A wedding is a fantastic occasion for a couple to celebrate. It announces the beginning of a marriage, and locks two people together in love for life (with a bit of luck). However, as all married couples, or soon-to-be-married couples should know, weddings can also be one of the most expensive things you ever pay for. In fact, the majority of weddings today can cost anywhere up to £25,000 for a single day of festivities. It’s no surprise with such high numbers that many people consider using a loan to pay for their nuptials.
One of the best and easiest ways to access the cash you need for a wedding is to take out a personal loan with a low interest rate. There are plenty of personal loans out there, and if you have a good credit score, you should find that it’s not too difficult to find a deal that appeals to your needs and allows you to make small repayments over a specific period of time.
The Advantages of Taking out a Wedding Loan
The truth is that most people are able to put some amount of money towards the costs of getting married, but the average cost of a wedding today can be so high that many of us never achieve the full amount we need to pay for everything without a loan. A personal loan can be a solution that allows you to access the finance you need and pay back the money over a period of around five years.
You should be able to borrow up to £15,000 in a personal loan with a relatively low interest rate. Because of this, many couples consider personal loans to be a low-cost way to get access to the extra funds that they need to cover the expenses of their wedding. Another benefit of choosing a personal loan is that most of the time your payments will be fixed, which means that you can budget accordingly to ensure that you can make repayments.
Many personal loans will allow you to choose whether you would like to pay the money that you owe back over a short, or long period of time. If you can afford to opt for a short-term loan this is often a better option as it means that you will end up paying less interest over time. However, if you go for a long-term loan, then you will only have to make small repayments each month which can be easier to handle.
The Problems with Wedding Loans
Unfortunately, whether you want a personal loan to pay for a wedding, a car, or any other expense, it’s important to remember that lenders will take your credit score into account when deciding what they should charge in terms of interest. If your credit score is poor, then this could mean that you struggle to get access to the best deals available – as top deals are reserved for those with pristine credit scores.
If you are uncertain about what kind of credit score you have, you might benefit from checking out your details in advance. After all, applying for any kind of loan can leave a black mark on your credit history, particularly if you are rejected. The last thing you want to do is reduce your chances of getting finance by jumping in without the right information.
Remember, even if a loan doesn’t seem like the best option for you and your soon-to-be spouse, there are other ways that you might be able to access the finance that you need. For instance, many of the most popular credit cards available today allow you to access a 0% introductory period of interest on your purchases, and balance transfers. This could mean that if you are disciplined about the way that you spend money, you could borrow some of the money required for your wedding without having to pay any interest at all!
Keep in mind that borrowing on a 0% credit card can sometimes be costly if you aren’t cautious enough with your money. You need to remember exactly when your deal comes to an end if you want to avoid paying double-digit interest charges on the amount you borrow.