Everybody wants to have this dream wedding, no one wants the opposite. We could be practical but of course, we want the best on that day – or at least have it be memorable.
The average wedding costs in the US in 2019 is around $30,000 to $34,000. Some countries have lesser costs but mostly in the US, it is on that range. The venue for the ceremony and the reception after usually take half of the costs.
Some save up for this special day while others apply for a loan.
It’s true that a nice setting and good food have a contribution when it comes to wedding days. Even photos and videos make it memorable. However, if you won’t be able to save for it, it is more of an expense for couples and not in any way an investment.
You could be dreaming to have a fairytale-like wedding but if you don’t have the funds, it is not a good idea to start with.
However, many people fall for applying for a loan – simply because they want to have the best wedding day – and they will do everything just to make it happen.
What is Wedding Loan?
It is just a normal personal loan years before however lately, it is being labeled as “wedding loans” by licensed money lenders and since then, the percentage of wedding loans being applied for by couples is skyrocketing.
Mainly the reason why is because a lot of people are marrying and sadly, they don’t have enough savings to throw off the party they did plan in the beginning.
It’s a good marketing tactic for lenders as it will definitely lure people to take a loan.
A wedding loan doesn’t need any collateral, unlike other secured personal loans. It only depends on the credit history that you have. So if you don’t get have a great credit score and you want to get married, you have to save up money for it – or apply when your credit score is doing good.
What Are The Advantages of Wedding Loans?
Everybody wants to get married just once – to the love of their life. Unless that love of your life is not meant for you, then you’re really going to be married more than once.
And since it is once in a lifetime experience, most people take the risk of asking for a wedding loan. The good side for taking up this loan is, there’s no collateral and it is easier to apply for than other loans that come with a credit card.
What are the Disadvantages of Wedding Loans?
If there’s an advantage of getting a wedding loan, sure there are disadvantages as well.
There are two types of couples that get married every single day. The first one is the one who saved up for their wedding day and worked hard for it – they deserved to have a good one and the party of the century. Then there’s the second one, who grabbed a wedding loan and started their life together in debt.
There are people who have principles of not having any online loans – at all. And there are people who are okay with getting a loan.
Whichever your principles are, studies show that financial issues are one of the reasons why marriage crumbles.
The question is, do you want to start with a crumbled paper and spend time to flatten it out as hard as you can instead of saving up for your wedding day even if that means not eating out for quite some months?
You’re not just saving up for the wedding day, but for the relationship in the future.
A wedding loan is a personal loan that is exclusive for those couples who are planning to get married and wants to borrow additional funds for their marriage. There are advantages and disadvantages that you need to check on before you go plunge yourself and sign that document borrowing money from a loan company. It is always a decision that should come from both parties (bride and groom).
Piece of advice, if you are just going to show off that’s why you’re borrowing money for your wedding, quit it. Just save for it.
Like what you have read so far? Click here for more articles about personal loans and how you can get them.