A couple’s wedding day can be the most special and memorable day in any relationship. It is unforgettable not only for the couple themselves but for friends and family as well. Some weddings involve months and even years of planning. Couples spend all this time getting everything ready for the big day. They work out the budget carefully to the last cent and boutonnière. Some of them even opt for financing their perfect day with loans for weddings.
However, no amount of wedding planning could have prepared for the impact of a global pandemic this year, which put most of the United States into lockdown. And is still having a serious impact on the health and livelihoods of people all around the country (and the world).
The Cost of Not Saying ‘I do’
$3.7 billion owed by couples for weddings that haven’t happened
We wanted to find out how the pandemic has impacted the wedding industry in the United States. And more specifically how it has impacted people who had taken out a loan to help cover the cost of their big day.
The Cost of Loans for Weddings – Research Results
When the number of canceled weddings this year was correlated with the average number of weddings paid for with loans, it was discovered that 11% of people due to get married this year (225,000 couples) are paying back loans for weddings that haven’t yet happened.
This was calculated by correlating key facts about the wedding industry in the United States of America:
Each year, over two million weddings* take place in the United States, with 81% occurring between March and October**
The Knot Worldwide discovered that an estimated 93% of weddings planned during this period have been rescheduled for a later date***
There were 20 million personal loan debts in the US last year and 1.5% of all personal loans are taken out to help finance weddings****
The average wedding costs over $30,000, despite the average budget of $23,000**
Our internal data shows that couples take out an average of $16,500 to pay for a wedding
When these figures were combined, we discovered that 11% of weddings due to take place in 2020 have been postponed or canceledand were funded by the couple taking out a loan. The average wedding is $16,500. So the total amount of debt for weddings that haven’t yet happened is estimated at $3.7 billion!
If you still are considering taking out a loan to finance your wedding then we recommend you head to our page on Wedding Loans for more information about the different types of loans available and whether any of them would be right for you.
Ethan Taub, founder of Loanry.com, said,
“You should take financing a wedding using a loan very seriously and we don’t recommend it. In fact, finding ways to cut costs on your wedding expenses is a far more effective alternative. In this way, you can avoid unnecessary debt yet still enjoy your big day.
“This last year will have been devastating for many couples. Especially for the percentage paying off loans for weddings that haven’t happened. However, we can take a positive from this situation. It may have highlighted that an exuberant wedding isn’t always the best option. The occasion will be memorable no matter how much you spend on it.”
Loans for wedding expenses can be given as a personal loan with repayment over a specific time period. When planning a wedding, you will quickly find out that it can be an expensive event. In order to help pay for this event, you may be looking for a wedding loan.
Why Take Out a Wedding Loan?
When you start your wedding loan company search, remember a wedding is a once-in-a-lifetime expense and the memories you make will last a lifetime. A benefit of taking out a loan is that you aren’t depleting your cash savings. You can stretch payments out over many months, which can help take some of the burdens off. You also won’t be maxing out credit cards so you have room on your limit for other emergencies that could come up.
Find the Best Wedding Loan That Fits Your Finances
When on a wedding loan company search, you may be wondering why a couple would want to take out a wedding loan. While tradition states that the bride’s family should pay for the majority of wedding costs, this isn’t the case anymore. Many times the bride and groom are paying for the entire wedding. Taking out a loan for the wedding has been a common solution when families and couples don’t have cash on hand to make the wedding day memorable and special. Loans for wedding expenses can be used to pay for a number of big-ticket items, including the venue, quality engagement ring and wedding rings, groom’s suit and bride’s dress, a catered reception, entertainment, professional photographer, and even a one-of-a-kind honeymoon.
It is important to find a lender who is credible and who is trustworthy to keep their word when it comes to following the terms and conditions of the loan agreement in the initial stage of the application. You may find one here, on Loanry!
The Cost of a Wedding
The cost of a wedding can quickly add up and you may need wedding finance options. Depending on many different factors, you can have an expensive wedding or a reasonably priced wedding. Bar service can range between $1,800 and $3,000. A cash bar can be an option for reducing this expense. Catered food can run an average of $30 per plate. Of course, there are some fancier options that can go up to $100 a plate. The venue rental is usually the second priciest expense, which can average about $3,000. Equipment rentals, such as tables and chairs to accommodate the number of people, can be about $1,700. Other things to think about include the photographer, videographer, wedding gown, invitations, cake, transportation, favors, and the reception band.
Ways to Save Money on a Wedding
Even if you do get a wedding loan, you may still want to save money on your wedding so that you don’t have to take out a large amount.
Save on the Wedding Dress
In order to save money on your wedding dress, you can shop vintage and second hand. There are some shops that specialize in second-hand wedding gowns. This is a budget-friendly option as well as friendly for the environment. You can also borrow from family members of a similar size. This may not be your first choice but, in some families, it can actually be a tradition. If you have your heart set on a new dress, then try last year’s designs. This can still save you hundreds of dollars.
Save on the Wedding Cake
To save money on the cake, ditch any elaborate designs. Something simple can be truly elegant and there can be more important details to spend money on. Go with smaller slices. This can help stretch your cake budget and many people might thank you for the effect a smaller piece of cake has on waistlines. You can choose a small-tiered display cake and then use a larger sheet cake to serve guests. Guests will never know the difference. You can also just eliminate the cake since most guests don’t even touch it. Think cupcakes and brownies for a dessert alternative.
Save Money on the Venue
When choosing your venue, you should consider if you need to get married at a certain place or if a relative or friend will allow you to have your celebration on their property. In order to save money on the venue, think outside of the box. Fall and summer are common times for weddings so venues may charge more during that time. Saturday is also the most popular day to get married. If you have a venue in mind, try getting married on a different day of the week during the off seasons.
Save on the Decoration
In order to save money, start with DIY. You can make your own wedding invites. There are plenty of simple templates you can find on the web that are easily personalized and they won’t look unprofessional or tacky. Choose bigger tables so you can get away with fewer centerpieces. Shop during the off-season. If you need black decorations, shop after Halloween. For silver, red, green, and gold, shop after Christmas, and for pastels shop after Easter.
Save on the Flowers
Flowers can be some of the most expensive parts of the wedding. In order to save, supersize the flowers. Bigger flowers mean fewer stems and the fewer flowers you have, the more money you will save. Stay seasonal in order to cut down on cost. If you stay seasonal, you will have fewer options but there will be more supply and less demand. Stick to one or two kinds of flowers and use greenery to fill in the spaces.
Save on the Food
To cut down on food costs, make it a buffet. This way you don’t have to sacrifice quality for quantity.
Save on the Drinks
Check if your venue will let you purchase your own alcohol. This way you don’t have to pay for inflated prices and may be able to return bottles guests don’t drink. You can also limit alcoholic beverages to just beer and wine so you don’t have to pay for additional liquor. If you do want to serve liquor at your wedding. then stick to one signature drink.
Wedding loans for bad credit are personal loans that are used for wedding expenses. Getting approved depends on two things: your employment history and your credit score. While you can get a wedding loan with bad credit, it helps to know your options and how much money you need. You need to use caution on your wedding loan company search. You can use third-party services that aren’t lenders to give you information about different lenders.
