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Wedding loans
A Brief Guide to Wedding Loans

It is a well-established fact that couples are spending more and more on their weddings to make them unique and memorable events. In fact, after a home, a wedding can be the most costly thing for which we ever pay. Is it any wonder financial institutions have created special wedding loans?

According to certain reports, the average budget of a wedding in the US now sits at around $30,000, which is astonishingly more than the price of an average family car. If you take into consideration the last official government figure for the average salary in the US, this means that for most people, once tax is paid, you would be splashing out an entire year's salary just for one special day.

No one can argue that weddings are indeed expensive affairs. Loans for weddings are designed for those couples who do not earn enough or are not sufficiently well-off to afford the serious expenses of a wedding. Wedding loans give these couples the opportunity to plan the wedding of their dreams.

What can you use wedding loans for?

There are no specifics, but generally wedding loans can be used to purchase anything including:

  • Engagement and wedding rings

  • Wedding outfits for bride and groom

  • Wedding reception

  • Wedding decorations and flowers

  • Honeymoon

  • Miscellaneous costs

What types of wedding loans can you find?

Before applying for a wedding loan, it is a good idea to sit down as a couple, perhaps together with your parents, to work out a realistic wedding budget which will provide an estimate of the amount you and your parents can afford to spend to celebrate your wedding.

It is important to spend time planning the details your wedding. This will give you a good indication of exactly how much it is that you will need to cover the wedding expenses. Having this valuable piece of financial information will help you decide if you want to go for a secured an unsecured wedding loan.

The typical loan term for loans for weddings is between 5 to 10 years.

There are various types of wedding loans on offer:  

  • Secured wedding loans: If you have any asset or collateral to offer as security, you can take out what is known as a secured wedding loan. The advantage of these types of wedding loans is that they have a better interest rate. The loan amount you can typically borrow will be dependent on the collateral provided, for example, the value of your home or car.

  • Unsecured wedding loans: For borrowers who do not have any collateral or assets to put up, you will have to resort to taking up unsecured wedding loans which normally have higher interest rates.

  • Bad credit wedding loans: You can secure a wedding loan even if you have a bad credit history. It is possible to borrow an amount ranging from $5,000-$50,000 on a bad credit wedding loan.

It is possible to shop around for wedding loans with variable interest rates. Many loan providers are happy to approve these types of loans for weddings.

Before asking for approval on a huge wedding loan, think carefully about your financial prospects and the long term overall cost. Only ask for an amount you can afford and that you feel confident that you can repay monthly.

Where can you go to ask for wedding loans?

Apart from traditional banks and building societies, you will find very favorable deals available on the internet through online financial companies and online lenders.

Online loan providers usually offer fast and excellent customer service. Of course, even online, you should always shop around to make sure you get the best deal possible.

What are the benefits of wedding loans?

Some of the advantages of loans for weddings are:

  • Wedding loans are cheaper than using credit cards because of better interest rates.

  • Normally, lenders do not charge application fees.

  • It is possible to get hold of your money quickly, even within 48 hours.

  • There are no restrictions on how you spend the money for the wedding.

Visit our personal loan listing

 
 
 
 
 
 
 
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