4 Things You Need To Know About Wedding Loans
Like most life's ironies you are most likely to meet with the one person you care
about and want to spend the rest of your life with in the most unexpected manner. It can be the best thing that's happened to you and you start to prepare for the journey down the aisle with this wonderful person.
You'd want to share this special moment with all your near and dear ones and try and make this occasion the most perfect event of your life. There are nearly 2.3 million wedding ceremonies that are performed in a year and though the event can be commonplace enough, it is not so for you. For you it is the most important day of your life!
Wedding Loan an Ideal Solution to your Problem:
Now that you know who you will get married to maybe your next thought will be on how to celebrate this grand occasion. That your mind dwells on the subject of finance is understandable. If you are not in a position to have your dream wedding at your present financial state, consider taking a wedding loan for the event.
With average cost of wedding peaking at nearly Pounds20,000 it is obvious most people have to resort to taking loans to pay for their wedding expenses. There are online options for taking wedding loans. However, a word of caution is not remiss at this juncture. Due to the ease of availing an online wedding loan, most people end up taking more money than they actually require. So be careful and keep a strict eye on what your actual requirement is before you avail of a wedding loan.
Choose the Lender with Care:
Bearing all the expenditure for the wedding is no longer the sole concern of the bride's father. The cost is usually divided between the groom's and bride's families. So if you have to take a loan for your wedding keep a clear vision of what you want and how much you need to spend for it. If you want to avail of the loan facility online take your time in finding the right site. Do not fall prey to high interest rates and use a loan calculator to work out the logistics of how much you have to pay. Do some research and find a lender who will give you a good deal and that will a fair value.
Annual Percentage Rate of Interest:
Check the Annual Percentage rate or APR before you avail of the loan. The amount you'll pay back will depend on the rate of interest the lender charges. So do a comparative market search and select one that has a reasonable APR.
First get yourself a credit check and then apply for a wedding loan. Credit scores can have a great bearing on your loan. Agencies like Experian, Equifax and Trans union will guide you on how to improve your credit score so that you have to pay less interest. You may need to provide collateral in order to get a lower rate of interest. Unsecured loans can invite higher interest rates than ones in which collateral has been provided.
Consult your Partner Before you Avail a Wedding Loan:
It is best to have an open discussion about finances with your betrothed. You may not want ugly scenes and fights over money post marriage. Get your partner's views on wedding loans and work out a plan on how you will accommodate for monthly installments in your budget. Decide on a course of action on how to pay off your wedding debts and start your marital life on a well planned and reasonable footing.
by: Simon Johnnson
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