A loan for marriage as the start of an eternal relationship
A wedding loan is a guarantee for an unforgettable wedding day. In recent decades, there has been a tendency for fewer people to want to reinforce their relationship with marriage. But marriages that are concluded are increasingly accompanied by a very large wedding party. With a large number of guests, a great party with dinner, lots of booze, a music band and all kinds of other entertainment. Some couples even invite their guests to a dream location abroad. This is often only possible with a loan for marriage.
Marriage costs more than expected
Even the smallest wedding party often costs more than anticipated. There are simply precious traditions for which you have to spend the necessary money. Such as the clothes of the bride and groom, the wedding bouquet and the wedding car. Those who do not want to hold their wedding party at home will have to rent a party location. If you have not been able to save a good amount of time, a loan for marriage can be a solution. That's a personal loan that is high enough to cover all the costs associated with a marriage. With a loan for marriage, you can repay the costs of your marriage in monthly installments.
What does a marriage cost?
To determine how much a loan for marriage should be, you must first determine how much your marriage will cost. It is good to use your imagination and answer a number of questions for yourself. That way you will find out which things should at least be part of your wedding day. Do you want to have the wedding performed abroad? Do you want to invite all friends and family and do you want to pay for their trip? Do guests have to be accommodated in a hotel the night after the wedding? These are all things that can drive the price of a marriage up considerably.
Stay in control of your spending
Those who have their wedding take place abroad and want to take care of all guests down to the last detail, can easily end up with an amount of around $ 100,000 in terms of costs. You can have a very simple marriage for as little as $ 1,250. It doesn't matter whether you want an expensive or cheap marriage. In all cases you have to make a good estimate of the costs you think you will spend. Because nothing is more annoying than that you made a wrong estimate afterwards, so that the loan for marriage is too low.
What is a loan for marriage?
A loan for marriage is nothing more than a personal loan. You borrow an amount of which the costs of the marriage can be paid. In the months and years thereafter, the loan is repaid to the lender with interest. Unlike with a loan for a new car, there is no collateral with a loan for marriage. You are therefore free to spend the loan as you want. Some couples use part of a marriage loan for a honeymoon.
How Much is a Marriage Loan?
Of course, it depends on the amount of savings you want to invest in the wedding, and on the costs of your wedding, how high a loan for marriage is. The lenders are flexible in this. Marriage loan amounts are known to vary between $ 1,250 and $ 100,000. It just depends on how much money you are willing to spend on the wedding party. How much money you can borrow depends on a few factors, such as the amount that you can pay off monthly.
What can you use a loan for marriage for?
It is completely up to you what you want to use a loan for marriage for. The lender will not interfere with this. You can use the money for the wedding dress and the wedding suit, the shoes, jewelry, the food, the wedding location, a wedding planner, the photographer, the hairdresser, printed matter, souvenirs for the guests, flowers, the wedding car, etc. You can completely furnish according to your own ideas. The only thing the lender is interested in is whether you can repay the loan.
Who Can Apply for a Marriage Loan?
Anyone can apply for a marriage loan, but there are a few conditions that you must meet. First, you must be at least 22 years old. Another requirement is that you have a permanent job. Those who meet these conditions can apply to a lender for what amount they can get a loan for marriage. Most lenders respond within 24 hours. You immediately know how much interest must be paid, what the monthly payment is and how long you have to pay off.
What happens if the loan is granted for marriage?
If a loan for marriage is honored, the money will be deposited into your bank account. You can pay all costs for the wedding. One month after the money has been deposited, repayments will start. This happens once a month. The amount that is paid has been agreed with the lender. Because all payments are already included in a repayment plan, you know in advance how long to pay off. A loan for marriage therefore provides the certainty that you can organize a nice wedding party and when you have finished paying off that party.
Which is better, saving or borrowing for marriage?
Whether you want to pay for your marriage with savings or whether you take out a loan for marriage, each has its own advantages. Those who want to use savings have the advantage that no interest has to be paid. The disadvantage of using savings is that you no longer have a buffer for unexpected setbacks. A disadvantage of borrowing for marriage is that you have to pay interest, but an advantage is that you know exactly where you stand financially in advance. When borrowing for marriage, it is not necessary to postpone the wedding because there is not enough money saved.
How can you save on the cost of marriage?
Anyone who has put together their ideal wedding day may come to the conclusion that it will all cost a lot of money. In order to take out a somewhat lower loan for marriage, there are a number of things that can easily be used to save money. It is recommended that you spend less money on things that are less important to you and that you keep the things that are important to you according to the original plans.
A good way to save money is to limit the number of guests. This can be an option if you are less committed to a traditional wedding. This will make your wedding party a bit more intimate. The advantage is that you can then talk to all guests. Other options to save include replacing the professional wedding photographer with a good family amateur photographer, canceling an aperitif, or hiring a disc jockey instead of a full-length music band.
Shopping at lenders
Just like with other loans, it is good to look for a lender that suits you best in terms of conditions. That is why it is smart to compare the different lenders. Due to differences in interest rates, it may just be that you pay $ 1,000 less for a loan for marriage at one lender than at another. Objective comparison of lenders can be done with an independent advisor. You can do the comparison online, but sometimes it is more pleasant to request a meeting with an independent advisor.