You asked. She said yes. Now you’re planning a wedding together. How exciting! But, wait, how are you going to pay for it all? The average cost of a wedding today is $33,400, but this is just a general estimate. There are many couples who spend well over that, and if you figure in the honeymoon too, you’re looking at $50,000 easy.
That’s a pretty hefty sum for couples who don’t have that much saved or whose parents can’t afford to give them much. If you’re short on cash but can’t wait to say “I do,” you may want to consider a personal loan for a wedding. You can get a loan through Credit Direct for up to $40,000, plenty of money to get the dress with the long train, the six-tiered wedding cake, even that honeymoon in Aruba.
Before taking the leap, consider these reasons why wedding financing loans may be a good idea.
How Wedding Loans Work
First off, a wedding loan is a personal loan you can apply for in order to cover the cost of your wedding. It is a type of consumer installment loan in which you make scheduled payments on the principal and interest throughout the term. You’ll have to sit down and crunch the numbers first.
How much can you realistically afford in payments each month over the next few years? Are there any extra costs you can cut out to make it more affordable? Lenders will take your credit score and income into account when determining if you qualify. You’ll get the best interest rate if you have excellent credit.
Shop around with different lenders before signing on the dotted line.
Should You Go For It?
You’ll have to do your homework first to determine if wedding financing loans are right for you. This type of loan:
- Is easily obtainable: Got a credit score of 700 or above? It will be easier on you to get approval on a personal loan for wedding-related expenses.
- Often comes with attractive interest rates: You have a better chance of getting a low interest rate if you have good credit.
- Gives you no-hassle payments: With providers like Credit Direct, you can set up a convenient monthly payment plan for wedding loans. You can choose from flexible terms so you can pay off the loan over time, within your budget, rather than scrambling to come up with so much cash at once.
- Allows for stress-free wedding planning: Let’s face it…the biggest stress of a wedding is wondering how you’re going to pay for it all. Instead of scrimping on everything from the flowers to the food, with the right financial backing, you can relax and pay a bit more for the things that are important to you.
- Allows you to get going immediately: Whereas without a loan, you may have had to postpone your engagement or have a long one of two years or more, you can get started on the planning right away. With assurances of cash flow, your wedding doesn’t have to take a back seat to financial concerns.
- Gives you long-term assurances of payment stability: Even if you have excellent credit and slap your whole wedding on a 0% APR credit card, that promotional offer won’t last forever. Once that period is over, your interest rate could jump up to 20 percent or more, which is much higher than the interest rate you’d get on a personal loan for a wedding. A personal loan has fixed interest rates and payments so there are never any surprises.
- Allows you to draw from one source to cover a variety of elements, from the venue and the bride’s dress to flowers and photography. You get the flexibility to pay for those things piecemeal or all in one. You can’t always pay for things like a wedding coordinator, photographer and pianist via credit card. Having cash is simply more convenient.
Alternative Options for Personal Loans
All avenues should be exhausted before you apply for a personal loan. Can you borrow the money from your parents with no interest rate? Can you rework your budget to make it more affordable so you can pay with the smaller amount of cash you already have? Is postponing the wedding six to 12 months feasible in order to save up?
These things aren’t always possible for everyone. That’s why a personal loan for a wedding is a wise idea in many circumstances.
Contact Credit Direct
Go after that wedding of your dreams. Pay it off affordably each month with wedding loans from Credit Direct.