What are wedding loans?
Getting married is likely to be one of the best days of your life, although there is undoubtedly quite a lot of stress in the run-up to this special occasion. Weddings can be extremely expensive, because no one really wants to cut corners. Of course, you will look at what is sensibly affordable and if you're lucky you may have supportive parents on both sides that will contribute towards the event. Even if you have, there may be quite a shortfall in what you have available, so you may want to look at wedding loans as a solution. This type of loan is for the specific purpose of helping to fund your wedding and there are many lenders who offer this type of personal loan so you can enjoy a really memorable occasion.
Why do people use wedding loans?
A wedding, one hopes, is a one off occasion and an excuse to create a truly memorable event for family and friends. But it comes with considerable expense. However, if you decide you want to take out a wedding loan be sure you have the means to pay it back.
When you think of what goes into making a wedding a success you quickly realise that the costs add up very quickly. You'll need to account for the cost of the venue and food and drink, wedding cars, clothes (especially the all-important bridal gown), paying the celebrant and any assistants, including an organist if you're having a church wedding, and a band or DJ for the after wedding party. And don't forget the flowers, photographer, hairdressing and other sundries that seem to appear from nowhere. It's not surprising that more and more people are taking out wedding loans to cover some of the expenses involved.
What are the main features of wedding loans?
Obtaining a wedding loan is a relatively straightforward transaction between you and a lender. It certainly helps if you and your intended are both in work and are looking for a joint loan, helping defray the costs of repayment. In common with most loans your income and ability to repay will be taken into account, you can choose from variable or fixed interest rates and, depending on the amount of the loan, negotiate with the lender over the time period the loan has to be repaid. You should always make comparisons between what a variety of lenders offer and be clear about fees for applying and setting up the loan.
What are the pros and cons of wedding loans?
Having a wedding loan can realise your expectations so that you both have an amazing day to remember. As you start out in married life, with all the other costs you will experience, make sure your wedding loan is manageable financially so you don't get into a position where you have to default and incur penalties.