These sites can give you a wealth of information so you are better prepared as you start the process. If you can, you may decide to hold off on your wedding loan company search until you can get your credit score up. Under 650 is considered a bad credit rating. By paying off any current debts, making payments on time, and paying off as much as you can to improve your debt-to-income ratio, you can improve your chances of a higher credit rating. You can also improve your chances by knowing exactly what you need for the wedding, so it helps to be prepared before you go through the loan process. If you have bad credit, consider this type of loan the last option.
Should You Use a Personal Loan to Pay for the Wedding?
When using a personal loan to pay for the wedding and beginning your wedding loan company search, there are a few things you should keep in mind. Is there a prepayment penalty if you pay off your loan early? Many people think they can use the cash gifts they get at their wedding to pay off the loan early. There may be a prepayment penalty in order to make sure that the creditor gets paid too.
Check the fine print before you use your wedding gifts to pay off the loan. The better your credit score is, the better interest rate you will have. There are many expenses headed your way when planning a wedding so you need to make sure that you take out enough to cover expenses, but not too much that you can afford the monthly payments. Before you begin your wedding loan company search, you should check your credit score and know how much you need to take out for a loan.
Should You Use a Credit Card for Wedding Expenses?
Instead of getting a wedding loan, you can use a credit card for expenses, and there are advantages and disadvantages to this option. The first is there is a credit limit so you can only spend so much on your credit card. This allows you to spend to get what you need when you need it. There are some credit card companies that offer no-interest opportunities, which can be used to pay for wedding expenses. Credit cards do come with a higher interest rate than many other loan options. For each month that you don’t pay off your credit card, the interest will continue to accrue. There can also be additional fees associated with credit cards. This can include annual fees, fees for late payments, and fees for being over the limit.
Credit Concerns for Wedding Loans
If you have debt issues and not the best credit, you may have concerns when it comes to getting a wedding loan. Cleaning up your credit record can help with wedding financing efforts. It’s also a good idea to take action to remove any negative information from a credit report before you begin a wedding loan company search. You also want to find the right loan for you. There are a number of entities that offer personal loans and the criteria for getting approved can vary widely from one company to another. Some are stricter about credit scores, while others aren’t. It’s important to do your research when it comes to finding the best loan for your needs.
Ways to Avoid a Wedding Loan
If you absolutely want to avoid a wedding loan, there are some things you can do to still have a great day while spending less money.
Master the Mindset
Remember that the wedding is about the love and union you two share and not about the dress or anything else. It’s the union that matters and not the embellishments. If you can afford a big wedding, then you should have one, but if you can’t afford a big wedding you will still be married at the end of the day and you can avoid a wedding loan if that is what you choose.
Talk About It
You and your future spouse should have a discussion about the day. What matters to each of you on this day? The important details that matter the most will be different for everyone. It’s important to keep these important, non-negotiable things in mind as you put together your plan and decide on a wedding budget together. Agree on a budget and be sure to commit to it. Don’t forget the honeymoon. Maybe you want to spend less on the wedding so you can have a longer and more extravagant honeymoon.
Once you have a number in mind and details that are non-negotiable, now it’s time to begin the planning process. Use a wedding checklist since it makes it easier to stay on track and see everything on paper. Right now you can still dream about some of your ideas. Flip through magazines or use the Internet for inspiration. Make a vision board or keep images all together as you start to make some of your decisions.
Pare It Down
Now that you have dreamed up details, you do have to get back to reality about costs. As you work through your plan, have a list of contacts nearby to see what you need and don’t need. There are steps you can use to cut down on costs. Keep in mind that there are only six things that are absolutely needed at the wedding. This includes the bride and groom, marriage license, a witness, someone to officiate, and somewhere to stand. This barebones wedding still does cost something, so see how much this will all cost and how much is left in your budget. This will give you how much you are working with for the rest of the wedding. Now look at your checklist.
Which items fit the vision you have? Highlight the things that matter to you and then mark off anything that is left. Keep in mind the things that you have highlighted should matter to you and not anyone else. The day is about you two and you don’t want to go over budget to keep families happy. Now that you have the most important things, research the cost of items. If these items fit into the budget then great, but if not you have some more work to do. Have a friend or family member go over the checklist with you and brainstorm some additional ways to save.
Cut Down Current Expenses
Besides trying to cut down on wedding costs, you can cut down on some current expenses. Try cutting out cable, turning off lights you aren’t using, and taking shorter showers to save money on other utility bills. Have date night in the home instead of at a movie theater or restaurant.
It may seem like just the bride’s day, but it’s also for the groom. When you are married, you are going to be making financial decisions together so you should start now.
Wedding and Bridal Expos
Many local businesses will host bridal expos. The idea is it will show you what professionals you have in your area, but many brides can benefit from the discounts that these businesses will be offering.
Garage and Yard Sales
You can pay for a big chunk of wedding expenses by selling items you are no longer using. You don’t even really need to sell valuables. Instead, a majority of money can come from clothes that you aren’t wearing anymore or don’t fit.
Don’t Go Pro
If your wedding budget is tight, then resist hiring professionals for wedding items. It’s likely you, a friend, or a family member can provide you what you need for little cost.
Weddings can be expensive, but a wedding loan can help pay for this once-in-a-lifetime event. Before you begin your wedding loan company search, it’s important that you check your credit score and know how much you need to pay for your wedding expenses. If you have time, work on improving your credit score by paying off debts before getting a loan. There are a number of ways to save on a wedding. It’s important to have a budget and know which details of the wedding are the most important to you and your future spouse. Even if you have bad credit, there may still be ways to get a wedding loan if you find the right company. You may have a higher interest rate if you have bad credit, but there are options available.
Love is important to me. Yes, it really is a once in a lifetime opportunity. I know it all sounds like cliches, but it’s important to me. And, to that end, I hear Billy Crystal’s voice:
“Marriage is what brings us together today. Marriage that blessed arrangement… that dream within a dream.”
Yeah, it’s great. It’s a dream, but it’s also expensive. I can’t afford it. There’s the wedding cake, flowers, venue, dress, tuxes, and that’s just the tip of the iceberg. It’s like falling full-boar into the abyss that is wedding planning. The utter depth of possibilities reminds me (for just a second) of that initial state of pre-marriage bliss. Yeah, it seemed pretty cool for a minute. Then reality sunk in. Who has thousands of dollars just lying around to make my day perfect? I know I don’t.
That’s why I’m looking at possible solutions for me: wedding day loans.
Everything About Wedding Day Loans
They’re really just what they sound like: getting a loan for a wedding expenses. In a Cinderella scenario, my fairy godmother would wave her wand and make it all go away. This is the real world. I need the money and I need it now. So, I am looking into options that would allow me to make arrangements for repayment. And, yes, it does depend on how much I end up borrowing. I also know that even with conservative estimates, the costs will ramp up fast. The average wedding costs more than $35,000. So it’s not surprising or shocking to me that one-third of all couples go into debt. I’m right there with them!
