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The major events in our lives, such as milestone birthdays, weddings, anniversaries, or cultural festivals, deserve major celebrations. Whether you’re organising a major event in advance, or need to get one ready at the last minute, there are options available to help finance your event without a hitch.
Why do people use personal loans for major events?
It’s easy to get swept up in the moment when planning a major event, and forget that at the end of the day, a lot of what makes your event special, from the venue to the decorations, the music and the catering, will need to be paid for.
Support from family and friends can be a big help when organising a major event, but a personal loan may provide the extra financial help you need to get your event off the ground while keeping your budget under control.
What are the main features of personal loans for major events?
Personal loans for major events can be for a couple of thousand dollars, or tens of thousands, to be repaid over a term of one or more years. The longer your personal loan term, the lower the repayments will cost from month to month, though you may pay more in interest and fees over the long run.
Unsecured personal loansoffer flexibility, though a secured personal loan uses a deposit, or equity in your home or car, to guarantee your loan and help lower your interest rate. To keep your budgeting simple, a fixed interest rate keeps your repayments consistent, thoughvariable rate personal loansare also available.
A personal loan that allows extra repayments can help you clear your debt faster and pay less interest by paying a bit more when you can afford it, such as when you get a bonus or tax refund. If your personal loan has no exit fees, you can keep paying extra until it’s time to exit the loan ahead of schedule. And a personal loan with a redraw facility can let you withdraw some of these extra repayments if you need them, such as when another surprise major event comes up.
If you have bad credit, you may find it more difficult to get a personal loan, but it’s not impossible. Just remember that bad credit personal loans from specialist lenders may have higher interest rates and more limitations than other loans.
What are the pros and cons of personal loans for major events?
Using a personal loan to pay for a major event can help you quickly get the event’s finances under control, so you can concentrate on the finer details, like rearranging the seating plan, or picking a caterer that fits the dietary requirements. Covering your event’s costs with a personal loan also means you won’t be dipping into your own savings, and a low rate personal loan can help minimise the impact on your household budget in the future.
Whenever you borrow money, it’s important to remember that the longer you take to pay it back, the more you’ll ultimately pay in fees and interest charges. Also, while some lenders can process personal loan applications quickly, you still may not get the money in time if you’re organising an unexpected major event at the last minute.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Can I get guaranteed approval for a bad credit personal loan?
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.