Wedding is indeed a costly affair. Wedding Loans are for those people who are not financially stable enough to afford the heavy expenses of a wedding. It is a loan that helps you with making your wedding ceremony a memorable event. Before applying for a wedding loan you should make an estimate of the amount you and your parents can spend on your wedding.
Types of Wedding Loans
Wedding Loans that are taken against any collateral are known as secured wedding loans. These loans have a cheap interest rate. The loan amount depends on the value of your home or any other asset.
There are also certain other options for those who do not have property to pledge as collateral. Wedding loans are also available for those with bad credit history. In the UK, an average wedding ceremony can cost in between £19,000-£30,000. These loans can provide you with a loan ranging from £5,000-£50,000.
Homeowners do have the advantage of being able to choose either a secured or an unsecured loan. Secured wedding loans tend to be cheaper due to lower interest rates but the borrower has to pledge an asset as collateral. Tenants may apply for an unsecured loan.
There are several online lending companies that offer wedding loans on variable rates. These loans are easy to get approved. People prefer wedding loans instead of credit because the interest rate of credit cards is much higher.
There are several online lending companies that offer wedding loans on variable rates. These loans are easy to get approved. People prefer wedding loans instead of credit because the interest rate of credit cards is much higher.
Planning is a very important part of the wedding. You can get help from friends and relatives. If you want to apply for a wedding loan, it is a good idea to include financial details in the overall wedding plan also. Doing so helps you determine exactly how much it is that you need to cover the wedding expenses. Equipped with this knowledge, you are able to decide if you want to go for a secured loan or an unsecured one.
You may want to shop around as well to make sure you get the best deal possible. Many lenders have online presence and their websites may provide answers to many of your questions. In case you have a specific question, you can always send the lending company an email or call their toll free number. When selecting a wedding loan, consider your financial prospects and the long term loan costs. This helps you decide the amount of money you can comfortably pay each month. You can usually get 5 to 10 years to repay a wedding loan.
Wedding Loans-Uses
Wedding Loans can be used for:
- Engagement Ring
- Wedding Dress.
- Decorations.
- Honeymoon.
- Reception.
- Miscellaneous Expenses.
- Wedding Loans-Advantages
Some of the advantages of wedding loans are:
- No application fees.
- Get the cash you need within 48 hours.
- Use the money from your wedding loan the way you want.
- Low rates.