I want to do it right though. I want to be prepared
A wedding day loan could encourage me to spend more money on my wedding than I otherwise would have. Instead of going “cheap,” the extra money might make me want to splurge just a little or a lot. I could see that happening.
But there’s a bigger concern… I don’t have the money now, so what guarantee do I have that I will be able to come up with the money to pay back the loan later? It’s easy to think that the loan is just temporary. But money has a funny way of coming due. This is an unsecured loan. I’m not protected.
The biggest con involves future possibilities. It comes down to just another cost. It all adds up, particularly if I will be penalized for prepayment. Do I really want to start off my new life with so much debt hanging over my head?
The interest rate might be better than a credit card, depending on my credit rating. Besides, it might give me more options.
It alleviates some stress of wedding planning. I won’t have to worry so much about overextending myself. I can pay the bills as they come due instead of juggling them all in the hopes that money will just fall in my lap.
A loan allows you to start off your new life together, without the immediate worry about money. It’s a once in a lifetime event, and you want it to be memorable.
I’ve been considering the pros and cons. I want to make sure I’ve considered all my options. I also know that money and debt can become volatile issues in a new marriage relationship. So, this really is one of those relationship questions that I need to carefully consider as I near my wedding day. I’m beginning to believe that getting a loan for a wedding may actually be a rewarding experience as well though. After all, I’m making a decision that will affect the most romantic day of my life. I’ll look back at this time and remember how we made it through this financial hurdle and came together as a couple.
Why Explore Loans for Wedding Expenses?
I’m exploring wedding financing together with my fiance, and I think it may just be the best thing that has ever happened to my relationship. So many couples get married without really knowing anything about how their significant other will handle money or debt. But we’ve been setting aside time to sit down and talk about the expenses. We have been clear about our joint expectations and the resources that are available to us. We’ve also reviewed getting a loan for wedding options. In this process (not always easy), I’ve learned about how he handles and deals with situations like this.
Sure, I’m stressed. He is too. Planning for a wedding can be one of the most worrisome experiences in your life. We do not agree on every expense or every invited guest on our lists. I think that’s how it should be, and maybe it’s a good thing. If we can get through the planning and wedding finance part of this special day, it’s a safe bet that our relationship will be off on the right foot. I don’t always want to talk about it. It’s not usually pleasant, even when chatting about the fun stuff.
However, I have to remind myself why I’m here and what I need to build. Communication is so key to a healthy and happy relationship. Someday, we may just be still blissfully married and even talking to one another. These early talks about finances and expectations may be at least in part to thank for our happiness.
How to Save Money Together for That Wedding
I already know how expensive my wedding day could be. I’ve been in weddings, and I’ve talked with friends about the costs. Worse yet, I’ve seen some statistics on the average costs that weddings run. So, we’ve also discussed options for saving money on your wedding. While it’s not typically the first thing I’d consider, it’s easier I at first thought.
Just as we discussed expenses and expectations when we talked about taking out a wedding day loan, it’s just that easy to make headway with a joint effort to save money. Here are some points I’ve been considering:
What’s in a place?
Is there a special place where I can host or borrow the space without the huge cost of a dedicated venue? It could be the park, a church, a back yard. I’ve even been thinking about having the ceremony down by the river. It’s beautiful and it would make those pennies go farther.
Instead of thousands of guests, I just invite fewer people to achieve a more intimate setting. Or I can find other ways to incorporate more of the people I care about without adding the cost.
We were talking about 3-course meals, with all the fixings and a full-service bar. To save money, we’ve turned to alternative options. For a wedding on the super cheap, I could do a potluck, or not offer reception at all. We’ve even discussed working on a basic menu that is just more economical.
Logistically, I have to consider the huge cost of the average wedding. Really, my various acts of saving money are only small parts and parcels of the entire puzzle. But there’s something else that I think it is doing. I’m not as stressed about the money, and it is making me feel better about my exploration of getting a loan for a wedding.
I think even the exploration does something to take the edge off the entire paying for my wedding (book of) questions. There’s one thing about all this saving and planning though. The short-cuts are fun and most of my family really could care less one way or the other. But to really do the savings and budgeting thing right, I know it just takes time. All those little bits of saving will help, but even though little inroads don’t make that big of a difference on my special day.
How Do I Cope with Bad Credit When I Need a Wedding Day Loan?
With me broke and just hoping for one beautiful day, my credit score and employment history have also become important considerations. Yep, those old things are back! Obviously, if I had good credit, it might make my search for a wedding day loan easier. I was kind of surprised to learn that my bad credit does not really ruin all my chances either, though. And, it may actually be a positive thing if I take out a loan. Here’s the low down on how my credit affects the whole process.
If getting a loan for a wedding and then paying it off
…It might just go toward rebuilding my credit. That’s a good thing. Paying off a loan is a great way for me to get my finances back on track.
My overall credit situation. I can learn as much as I can and start to figure out what exactly has caused my poor credit rating. In this whole process, I may even get some tips and ideas that will turn my whole financial situation around. I could be moving in the right direction for a change.
Before I ever consider getting a loan for a wedding
I can also work on improving my credit score rating. Of course, I need to start focusing on the best practices for better credit scores. That’s true regardless of whether I end up getting a wedding day loan or not. This is the start of a whole new life no matter what!
A wedding loan with bad credit just seems so much more complicated. Then, when combined with wedding day planning, it appears a bit more daunting. I want to consider it a different way though and I’m using it as part of my “toolkit” — it’s just part of the big puzzle that I’m piecing together to rebuild my good credit and improve my life.
I will do whatever I can to improve my overall situation, even beyond all the costs of this wedding. Instead of focusing on all the negativity, then, it’s important to me that I focus on what good might actually come out of it. It’s the perfect time for all of these life-changing considerations to come to the forefront of our discussions and planning.
How Do I Plan Ahead? No, Really?
My wedding day really is about diamonds and everything else that is associated with wedded bliss. I want to consider everything. I don’t want any unpleasant surprises. Even as I plan for how much money I will need and what essentials I’ll get for this upcoming wedding day, I also need to be strategic about all this. Consider these steps I’ve come up with…
Make a Budget
I already have a wedding book that also includes a budget. I’ve found it helpful to also work up variant possibilities on the well-laid strategic
plan. There is not just one way for each part of my wedding to go. And, as I’ve said, I really believe that the most expensive options are not always the best.
Keep Track of Expenses
Whether getting a loan for a wedding or not, I still need to keep careful track of receipts and expenses. I’ve heard that one of the biggest stressors in every wedding is the “creep” of vendors, accessories, foodstuffs, and add-ons. From what I’ve experienced so far, I really believe it’s true. They all don’t seem like a huge deal at first, but they can blow out your carefully constructed budget. It all becomes so painful.
Make Sure Your Paperwork is in Order
It’s not always easy to organize all my financial records. I’m talking about student loans, mortgages, bank accounts, etc. This is all part of our discussions as we near that state of wedded bliss. But there’s more reason for it than just good communication. To qualify for my wedding loan, I need to have all my paperwork in order. They might not need it all, but it could help. The other reason is that you may end up having more assets and access to financial resources than you’d thought. That could just be a really pleasant surprise. You may not even need as large of a wedding day loan as you’d at first discussed, planned for, and anticipated.
