The A, B’s and C’s of Wedding Loans
The day of the wedding is considered to be one of the most significant days in any person's lives. People usually spend all of their life dreaming about the perfect D-Day. Weddings are also a costly affair. Turning every dream of yours into reality and bringing in different aspects from all walks of life can put up weight in your shoulders. You can never put a cap on your dreams. Economic constraints should not stop you and your finance to have the wedding you have always wanted.
Mention about wedding loans before pros
Pros
Quick money
Availing a marriage loan will provide you with the funds swiftly. The hassle-free process does not take a lot of time to process. Usually, within 3-4 business days, your loan is sanctioned.
Convenient
From the decorators to the designers to the wedding planners, all of them require some upfront payment to get ahead with the process. Having a large chunk of money sitting aside can be an easy way to pay them but if not a marriage loan will serve the purpose.
Improved credit score
Once you have availed a marriage loan and had the day you have always fantasised, you will need to start the repayment process. If the dues are paid timely, with no outstanding payment, your credit score can drastically increase.
Easy
After you have submitted your application and get through with paperwork, the funds are realised. It is not a lengthy - time taking process.
Lower interest rates
Having a good credit score and a clean credit score will also increase your chances of a marriage loan with a lower credit score.
Cons
No limit on spending
It is a matter of fact that you can not quantify your dreams. This D-Day must have been well thought about for the longest time. Everything from the decorations to the invitations to the dress and food needs to be top-notch. But there lies a difference be a wedding of your dreams and reckless spending. Somewhere or the other, you will need to draw a line. A wedding can be planned under any budget.
Starting the marriage with debt
Marriage is not easy. It itself comes with a lot of commitments, stress and emotional baggage. Adding another factor to it might become stressful.
Difficulty in availing new loans
You might want to buy a new house or a new car after the wedding. Already having outstanding loans might make things a little stressful while applying for a new loan.
Financing for a wedding
Some people, especially parents who take over the responsibility of paying their kids’ wedding, borrow finances against the mortgage of their homes. This is not a very favored option because the failure to pay back can let the lenders take away the property. You can also avail personal loans and use it for wedding expenses. Having a good credit score, above 620 might make it easier to avail a personal loan. But not everyone can meet this condition. A number of online lenders have also made the mark in the last few years. They release the required funds after your application has been successfully processed similar to any other financial entity. Then starts the monthly repayment process. Unlike banks, these lenders provide you with a number of options to choose from and you can even customize your own plan.
For sure, the wedding day is one of the most memorable days of your whole life. They can be done in any sort of budget. A wedding at the courthouse is just as special as in a large chapel or alongside a beach. A wedding with friends and family is just as beautiful as having just the two of you. But if you are happily engaged and can spare some time till the wedding while you can manage your finances to the best of your abilities with putting much financial burden on your marriage or your family, then go for it. This time will not only let you and your partner know each other deeply but also understand them. The day should reflect the relationship you and your financé share, don’t let the world think otherwise. Know more about - how to get a loan for a wedding
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