Personal Loan for Marriage: Some Say I Do
The day finally comes when the love of your life asks for your hand and marriage, and you say “yes”. You are swept off your feet in a whimsical and fantasizing way that you’ve dreamt of practically your whole life. Then, reality hits: How can I afford the wedding of my dreams?
In life, we all have dreams and fantasies; however, only a very small number of people were born with a silver spoon in their mouths. In other words, only 1% percent of society is very rich while the rest of us have to proceed accordingly with our budgets. And even then, only a certain portion of people are at least well of, thus having a lot more finances to afford a fairytale wedding while the rest of us have to proceed with caution. Nevertheless, we also live in a day where we can obtain our dreams by cutting corners, saving up, and getting a loan for wedding expenses.
Personal Loan for Marriage
We can thank our lucky stars that we have much more options available today when it comes to wedding finance. We can find great sales, borrow things from loved ones, buy things on credit, rent items, buy things at second-hand stores, buy things on an installment plan, and more to get that dream wedding. In many cases, most of your expenses will significantly reduce.
However, a personal loan for marriage is still needed after applying the other wedding finance methods just mentioned to get the wedding of your dreams. The following are reasons why a couple would take out a wedding loan to fund their dream wedding:
- Still must find a place to marry if you live in an apartment and can’t use someone’s house (backyard)- in these cases, you can’t pay by installments or put on layaway. You must rent out the place to marry.
- Still must pay services from an ordained minister or priest
- Even if you have a house, you still must buy/rent chairs to set for the ceremony, chairs and tables for food and to sit to eat, music to play or hire a DJ, etc.
- No matter how creative you’ll be to obtain a simple yet elegant wedding, you still must buy rings, rent/buy tuxedos for the groom and his men and wedding gowns for the bride and bridesmaids.
To get a breakdown of wedding expenses and budget, you must look at all the details that goes into getting that dream wedding, even when it comes to buying on discount, renting certain items, borrowing from family/ friends, putting things on layaway, getting things on credit or through a payment plan, and even obtaining things from yard sales. Studies have shown that the average American wedding costs from $16,000 to $20,000. So, you must be strategic in seeing how you can work out some deals and so forth.
To get an even more detailed look at wedding expenses, the following list includes the purchase price for the simplest, most affordable wedding possible that is still considered a dream wedding. If you see how the average person may still need a personal loan for marriage with the most affordable dream wedding possible, then you can just imagine how much of a personal loan for marriage you’ll need for a more extravagant wedding.
Most Affordable Wedding Possible for a Dream Wedding
Unless you will win the lottery or a dream wedding contest, the following includes the most affordable rates:
- Hiring an ordained minister/clergyman (Intern minister or retired judge): $100
- DIY Wedding Cake: $50
- Fancier Plastic Ware: $80
- Wedding Rentals with Photo Booth: $550
- Tuxedo and Bridal Gowns rental: $400
- Music/DJ (beginning DJ): $200
- Food/Caterers: $4,000
- Wedding Bouquets: $200
- Other Wedding Gowns, Flower Girl Gown, best man tux, and ring bearer: $400
Once again, these are the cheapest prices found and sources I’ve found. Cheapest, in some cases, may be sub par in quality. For instance, if the beginning DJ doesn’t have any references, that is even more reason to check his/her DJ talent ability. You may also want to have a backup, just in case he/she shows up late or doesn’t show at all. You may have a stereo system with your CDs, have another DJ on standby, have a close friend/family member to DJ your music for a portion of the price, etc. This list doesn’t include engagement and wedding rings, stationary for invites, other wedding decorations, and wedding transport. Wedding transport can cost from free to $1,200, according to GroupTravel.org.
You should ultimately save money on your wedding to avoid paying down interest expenses. You may even have family to fix your food, and people can serve themselves. But no matter how you save or get help from loved ones, you will more than likely need a personal for marriage. With all these expenses, you still haven’t include your expenses for the honeymoon.
What to Consider When Taking Out a Loan
Now that you know a personal loan for wedding cost is an option, there are various things to consider. For one, we have more options to obtain a loan. We don’t have to go to a traditional bank. We don’t have to have good credit or even collateral. Also, there are a plethora of financial institutions these days with more lenient guidelines. You don’t even have to have a co-signer most of the time.
Another thing to consider is the fact that there is pros and cons to personal loans for wedding expenses:
Wedding Loans’ Pros
- With the exception of bad credit personal loans, the interest rate is usually lower than most credit cards.
- You will gain the ability of debt consolidation to pay off all the expenses with a personal loan, i.e. you are given the full amount required for your wedding. Thus, you’ll just pay one monthly payment to the financial institution.
- You will gain some breathing room to work your cash flow for your wedding expenses with less strain.
- You can improve your credit score (i.e. if you pay the loan back on time)
- There will be no unpleasant surprises due to having predictable fixed interest rates.
- You will gain burden relief so you and your family and spouse-to-be can fully enjoy the wedding and honeymoon.
- You’ll ensure that you will have a fabulous wedding with the extra funding.
Wedding Loans’ Cons
- Upon defaulting on a loan, the lender may come after you with additional interests/fees.
- There may be costly fees, especially with bad credit loans.
- Possible penalty for prepaying some loans.
