You said yes! And now you are planning the wedding of your dreams. At such an exciting time, the last thing you want is monetary stress. However, weddings can be expensive and that dream wedding may be more than you can afford. Luckily, you have options! One thing you should definitely consider is a wedding loan and you can find out all about it here!
What is a Wedding Loan?
Wedding loans are a personal loan that you can use to fund your dream wedding. You can apply for this kind of loan as you would any type of small loans, through a bank, credit union or even online. Typically, the lender will check your credit report, your financial history, and your debt to income ratio in order to approve you for the loan. Once the loan is approved, you can spend it as you like! Most wedding loans are very flexible and do not require you to spend on specific things, which makes them a perfect fit.
Uses of a Wedding Loan
You can use cash loans to pay for almost every aspect of your wedding. Use the money for the deposit on your venue, spend it on your honeymoon or use the cash to buy that perfect dress. Anything that you may need extra funding for can be covered by a loan. That is why they are great! You can have everything you want and need on your big day.
Cash in Your Future
While taking out debt right before your wedding may be something that you are debating, weighing both the good and bad, keep in mind that you may be getting cash as gifts from your wedding. You can use the cash to help pay off your wedding loan, making it not as much of a financial burden once the wedding is over. Of course, you should not depend on cash gifts completely (you never know what people may give to the new married couple!). Be sure that you will be able to pay back the small loan on your own accord.
Take Out What You Need
While you are thinking about paying back your loan, be sure that you can easily afford the monthly payment. If you are unsure, talk to your lender as they may be able to give you some solid financial advice regarding the loan. They may suggest taking out a little less or a little more once they see what you can afford. Limit your loan to what you need to solely cover your wedding expenses. This will help keep your monthly payments low and manageable.
Assess Your Costs and Necessities
If you are having trouble finding extra cash to pay for your wedding, assess what you really need and want for your big day. If you have always dreamed about having your wedding at an Italian winery then book it! But if ice sculptures just sound like a cool wedding feature, but aren’t something functional or that you must have, maybe skip them and save some money. Use your wedding loan wisely and you will be glad you did!