Are you happily engaged? Now it’s time to plan your wedding.
One of the toughest questions here is what are the best ways to pay for a wedding. Will you use your savings, tap your family, or take out wedding loans with bad credit?
Here is what you should take into account before you start planning the ceremony and the upcoming honeymoon.
Wedding is really expensive in the US and the average cost of it was $33,931 in 2018. The biggest parts of this total sum go for the venue, the reception band, and the photographer. This doesn’t include honeymoon expenses that are also not cheap depending on the place the couple would like to go. The average wedding reception hosts 136 guests and the couple spends about $260 per guest.
As for the honeymoon, the Travel Industry Association of America mentioned that the average couple spends about $4,466 for their honeymoon and pay this sum on their own without extra wedding financing.
If you don’t have enough savings, or the wedding together with your dream honeymoon exceeds your budget, there are alternative options, such as wedding loans.
Financing a Wedding – Best Options
Those who are currently trying to plan the event already know how challenging and time-consuming it may be. Although this is going to be the best day in your life, it is necessary to plan everything from the venue to a candy station to a reception band. And every point in your list costs money. If you haven’t saved enough and don’t want to tap your relatives, choosing a personal loan for a wedding can be a better solution.
Every couple decides what is best for them – to wait until they can fund a wedding of their dreams on their own or select a smaller and cheaper celebration. However, just think of this day as the one that will probably never repeat again – so it pays to listen to your heart and let your dreams come true. Taking out a wedding loan, lenders will mainly offer the same short-term loan that can cover any expenses.
What Are Loans for Wedding?
In other words, wedding ring loans are small personal loans that are unsecured, so they don’t demand collateral such as a house or a car to secure them. A borrower may take out a certain sum of money that will be transferred to the banking account, and use this money for the event expenses – pay for the venue, the entertainment, guests, food, photographer, candy bar, reception band, etc.
Whatever your dream wedding is, you will be able to implement any bald plans and turn this day into a memorable experience with the help of a wedding financing for bad credit.
Even if your credit history isn’t excellent but you still have a steady source of employment, bad credit wedding loans can offer relief and provide the necessary funds. Experts suggest to think twice and create a real plan of every expense connected with this event, so that you know the total sum and how much exactly you need to take out.
Loans for bad credit can be helpful provided that you are accountable for this debt and use it wisely.
Benefits of Wedding Loans
- Many options. Borrowers may turn to various finance-related service providers and receive multiple offers from lenders with different loan terms and conditions. It is easy and fast to compare several offers and opt for the most suitable personal loans for wedding expenses.
- Fixed terms. How can I fund my wedding with this loan? It works similar to an installment loan that should be repaid in fixed small monthly installments. This way the borrower’s credit score will boost and the credit history will improve.
- Lower interest rates. Is getting a loan for a wedding worth it? If you are a responsible borrower and always pay the debt off in time and in full, you won’t have problems with loan offers. Many creditors want to deal with consumers who have a decent credit history. They provide lower interest rates for such borrowers.
Drawbacks of Wedding Loans
- Additional debt. Always make your wise decision about whether taking out a loan is the best option for you in a certain situation. Consider various solutions and read the loan agreement thoroughly before you sign it. Remember that this is the debt that is not granted to you and will need to be repaid.
- High interest rates. This drawback is true for those consumers who didn’t always pay the debt off in time and have a bad credit score. Not many lenders will want to risk their money, so they will offer higher interest rates. Be prepared to increase the total cost of the loan if you need the cash urgently and didn’t have the time to boost your credit.
All in all, this is how to get a loan for a wedding and how to avoid mistakes. Follow these simple rules and make your wedding an unforgettable day of your life!