Should You Get A Loan To Cover Wedding Expenses
The costs of having a wedding are still on the rise
, with the price of an average wedding in the UK soaring over 15,000. Happy couples are spending more and more on the dream day as the costs of weddings spiral out of control. If you are having trouble affording your dream wedding you may want to consider taking out a wedding loan. A wedding loan can be used to pay for part or all of your wedding and can give you the wedding you want whilst leaving enough for the honeymoon. If you are considering taking out a wedding loan here is some information that will help you to pick the right loan for your needs.
Unsecured wedding loans
Barring a few exceptions most wedding loans on the market are unsecured. This means that you won't end up happily married with no house. Wedding loans are also great for young couples who don't own property or property owners who already have a mortgage and don't want to take any more money out against their home. As long as you have a good credit history getting yourself an unsecured wedding loan should pose no problems. Due to the fact that you don't need to wait around for a property valuation to be done applications for unsecured loans are approved quicker.
How much money do you want?
When entering into married life you and your partner will need to think about how much debt you are willing to share in order to actually get married. Consulting your partner about the amount of money you want, how the loan will be setup and making sure you can afford it if there are other payments involved, such as mortgage payments or other debts, is the best way to assess your needs. It is wise to make sure that you apply for a loan that you can pay back. Your wedding IS important but not at the cost of landing you in serious money troubles further down the line.
Know your budget
Once you have figured out how much money you want and applied to see how much you can get, it's time to plan your wedding within the budget that you have. If you have a number agreed with the loan provider it becomes so much easier to budget your wedding. Planning all the details of your dream wedding is easy once you have a budget and know how much money you have in the bank.
Cut wedding expenses
Wedding loans are also a great way of saving yourself money on your perfect wedding day. Credit cards are charged at a higher rate than loans are so even if you have some money set aside if you pay for anything on your card it could end up costing you more than if you had paid for it out of your loan. Being preapproved for your wedding loan gives you the freedom to haggle with wedding stockers to and negotiate better prices on goods and services. If you have the funds to pay your caterers and the entertainment up front you are in a good position to get yourself a discount. This is a great way to shave money off the cost of your wedding whilst making sure that you special day runs flawlessly.
Do your homework
To get the best rates on you wedding loan it is advisable to ask around and compare different providers. When it comes time for you to sign the contract you should always read it thoroughly to make sure you know all the ins and outs of the loan agreement. Your wedding day is an important day, but the loan you use to get there is equally important as well. It is vital that you pick the right loan for your wedding as you will still be paying off the loan after your perfect wedding has finished.
by: Becky Wolfe
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