Honeymoon Like Crazy
One factor not yet discussed is my honeymoon. I don’t think it’s the first thing I’ve ever thought about in relation to my wedding. But it’s important and it means a lot. It’s also one of the hardest things to plan for, particularly if we do end up traveling far afield (across the country, around the world, or even that spa and resort two states over).
My honeymoon is also one of the main factors why I am be considering a wedding day loan. I’ve never traveled or gone anywhere on a holiday. I want my honeymoon to be the most memorable, fun, and relaxing experience of my life. Is that really too much to ask? The unfortunate fact is that I really can’t afford a cool honeymoon without the money. This is also one of those splurge-type things. I can’t afford it, but I would love for it to just happen like magic.
I’m relieved to find out that there are options out there, though. I’ve discovered that taking out a wedding day loan is common. In most cases, it’s quick and easy. Particularly at such a happy time in my life, I just want to focus on those things that are the most important. It feels like love is the most important thing, right? But, so is family and friends. I want to spend time with my family and friends. I want these memories to last forever.
So, I’m looking into the best (and easiest) options to make my day beautiful, memorable, and just right. Wedding day loans and financing appear to be one solution to take the edge off. It appears to make the planning process that much easier. And, with Loanry.com, I have multiple ways to find a lender without unnecessary worry, hassle, or overwhelming requirements. I can get the decorations, wedding rings on credit, the flowers, the favors, the wedding dress, and everything else with a quick online process (and yes, some are quicker and easier than others).
Then, there are all the other costs involved: transportation, parties, postage, invitations, the marriage license, alterations, overages, insurance, gifts, etc. The list goes on and on. So I need to be prepared for all the costs that will trickle out of my already bare bank account and overfilled credit cards. I also have to be responsible when taking on debt. Debt is never the first solution one should take.
Getting a loan for a wedding could also help me to start off my marriage off with a party, but be careful of the debt hangover. Instead of being broke and strapped for cash, I’m looking to explore solutions that will meet my needs.
Have you ever wondered why joyful things are often the most stressful? A wedding, the birth of a baby, anniversaries, graduations, all bring great joy. Dealing with them is a pain in the neck, though. You’ve seen it before: an item you wanted isn’t available, but something similar which costs just a touch more is available. You sigh as you sign the loans for wedding expenses papers to pay for it all.
Wedding Financing Options
Let’s talk about weddings. It begins with the ring and ends up with two bodies in the surf on a white sandy beach sipping pink drinks and smiling a lot. However, we’ve never known anyone getting married who actually had enough money to pay for everything. By the wedding day, the couples had chewed their fingernails down to bare skin and had wedding finance experts coming out of the woodwork.
Nowadays, weddings cost both arms and legs to pull off. This is if you stay home to get married. If you want a destination wedding, then things get a lot more intricate and expensive. Almost no one has that kind of money, so you’ll be looking for help paying for everything.The first thing you need to know about wedding financing options is that wedding loan is just a personal loan. You’ve tallied up the cost of everything including the honeymoon. Remember to ask for a little more just in case of an emergency.
Another thing you need to know – and this is the most important – is that if the site says personal loans, it may be a company that matches your particular needs with the loan company that may be right for you. They aren’t lenders. They point you find a loan company that may suit your needs to get a loan for your wedding. This type of company saves you a sore ear and lots of footwork. So get out there and plan a beautiful wedding and let Loanry help you find the right lender. Together with Fiona, we can get you offers right now.
Planning a Wedding – A Wedding Timeline
If you’re lucky enough to have a year to plan your wedding, then you’ll have plenty of time to research and
reserve or book venues, florists, the cake, and the like. Sit down with your fiancé and write down, draw pictures, or devise an online picture book of how you want your wedding to look.
Establish a budget, and whether you’ll budget your money, or figure up all the costs before considering wedding financing options. You’ll need a guest list in order to plan properly. Choose a wedding date, so you’ll know when to reserve venues. These are the basics:
If the ceremony and reception are to be held in different venues, then you’ll need to talk to the church and the reception venue to book them. At about six months, three months, and two weeks, check back to see if they are still reserved. If anything happens, then you’ll still have time to find something else. Include the venues in your loans for wedding expenses.
You’ll need to research and reserve:
A wedding planner
You might want to hire a wedding stylist to do your hair and makeup as well as the bridesmaids’ hair and makeup on the big day. Additionally, if you want a wedding and reception video, you’ll need to book a videographer. Now, some of these require a booking fee or a fee to hold the date. You’ll need to figure these into your wedding financing options.
You know and I know that finding the perfect dress takes time. Bridal shops generally carry much the same wedding dresses and bridesmaids dresses. It’s usually that little boutique you passed with the heart-stopping dress in the window that gets your attention. On the other hand, how often do you shop in boutiques? You might want to locate a few.
You could always design your own dress and have a seamstress run it up for you. You’ll need to decide on silk or satin for the dress, and choose what lace you want to adorn it. You might want to design rosettes for ascalloped skirt or twinkling spangles or pearls sewn into the lace or the dress itself. How long will your train be? You’ll want to decide on a petticoat, crinoline, or a hoop skirt beneath your dress.
Designing a veil isn’t as simple as designing a dress. Will the veil reach the floor or the knees? Or will it be a simple fall of tulle or many layers? Will the cap be pearl covered or a simple thing of rosettes? Choosing shoes to complement the dress will be your final choice.
The bridesmaids and maid of honor will need to accompany you to choose a dress. They’ll be looking for theirs while you’re either designing yours or buying it. You’ll need to decide together on color and style as well as one flattering to your bridesmaids. Depending what season in which you’re getting married, you’ll have a selection of colors from which to choose. They can pick their shoes at the same time or wear something they already have that suits the occasion.
Your fiance will be waiting with bated breath to find out what colors he’s going to be wearing to the wedding. The tuxes will need to complement the colors of the bridesmaids as well as the season. It wouldn’t do to have a groomsman in gold escort a bridesmaid in orange down the aisle after a fall ceremony. It might look stunning on the trees, but people not so much.
Dresses, veils, and tuxedos often have to be paid for up front. While you’re working on your timeline, you’ll need a way to pay for certain things when you order them. Wedding loans even with bad credit often include withdrawals as needed. You can pay for the dresses when you order them without upsetting the rest of the loans for wedding expenses.
The Timeline-Closer To The Wedding Date
It’s now eight months before the wedding. You’ll need to book the band or DJ for the reception. Depending on prices, you might need to look into financing parts of your wedding. Now is the time to reserve rooms for any guests staying over. This, too, will require a down payment on the rooms, so you’ll need to add to your wedding finance.
Other items for which you’ll need wedding financing options is reserving the tables, chairs, and perhaps a tent for the reception. Book the honeymoon, too, along with the flight to get there. You might not pay a down payment for the cake, but if you do, then add this to your wedding finance plan.
Timeline-Six Months Before The Wedding
Okay, you can still breathe easy, you have plenty of time to arrange everything before the wedding. Go back to the boutique and pay for your dress out of your wedding loan. You’ll return periodically for fittings. Whomever you choose to sing at the wedding, book him or her now. You may have to pay a down payment with your wedding financing options money.
