Personal Loan For Your Special Day
I know you want your dream wedding and it’s one of the most important days of your life and a way to express yourself but do you want to get a personal loan? There is no wedding loan made especially for weddings, the best you can do is get a personal loan. You have to outweigh the pros and cons, and you have to realize that it is possible to have a beautiful wedding on a budget and there are ways of cutting down on expenses.
I would say that unless you are entirely sure that paying off the said loan is not going to be problematic, then you should not even consider it. Why start your new marriage out with the stress of being in debt before it even starts? Chances are you are already in debt with your credit cards and will be using those to pay for wedding expenses as well. But, if you insist this is the process.
What you are applying for is an unsecured personal loan. The average cost of a wedding and honeymoon is around $33,000 so if you want that big wedding and exotic honeymoon you may have no other choice.
An unsecured personal loan is a loan where you have no house or car or anything of great value to secure the loan, but they are giving you the money anyway. Because of this, the interest rates are higher.
You can expect this loan to last three to five years so plan on being able to pay it off within that time. You certainly don’t want to end up with bad credit on top of being in debt with all the other pressures that come along with being a newly wedded couple. Don’t bite off more than you can chew. Get a smaller loan and downsize if you must. Think of the future, not just the present.
So how much can you borrow for the wedding? That depends on your credit score but think somewhere between $1,000 and $50,000. You will need a credit score of between 600 and 760 to qualify. Most of the time your credit score is the only thing they consider, but occasionally they will take your education and employment history into consideration as well. You will have to look for places that do just that if you feel yours are valuable. Remember a good credit score has to do with your past credit history so pay your credit cards and things on time and be responsible with your finances.
But remember, in the end, you are paying more than what they are giving you initially because of the interest rate they will be charging. The good news is if you do get this loan, and if you do pay it off on time, your credit score will go up! So set a budget before you go to the personal loan institution, be responsible, and good luck!
Written by Lori J. 03/28/2018
Editor Matt Rafiee
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