- There could be high-interest rates especially if you have bad credit.
- Debt, which incurs at the beginning of your marriage in this case, is a strain on couples.
More about the Bad Credit Personal Loans for Marriage
If you have bad credit, don’t fret. There is a financial institution that has terms and interest rates that are workable for you and your budget. There are many bad credit personal loans that come with high interest rates. And these loans you should stay away of. Perform your due diligence in looking for loans with better rates. You’ll may be surprise how reasonable some rates and fees are even with bad credit. Other than that, there are various advantages and disadvantages of bad credit personal loans for marriage, and they are as follows:
Advantages of bad credit loans:
- You can get a bad credit loan fairly easy regardless of credit.
- Normally, loans are provided within 24 hours.
- You may have the extras that you desire for your wedding.
Disadvantages of bad credit loans:
- Interest rates and fees are usually higher.
- There will be more debt load with a loan repayment.
- Starting a life together with more debt is not desirable.
What Can Be Done to Lower the Loan Amount Needed
Now that you know the ins and outs concerning a personal loan for marriage, you can make the right decision. You can weigh out which loan and loan company will best suit you. You can also lower the loan amount needed than you previously thought you may need. One thing you can do is to check various retail outlets to check for sales.
You can also check various retailers to see if there is a layaway plan. You must research thoroughly every piece of clothing for you, the groom, and everyone who will be in the wedding. In some cases, there may be clearance racks with valuable things for the wedding even if it’s just decorations. Also, some people find that the savings are even better when getting their dresses sewn, instead of buying them even at discount stores.
When it comes to men’s tuxedos, there are a plethora of stores that have discounts quite frequently. The prices are so affordable many times, and you don’t have to compromise quality for more affordable prices in many cases. When it comes to decorations, cooking equipment, and reception items, you will be surprise of the deals that you can find on just about any reputable department store, such as Amazon, eBay, Walmart, and even Party and Event retailers.
Why not borrowing?
If you desire to borrow some things from family and friends, you can borrow your or his mom’s wedding dress and have it tailored according to your body type. You can borrow someone’s bouquet. In many cases, your family and friends will have the cooking and serving utensils, bowls, pots, and pans needed for the food. And as mentioned before, you can buy things on credit, able to rent, buy things at second-hand stores, buy things on a payment plan, and more to get that dream wedding. Most of your expenses will significantly reduce. And as a result, you will only need a few hundred to a few thousands of dollars after cutting down on the expenses.
The Bottom Line…Personal Loan for Marriage
You are swept off your feet in a whimsical and fantasizing way about that dream wedding until reality hits: How can I afford the wedding of my dreams? Only a certain portion of people are at least well off thus having a lot more finances to afford a fairytale wedding while the rest of us have to proceed with caution. However, we also live in a day where we can obtain our dreams by cutting corners, saving up, and get a personal loan for marriage.
To get a better look into wedding expenses, you must look at all the details that goes into getting that dream wedding, even when it comes to buying on discount, renting certain items, borrowing from family/friends, putting things on layaway, getting things on credit or through a payment plan, and even obtaining things from yard sales. Studies have shown that the average American wedding costs from $16,000 to $20,000. So, you must be strategic in seeing how you can work out some deals and so forth.
Final Thought – Personal Loan for Marriage
The cheapest prices mentioned above was just shy of $6,000 from the sources. This list doesn’t include engagement and wedding rings, stationary for invites, other wedding decorations, and wedding transport. Wedding transport can cost to $1,200. Also, cheapest, in some cases, may be sub par in quality. For instance, if the beginning DJ doesn’t have any references, that is even more reason to check his/her DJ talent ability. You may also want to have a backup, just in case he/she shows up late or doesn’t show at all. You may have a stereo system with your CDs, have another DJ, have a close friend/family member for a portion of the price, etc. It’s imperative to perform your due diligence to ensure high-quality. You should also get more for your money.
Your spouse-to-be and you will be most appreciative as you start your new life together. There is no need to add the strain to a potentially stressful event that should only be a day of bliss and excitement.
We have more options than to obtain a loan. We don’t have to go to a traditional bank. Nor to go to a credit union. Nor even to have good credit or collateral. And with so many alternatives in financial institutions these days, the sky is the limit when it comes to obtaining the right loan for you and your budget.
You are swept off your feet in a whimsical and fantasizing way that you’ve dreamt of practically your whole life. You can stay that way especially when you eliminate the stress for that special day. Furthermore, you definitely don’t want to have any unpleasant interruptions in thoughts or otherwise when it comes to the honeymoon. Take advantage of these steps today for getting a personal loan for marriage starting today.
About the Author – Trevia R
Ethan founded OfferEDGE in Dec 2013 with the mission to unify the financial quadrants through a system that allows businesses to be seen when consumers use a Single Sign On across Lending, Credit, Money and Real Estate. Taub invents the offers and IP, while overseeing all aspects of the company. He also has orchestrated the company’s earned media across the brands Loanry®, Cashry®, Debtry®, Budgetry®, Billry®, Taxry® and more. This includes over 500 publications that have been featured across the web.
He has more than 18 years of experience in C-level Management, Sales, Marketing and Product Development across billion-dollar brands to innovative technology start-ups. Taub holds a degree in Economics from the University of California, Berkeley.