It takes six months for passports to be completed. If you’re going abroad on your honeymoon, then you need to get crackin’ on those passports now. They, too, will be paid for with your loans for wedding expenses money. Begin planning what sights you will see and what excursions you will go on when you arrive at your honeymoon destination.
Timeline-Four Months Before The Wedding
It’s getting closer! You’re going to be busy, though, so get to the stationer’s to pick and order your wedding invitations and stationery. If you’re going to have programs for the guests, you’ll need to put those together and order them now. Choose and order bridesmaids dresses. Choose your flowers. And choose and order the groom’s and groomsmen suits.
Check into the legalities-changing your name on any legal documents like driving licenses and voter registration. Choose which prayers, readings, and music for the big day. If you’re going abroad for your honeymoon, you’ll need shots. Book wedding transportation.
For the invitations, you’ll need to begin looking up addresses. You could always set up a website specifically for the wedding, with a separate page for RSVPs. Talk to your hairdresser and her makeup artist and nail technician. Book them for the wedding day. You might need to pay a down payment for this, so add that charge to your wedding finance.
Timeline-Two Months Before The Wedding
Almost there! Mail your invitations. Go to your dress fittings. Pick out and order and pay for you wedding rings. Choose gifts for the bride and groom, their parents, and the bridesmaids and groomsmen. Get your shoes, jewelry, hairpieces, and any other accessories now. Get outfits for the flower girls and/or pageboys. Remember to include these items in your wedding financing options. Consult the caterer or venue personnel and do a tasting for the menu.
Timeline-Four Weeks Before The Wedding
It’s okay to get a little nervous now. But don’t get too nervous, because it’s the last minute things that can really drive you nuts. Get your loans for wedding expenses organized, because you’ll need to pay for those things you’ve reserved or booked in the last few months.
Check with your suppliers and vendors. Any last-minute details or adjustments will be made now. Check on the programs for the wedding and add any last-minute details. Check on your RSVPs and call anyone who hasn’t replied. Attend the last fitting for your wedding dress.
Timeline-Two Weeks Before The Wedding
Make sure you track your wedding budget funds in case you forgot to pay someone. This is when you’ll get with the photographer to decide which shots he and the videographer will be the most important. Portraits are usually taken after the ceremony and before the newly married couple step into the reception venue. If the photographer and videographer do things differently, then you’ll need to agree on when to do it.
Consult the caterer or venue personnel and give them a head count, so they can plan the food. You’ll need to map out a table plan of who will be sitting where and beside whom.
Timeline-One Week Before The Wedding
Are the butterflies fluttering in your stomach yet? Just wait until the big day! This week, you’re going to be coordinating with your suppliers or vendors and your wedding planner:
Call your wedding suppliers to confirm their arrangements
Give your wedding planner any requests for equipment, tables, and the like from your suppliers or vendors
Give your wedding and reception locations a schedule of supplier times and delivery, setup details and contact numbers
Print off the place cards
Full wedding dress rehearsal and dinner
Get a manicure, pedicure, waxing, and anything else necessary for the big day
Pack for your honeymoon
Pack an outfit to in which to leave the reception
Timeline-Two Days Before The Wedding
Make any last-minute changes to the table plan. Confirm times for the wedding transportation company. Contact the suppliers or vendors to reconfirm everything. If there are any last-minute substitutions, talk it over.
Grooms go for your final fittings. Have the groomsmen attend their own fittings and get their suits or tuxes. Brides print off instructions for the day complete with suppliers’ instructions and details. The best man and maid of honor will get this list. Use your wedding financing options like a credit card or wedding loan to pay for anything lost in the scramble until today.
Timeline-The Day Before The Wedding
It’s getting down to the wire now. This is the last day on which you can check that everything is going to go off without a hitch:
Take to the venue place cards, menus, favors, table cards, table plan so the wedding planner can manifest it
Give an emergency phone number to anyone involved with the wedding for use on the wedding day
Use your loans for wedding expenses funds to pay anyone who hasn’t been paid yet. Give them the checks when the reception ends
Have someone make sure the cake will be delivered to the venue on time
Full rehearsal for the affianced couple, minister, priest, or officiant, readers, singers, and everyone else but the guests
Get some quality sleep!
Timeline-The Wedding Day
You’ll be in a room with your bridesmaids preparing you for the ceremony. Some things need to be taken care of while this is going on:
The only part of your wedding finance budget left to take care of is the fee for the minister, priest, or officiant. The best man will give him this fee after the ceremony
Give the parents’ gifts to the best man and maid of honor for presentation following the toasts
The bride’s bouquet and the men’s boutonnieres will be delivered to the room in which the bride is dressing. Have someone take the men’s blooms to them
Make sure the best man has the wedding bands for the ceremony
Have the wedding planner consult the best man and/or maid of honor if there are any problems or questions at the reception
You’ll need a family member, bridesmaid, or groomsman to advise the photographer and/or videographer the names of the members of the wedding party
After The Wedding
Ask one of the attendants to return any clothing rentals. Ask one of the attendants to have the dress and tuxedo cleaned. Hand write thank you notes to guests who brought wedding gifts and to your suppliers or vendors. Don’t forget to get your marriage certificate! Have fun on your honeymoon!
If The Wedding Is In Less Than A Year
If you don’t have a year to plan your wedding, then this list will serve to inform you of what needs to be done and a tentative timeline. Of course, the venue, dress, tuxedo, and reception are the most important things for which to plan. However, you may need a loan for wedding costs whether you have a year or a month in which to plan.
Now that you’ve read what is involved, research the costs of your wedding. Consider wedding financing options for some of it or all of it. For example, if your mother is a whiz at baking, then you won’t need loans for wedding expenses that include a cake. If you or a friend or family member have flower arranging in your repertoire, then wedding financing options won’t include a florist. You get the idea.
The beauty of a loving relationship between two people ready to get married is one of the most incredible energies in the world. Positivity surrounds the union of these individuals as they begin to plan their wedding. It’s an epic time in life and a milestone in the future. The combining of two worlds occurs as the wedding becomes a reality and the date begins to creep up. During this time there’s a lot of planning and coordinating to make the wedding a success.
Are Low-interest Wedding Finance Options a Good Solution for Covering Wedding Expenses
Many couples don’t realize the cost of weddings. They begin to shudder as the research reveals the true cost of wedding expenses. Did you know that there are low-interest loans for wedding expenses? There are financial resources out there to fit your needs. Wedding loans with low-interest options are out there, you just need to ask.
What are my options?
There are low-interest wedding finance options out there. However, you have to be realistic as to what these loans are intended to solve. Wedding loans with low-interest rates don’t exist to simply pay for the entire wedding. Today prices of events can potentially be extremely high. Wedding loans with low interest are typically smaller amounts meant to help cover a few extra things.
This is fantastic because it raises the enjoyment. It also reduces stress and limits to an amount of money that can be paid back smoothly. Many couples that begin to see the dollar signs add up will instinctively look to their credit cards for help. However, the rates can be very high compared to low-interest loans for wedding expenses.
