Every little girl’s dream is to have a perfect wedding just like the ones in the fairy tales they used to watch. But once you are in the marrying age and you’ve got a perfect partner you want to spend the rest of your life with, you also come to realize that getting married and extensive spending are entwined.
The preparation stage is the most exciting part of planning a wedding. You come across various wedding suppliers offering extra unique and extravagant wedding styles, or anything that would make a cherry on the top and leave your family and friends in “awe” after attending. The odd is, you will have to take into consideration your budget and this may mean giving up some of your weddings want.
Some couples would opt to save money for a year or two before starting dealing with their dream weddings, while some would look for other financing options to achieve the perfect wedding.
Wedding loans or Personal loans are one of the most sought financing services that can assist a couple in planning a wedding. Let’s discuss in detail the benefits and cons of getting personal loans for your wedding.
Wedding Loans or Personal Loans, Is There a Difference?
Personal Loan is a type of loans that use a credit score card to assess your creditworthiness, which will also be the basis of the financing company as to the amount and the interest rate they can offer. From the term itself, “Personal” loans are the most flexible type of loans that do not usually require a specific funding and a collateral. It is for immediate financial needs, which means you can also use it for backing up your own wedding.
Who is Eligible for “Wedding Loans”?
Wedding or Personal loans are applicable to those who want to have a near perfection wedding but on their tight budget. It is usually given to an individual with a good credit standing, excellent credit history, and whose monthly salary/income could meet the financing company’s credit ratio limit. Requirements may also not be as tedious as the other loans and the approval process is definitely faster.
Usually, personal or wedding loans will only require your employment history, proof of residence, and at least a month or two of your pay slips. A higher credit standing could mean haggling your interest at a lower rate.
Where to Get a Wedding Loan?
Personal loans can be availed through various banks and financing/lending companies. Some banks require you to physically appear in the bank to apply for a loan while many financial institutions now allow online applications.
There are also online platforms where you can get a personal loan. Let’s take Cash Mart as an example, cash mart is a financing company that helps a person get cash loan approved fast. With the help of their team, a person can secure fast cash with minimal requirements.
Many of these platforms make loan application easy, instead of going over the traditional long checklist of loan documents required by banks, all you need is just a few clicks and you can send your loan application in less than a minute.
Weighing the Pros and Cons of a “Wedding Loan”
For immediate financial needs and faster processing, wedding or personal loans are definitely the easiest way to meet both ends. With a backup money you can rely on, you can confidently choose the wedding venue and suppliers you desire and not worry if you cannot achieve the price or exceed your budget.
Though it is still important to not rely solely on getting a wedding loan, instead, have your own savings in fulfilling the dream wedding you want.
Wedding is Fun, Don’t Go Broke After
Hosting your own wedding is definitely one of the milestones of your life. Seeing all you love celebrating with you and your husband is an event that has full of love.
Whether you get a wedding loan or stick up to your budget, enjoying every single detail of your dream wedding with your dream partner is one of your life’s precious moments.
And one more thing, what’s more, important is the life you have to live as a married couple after the party dresses, soulful music, and colorful wedding cakes are over.
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