simply add a pink toilet as a statement piece. Want to test out this bathroom trend but wary of going too pink? Modern wallpaper patterns (think: flamingos and palm leaves) and geometric tile are two ways to walk the line between traditional and modern.

8. Go High-Tech

Price: Moderate
Difficulty: Moderate
Style: Contemporary

As home technology continues to advance, so do homeowners’ desires to operate everything via apps and devices. Many homeowners opt for wall-mounted digital interfaces that operate everything from the shower heads to stereo speakers. Adding heated flooring and high-tech bidets are also among the top bathroom ideas 2022.

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How To Budget for Your Bathroom Reno

When researching materials, start with what you know you need: tile, faucet, paint, etc. For things like tile and paint, plan on purchasing 20% more than your square footage requires. Then consult DIY sites to make sure you include all the necessary incidentals to complete the project. For a DIY tiling project, for example, you’ll need grout, a grout float, thinset, sealant, drop cloths, etc. (Here’s some info on how to keep inflation from blowing your reno budget.)

The most expensive part of a bathroom reno is labor. If you’re hiring a contractor to do the work, expect 75% of your budget to go to the contractor(s). That’s because full bathroom updates require a number of specialists, such as plumbers, electricians, and tile installers. Even for smaller updates, a general contractor can cost $50-$75 an hour. (Learn more about how to find the right contractor.)

Finally, experts recommend adding a 20%-30% cushion to your overall budget to cover any unforeseen issues.

Keep Resale Value in Mind

The good news is that bathroom updates do increase your home’s value — but there are limits. Typical updates recoup about 70% of their cost, while upscale renos have a lower ROI of about 60%, according to the 2022 State of Remodeling in the U.S. survey.

The upshot: You’ll enjoy a better bang for your buck by keeping updates modest and avoiding anything too trendy or unique (ahem, black bathtub).

Consider Your Financing Options

Before you commit to any of these bathroom remodel ideas, you’ll need to figure out how you’re going to finance your home improvement project. A personal loan, credit card, savings, or HELOC are all ways you might finance your bathroom remodel. No matter how you pay for your bathroom upgrades, it’s wise to weigh your options and compare terms, conditions, and interest rates upfront.

The Takeaway

Some bathroom trends for 2022 are on the practical side, such as creative storage and side-by-side showerheads. Others are more daring, like switching to matte black fixtures. Whichever way your tastes lean, make sure you have the budget to do things right. It’s what’s behind the walls that really matters — to your family and potential homebuyers.

Don’t rely on credit cards to fund your reno. With a home improvement loan from SoFi, you can borrow up to $100,000 at a competitive fixed rate, and with no fees. So there’s no need to cut corners on your dream bathroom.

Personal Loan Tips

Tip 1

If you don’t have the cash to renovate or remodel your home, one financing option is a personal or home improvement loan, which can be faster and easier to secure than a construction loan.

Tip 2

In a climate where interest rates are rising, you’re likely better off with a fixed interest rate than a variable rate, even though the variable rate is initially lower. On the flip side, if rates are falling, you may be better off with a variable interest rate.

Tip 3

Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

Photo credit: iStock/LeoPatrizi

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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