Adding to credit card debt with existing balances and high-interest rates is not the right decision. Especially prior to getting married – you’ll be facing large payments into the future. Be smart and explore various low-interest wedding finance plans. Also, consider speaking to a professional that can help you make the right decision.
Help Managing the Rising Costs of Wedding Expenses is Needed
Are you confused about when it’s the right time to seek a wedding loan? Or maybe you don’t believe the wedding expenses can be so high? Take a look at a few examples that explore common wedding expenses. You’ll see why wedding loans low interest are in demand.
One of the most expensive price tags will be the food and beverages for your wedding. Everyone has some sort of vision of the event and has been a guest at many. You know how important food is throughout the affair. The hors d’oeuvres, salads, main course, desserts, and full cocktail bar are essential to any wedding. Typically a caterer has various packages and they’ll charge per person. Sometimes there’s only a small difference between a person between the options. However, you must multiply that number by the number of guests you anticipate. Jumping up to the next level with the caterer might be just the boost you need to help make your party a massive success. Wedding loans low-interest providers will help make this decision a no-brainer. So you can feel relaxed knowing your guests will have enough food.
2. Event Space
Working on a budget can be tough when it comes to your wedding expenses. It will seem that every item is priced higher than you anticipated. Perhaps you’ve always envisioned your wedding at a non-traditional venue and you start thinking outside the box – botanical garden, farmhouse, ice skating arena, hotel pool deck, etc. Depending on your options these places might be a little more money for either space or to coordinate with other vendors like the caterer (there might not be a kitchen onsite).
Also, maybe the venue is similarly priced to a traditional wedding space but requires that you hire valet parking because of the amount of cars you’ll be expecting. These little extra costs can appear after you’ve fallen in love with the idea. This is another popular option to look to wedding loans low interest for expenses. Being able to cover that unanticipated few thousand dollars could be the difference in how and where the wedding will take place. Don’t be ashamed to ask about your options, this can help you orchestrate a beautiful and memorable wedding from start to finish.
3. Out-of-town Guests
It’s common for couples to get married to invite family and friends from out of state. This is one of the greatest joys. Celebrating with loved ones that you don’t see all to often and enjoy this occasion together. Guests that travel to be at your wedding must make a lot of sacrifices to be there for you on this special day. This is why at many weddings the hosting couple makes an effort to organize a small dinner or other events for the out-of-town guests to enjoy. – it’s the perfect time to not only say thank you but to show appreciation for their presence.
Investigating a wedding loan to help free up some money for this “Thank You Dinner” is a good reason for a low-interest loan for wedding expenses. This event shouldn’t take away from your original plans for all the guests. It’s just a little something extra for the people closest to you that went the extra mile to celebrate with you. There aren’t many more reasons to extend yourself a little in order to give a proper Thank You.
4. Plan B
Having your budget and itinerary for the wedding all in order ahead of time is fantastic. The excitement is building and you’re feeling those butterflies in your stomach because the day is getting closer. – it’s all normal good stuff. Then the thought hits you. What if it rains? What if the construction happening at
the venue isn’t finished on time? And what if, what if, what if. It’s worth thinking about a plan B. Especially if you’re scheduling an outside event. There might be a weird weather front that heads to the area during a time when it’s usually not the rainy season – it’s good luck LOL. Don’t rethink your entire event. Just be prepared to take certain precautions.
Maybe you hire valet or erect a tent in case it rains. Sure these things cost extra money but it’ll be a life saver if you have them on deck for your wedding. Wedding loans low-interest solutions can help with these few last minute wedding expenses. This way you can keep calm and have your focus remain on the special experience. Your wedding day should be your only focus and not being unprepared for the worst. Wedding loans low interest should be on your radar to being prepared.
As you plan together with your future spouse you’ll quickly discover things you might not have known before planning for the wedding. Sure you might discover their methods of dealing with stress, weird family dynamics,… However, you might also learn that he or she always dreamed of having an opera singer perform a song at their wedding. Maybe it’s a specific type of unusual food to wow the guests or strange circus performance. The point is that this kernel of information is a great opportunity to surprise. A wedding loan that provides low-interest wedding finance for your affair might be the perfect way to free up some cash to surprise your partner or all the guests attending. This is the one moment to push the line slightly to use the element of surprise to guarantee a memorable event.
Low-interest Finance Solutions are Important Help Couples Enjoy the Day
These areas are just a quick slice into the fact that wedding plans take unforeseen turns and how a little extra thought might mean a need for wedding loans with low-interest solutions. As you journey into the matrix of wedding talk, including looking at venues, reviewing invitations, creating the guest list, cake tasting, and more, it’s essential to be realistic regarding your wants and needs. After all, the most valuable resource you have is time so you don’t want to waste it. The endless road of possibilities when it comes to your wedding day can be exhausting, so put together a budget first and begin to work from there as you explore wedding loans low-interest options. This will save you time and hopefully money too.
Know your finances and how to leverage your options for the best low-interest loans for wedding expenses. Having open and honest communication about finances prior to marriage is really important. It will help each of you get on the same page and discover a common ground for building a life together. This is also important when weighing the viability of low-interest wedding finance options to help cover some expenses and reduce the immediate financial burden for everyone involved.
Also, depending on your credit worthiness and other financial exposure it will determine if a low-interest wedding loan is possible. Perhaps you will be able to receive financial assistance to alleviate some cash outlay for expenses, but it might be at a higher interest rate if your credit isn’t so stellar.
It’s time to do the dance – hunting for the right loan, not the Macarena
Distractions are a normal part of life, but you’ll quickly discover that when you are in the midst of organizing a wedding life can get complicated very fast. This can feel like your dancing even when you’re not on the dance floor, it’s fine just be sure your rhythm is synchronized with your partner. The number 1 piece of advice is to get planning sooner than later. The more time you have on your side the better off you’ll be in being able to secure a low-interest wedding loan, if you need it.
Even if you’re pretty sure you won’t need it, now that you know about it you should talk about it together and understand what options are on the table. Deciding early that you don’t need a low-interest wedding finance plan is better than discovering late that you actually need it.
Learn About Low-interest Wedding Loans
Just as in life, there are moments of recognition during the wedding planning stage you’ll likely become overwhelmed. There are many moving parts to a successful wedding and marriage, you have to work really hard to keep it moving forward. Staying positive with each other is at the root of a great relationship. This is true when juggling the stress and excitement surrounding the wedding.
Since there’s no way around it that money will be involved in the plans, it’s perfectly normal for the money to be the source of tension. Even when you’re smooth sailing with funds and only looking at low-interest loans for wedding expenses that are totally extra and not necessary for the overall enjoyment, it can surprisingly still drum up some friction between couples. Maybe one is content with not adding anything while the other is always looking for more no matter how good the wedding will be.
I don’t want you to have any issues with your wedding or marriage, but rather to connect with a professional to give guidance and to keep the tension down. Having access to wedding loans low-interest loans is a perfect way to keep everyone happy and a great compromise. You get the funds and be able to realistically pay it back without the fear of insanely high-interest rates.
