Most people dream of their wedding day long before it actually comes around. After all, a wedding is a one-of-a-kind celebration that brings two families together. And it goes without saying this day needs to be perfect in every way. The decor, the food, the ambience, the music, and of course, the couple themselves – all of this needs to be just right.
To get this done, however, the expenses involved may be quite steep. Fortunately, a wedding loan can help you have the wedding of your dreams without any additional financial strain.
What Is A Wedding Loan?
A wedding loan is just like a personal loan that you use to pay for your wedding expenses. Decor, venue, attire, caterers, etc can burn a hole in your pocket. This is when a wedding loan comes in handy as with this kind of personal loan, you can pay for your arrangements easily.
Loans for weddings are unsecured which means they require no collateral. Depending on your creditworthiness and the amount you want to borrow, the loan may differ from lender to lender. The rate of interest may vary from 5.95% to over 35%. Some lenders may offer low interest personal loans. Depending on the loan amount, the tenure for wedding loans may differ; some may range between 3 to 5 years and some may even extend up to 12 years.
The Amount Of Money You Can Get From A Wedding Loan:
Usually, for your wedding, you can get as much as you need from the lender, but the overall amount that you will repay is influenced by the following factors:
Credit Score:
A credit score of 700-900 is considered good, and will positively influence the loan amount by granting you access to low interest personal loans.
Co-borrower:
If you have a co-borrower you can get a wedding loan much more easily. A co-borrower may have their name listed on the documents for the loan. The co-borrower should also have a good credit history so that he or she qualifies for the loan.
Lender:
The loan amount and rate of interest varies from lender to lender. It is best to compare and contrast all loans available to ensure that you choose the one that suits your needs best.
Income And Existing Debt:
Loans for weddings are unsecured, which means there is absolutely no collateral involved. That increases the risk for the lender, and hence it’s important for the lenders to check your income and existing debts before approving your loan.
When Is The Right Time to Get A Wedding Loan?
Need Money Instantly:
You may need money right away to book your venue or other wedding services so that you can plan better. This is when a wedding loan comes in handy.
Going Over-Budget:
Since a wedding is a once-in-a-lifetime experience, it is tempting to leave no stone unturned in making the event extra special. Every small element of the wedding needs to be perfect, resulting in your budgets going awry. A wedding loan can help you ensure that you do not compromise on any element of the wedding whatsoever.
The Bottom Line:
Weddings can be a very expensive event but it’s a once-in-a-lifetime experience. It can cost you a lot of money which is why you should opt for wedding loans which help you cover your expenses and enjoy your special day in peace. You can explore Finserv MARKETS to find out which wedding loans are most suitable for you.