When low-interest rates are not reason enough, here are some points to consider…
1. Sales Pitch
The couple, don’t get into a battle trying to sell the other on taking out a loan for wedding expenses because of the low interest. You’re getting married not making a deal of a lifetime – there’s no selling that’s needed. Try to change the perspective to review and embrace the discussion. Look at things together and decide on the goals first. This will helpfully assist in eliminating a potential argument and develop a unity of partnership for this decision and all others into the future.
2. Fear of debt
For some, loans and debt carry with it an element of fear. Perhaps that fear is shared and in many situations that involve fear, it will manifest itself in other ways. We all know that when we’re scared and have fear sometimes we don’t want to show it – we might smile, get quiet, or angry, etc. Recognizing that fear might be at the base of the experience, it’s necessary to be open and verbal about how you feel. Aiming to have clear communication around fear is the best way for couples to manage it together. The end result is irrelevant, it’s essential that the decision was made together.
Communication in marriage is essential, speak about wedding expenses and plan together
The Most Essential Point
The most essential element of your marriage together is your ability to build a life together and communicate on life decisions. As you juggle the wedding plans and budget, you’ll quickly realize that each of you has a particular way of managing stress and finances. Keep your focus on the fact that the wedding is one day, but the marriage is for life. The true importance of your wedding day is you and your partner as well as your guests, keep your eye on being happy and appreciative and your wedding day will surely be a success.
Avoid using high-interest credit cards to cover your wedding expenses. I know this is common, you just reach into your pocket and think that because you’re racking up miles it makes sense. Trust me, if you can get a lower interest rate the miles are not as valuable as you think. Every dollar you save in interest is a dollar back into your pocket. Having the option for low-interest loans for wedding expenses is ideal for infusing some extra cash as well as reducing your monthly payments into the future. This is when wedding loan low-interest options are ideal to take some of the pressure off of your wedding expenses.
This will undoubtedly create a calming climate when you discuss finances. Prior to making your final decision, you should consult with a wedding planner or close friend to get their opinion if the extra items are truly necessary, try not to get caught in thinking that more is always better.
Weddings are meant to be once in a lifetime events. That makes it no surprise that the average cost of a wedding today is $25,000. Granted, there are ways you can cut costs, but you can still expect to pay a few thousand dollars if you have a wedding ceremony that isn’t simply in front of a Justice of the Peace.
Loans for Wedding Expenses
You want your special event to be something that everyone will remember. However, how do you find the money to do all you want? Most people need help paying for a wedding. Let’s explore some ways you can decrease the stress of paying for this special event. Let’s consider taking out loans for wedding expenses.
Figuring out the Cost of Wedding
As you try to determine whether or not you need help paying for a wedding, you need to sit down and list all the expenses involved. Start with the the cost of wedding rings. Then work your way through the pre-wedding events, the wedding itself, and then the honeymoon. Don’t forget any of the details because even the seemingly small ones can add to the cost considerably. It is only by including everything that you can get a realistic figure on the total cost. There will be many variables that you have to work with. Planning for the highest amount you are willing to spend in any given category will help you reach an upper amount. At this point, it is best to consider only the wedding/reception/honeymoon you really want.
Once that is done, you can go through your list. Then mark the different categories according to whether you are willing to accept a compromise or if this is something you absolutely will not budge on. Knowing this will help you determine where you can cut wedding cost. At least without feeling like you are being cheated on your dream wedding. For example, you may not feel you can cut your list of guests, but you are willing to send invitations that aren’t engraved. Only you and your future spouse know which areas are most important to you. Either as individuals or as couple.
Budgeting for Wedding Finance
In order to get help paying for a wedding, you need to know how much your wedding will cost in all. You also need to know how much you have toward the cost, including any contributions from family or friends. Next, you need to know how much money you have to spare toward making payments for the amount you need. This will let you know how much money you need to save for your wedding. Or how much you need to borrow for a wedding in order to make this event happen.
What to do
When making your budget, make sure to ask yourself which costs can be spread out over time and which need to be made before the wedding. In most cases, you will find the majority are necessary before the day of your planned wedding.
When you have the date of your wedding set, divide the total cost of each individual item by the number of weeks or months you have to pay. Finally, add the individual totals together to see how much money you need to come up with during each period in order to make your goal. Now, determine how much money you have coming in during each period, week or month, until the wedding date. This isn’t the end. You now need to add up all your regular expenses like rent, utilities, insurance, and such and take that total away from the amount of money you have coming in.
Compare the amount left with the amount you have figured you will need to come up with for your wedding. In most cases, you are going to need more money than you have coming in. If your income is greater, then you are set. The rest of you are looking at both reducing the projected cost of the wedding and finding a source of financing for the balance. It is time to start thinking about getting help paying for a wedding. You know how much you need and you know how set you are to pay things back. This will help you when making a decision between lenders.
Cutting Wedding Cost
Before looking for help paying for a wedding, you may want to pull out that list you made that contains every detail of your perfect wedding. Look at the items that you and your future spouse have agreed can be substituted for or changed in some way. Often, cuts can be made in very surprising ways and they won’t even be noticed. Those that are may actually be a better choice or add something unique to your whole event. Unless you suddenly decide to throw away all your plans, head off to the Justice of the Peace, and then simply go about life as before, there is still the great likelihood that you will still be looking into getting help paying for a wedding but you may not need as much as you had first been looking out.
Let’s look at a few ways you can cut costs and have a more frugal wedding without sacrificing the overall feel.
Tweak your guest list
You can possibly invite a larger number to the actual ceremony, but pare down the list for the reception. This saves on meals, favors, drinks, and more. Think of it this way: This is your special day. You want the people around who are important to you so you can share this precious memory. Is your third cousin, once removed someone you ever even talk to? Don’t make your guest list out of obligation, make it meaningful.
Consider asking friends or relatives to use their talents
Either as a DJ or photographer, they might be willing to donate their service as a wedding gift. Or a least they will charge you at a discounted rate. many times, especially when a couple that are getting married have already established homes and lives independently, friends and family don’t know what to give that at least one of you doesn’t already have. Being able to share their special talents as a gift will help ease that frustration.
If you are crafty, consider making some or all of the decorations
From guest favors to wedding party gifts. There are hundreds, or even thousands, of ideas online that cover every aspect of frugal wedding planning. Utilizing your own crafty nature, as well as that of close friends, will make your day even more special. You could even consider making your bridal shower into a crafting party.
Consider having your ceremony/reception at an unconventional location
Consider an outdoor park, on the beach at sunset, or even a large backyard. You can sometimes even combine the wedding and reception and have both at the same location. Some places have become famous for being special wedding spots. You could choose one of those or set up your ceremony at a spot that means a lot to both you and your spouse to be.
Speaking of DJs, consider hiring a DJ instead of live entertainment.
With a DJ, you can have exactly the kind of music you want and can also help decide the exact song lineup. With live entertainment, you don’t always have that kind of control.
Limit drinks at the reception to beer, wine, and soda.
Spirits can be expensive. You want your guests to enjoy the reception, and let’s face it, we all have an Uncle Henry or Aunt Rose who tends to put a damper on things when they’ve had a bit too much of the strong stuff.
Shop around for the best deals.
This applies not only to things like wedding invitations and venue sites but also on discounted packages for the honeymoon and the lowest interest rate possible on loans taken for help paying for a wedding.
Is Bad Credit a Factor?
Bad credit is a fact in an increasing number of lives today. It only takes one bad financial period to cause your credit score to dip below what most lenders consider a good risk. Does having bad credit make it impossible for you to get help paying for a wedding? The answer is a very large ‘NO!’. There are weddings loans for bad credit, but of course the interest may be higher and if your can’t afford it then you should avoid this type of wedding loan.
Check Online Wedding Loan Lenders
You may have trouble getting a wedding loan at your local bank but there are numerous companies online that specialize in helping people get their credit scores back on track. One way is by taking the chance to grant a loan and make regular reports to the credit bureaus when payments are made in a timely manner and when the entire balance is paid off completely. By seeking this help, you have a chance of the loan accomplishing two important things. You get the wedding you want and your credit score has a chance of being improved.
This will make it easier in the future should you and your new spouse wish to seek financing for a car or a new home. Taking the time to seek out these bad credit lenders, however, can be very time-consuming. It is also impossible for the average person to find every possible lender. That is where people like us come in. We have a database of lenders who are willing to lend to people like you. We can direct you to the places where you will be able to get the wedding financing you seek easier than you could find places on your own.
But Don’t the Parents Pay?
At one point in time, not that long ago, many couples graduated from high school and got married. They set up home, one spouse went to work, and a family was started. At that point in time, the bride’s parents often paid for the wedding and the groom’s parents the reception. Life is vastly different now. More and more couples are waiting to get married until they have gotten a higher degree or gotten their careers on the right track. This changes tradition. Parents have most likely paid for your college education and entered retirement. They don’t have the kind of money available they may have had at one time.
If they do follow tradition, they may be the ones who need help paying for a wedding. They may be facing additional medical bills that come with aging and their savings may be dwindling. You may still end up sharing the expenses. In other cases, there may be a couple sets of parents on each side that can’t agree on what needs to be done. To avoid drama and the upset that comes with it, planning and paying for your own wedding can be the best way to get exactly what you want.
Loans for Wedding Expenses Cover Many Reasons
What kinds of things can you get loans for when you need help paying for a wedding? The list is endless. You may have enough in savings to pay for the wedding and reception, but need money for the perfect rings and the honeymoon. Maybe you can afford a no-frills ceremony but want a few special touches that you simply can’t afford at the moment.
Personal loans for wedding expenses can also help you make sure the date you have your heart set on is doable and you don’t have to put off the wedding for several more years until you can save for it. If you and your future spouse have careers, you may have your own expenses such as rent, utilities, student loan payments, car payments and more. It may be possible for you to see your way to survive financially while married but coming up with the money to actually get married may be a financial hardship. Whatever the reason you personally have, getting help can be a perfect choice.
Marriage is a consolidation of sorts of two lives. You and your spouse will be consolidating two households into one. You will be consolidating all your bills and also your incomes. Getting help paying for a wedding can help with a different kind of consolidation. Earlier we talked about how many of the people you are dealing with when having a wedding will want their money before the actual wedding.
There are some who will work out payment plans with you, however. This means that in addition to having to keep track of each partner’s regular bills, you will have to rework your monthly budget to include another few places that require paid regularly. By getting a loan, you can make sure that everyone involved in the wedding is already paid and this will leave you with only one additional payment you will need to keep a handle on. Consolidating two households into one can be exciting but it can also be hectic.
Things can get forgotten, stress levels can rise, and you may find yourselves feeling overwhelmed at a time that should be filled with joy. There is yet another advantage of consolidating into one loan payment. Individuals won’t necessarily contact credit agencies when you pay them. If both partners get a loan together, every on-time payment helps build both credit scores. This will help with any future large purchases such as a home for a growing family, vacations down the road, a new car, and more.
Here at Loanry.com, we understand how important your special day is. We also understand you may at some point consider loans for wedding expenses while you are trying to plan your wedding. That is why we take your information and do the footwork for you. You figure out how much you have to budget for your wedding and if you run into short term financing issues we may be able to help. Contact us at the earliest stages of your wedding planning, and we will help make your dream plans a reality by helping you find a lender who may be able provide help paying for a wedding.
Only you can determine where you stand financially, how much you can successfully afford to borrow, and what your credit standing is. We have an extensive database of lenders and can help you find a lender that may fit your needs. You don’t need all the added stress of doing this extensive search yourself. Let us help you so you can spend your time and energy making your dream come true.
Your wedding is the best day of your life. You want every moment of it to be perfect. Weddings are expensive. Many people spend more money on a wedding than they do on a car. The last thing you want to do is to cut things out of your wedding. But, if you do not have unlimited expenses, you may have to make some hard choices. The national average cost for a wedding is $33,931.
The most expensive aspect of a wedding is the reception location. This costs around $14,000. Do not be dismayed about the cost of a wedding. There are ways to bring down that cost. You may have to be flexible with some things. You can try to negotiate the cost of some of the things you would like.
Ways To Save Money On My Wedding
There are many ways save money on your wedding. You may have to make some hard choices. For example, have your wedding on any day other than Saturday. A Saturday in June is the most popular time for a wedding. Having your wedding on a Friday or Sunday, may save you close to 50 percent. Consider having your wedding in the winter. Summer is the most expensive time to have a wedding. Simplify as much as possible. Just because you plan a wedding on a budget does not mean you have to cut everything, just simplify it.
Change your sit down dinner to a buffet style dinner. You can also change your dinner to hors d’oeuvres. These things can decrease the price significantly. When it comes to your cake, order a one tiered cake for display. Have a sheet cake in the back that is actually cut for the guests. They never see the cake and never know that it is a sheet cake. You can have the cake cut into smaller pieces. You can get rid of the cake all together and have brownies and cookies for dessert.
Flowers are another area where you can cut costs. When you buy flowers, make sure they are in season. It is always cheaper to get flowers that are in season. Flowers are incredibly expensive. It is obvious that the more flowers you have, the more it will cost. If you choose flowers with bigger buds, they take up more space. There also have less stems, which saves you money.
Another way to plan a wedding on a budget is to save money on your dress. The simpler the dress, the less it will cost. You can find leftover styles from the year before. A dress from last year cost less than a new model from the current year. You can purchase a pre owned dress. You can purchase a dress for up to 75 percent less than in a store.
Are There Things I Can Do Myself For My Wedding?
When you want to plan a wedding on a budget, you can do things for yourself instead of hiring someone else. You can make your own invitations and select a simple but elegant invitation template. You can pick quality paper and print them. This may save yourself hundreds of dollars in one simple step. Ask the venue if you can purchase your own alcohol to serve at the wedding. You will not have to pay increased prices for the alcohol and can return any unopened alcohol. You can purchase alcohol from a distributor, which makes it cheaper.
One great suggestion is to decorate the venue yourself instead of letting their decorators do it. You can have larger tables, which means there are less tables to decorate. Purchase bulk vases or centerpiece parts. You can put the centerpieces together yourself and can shop around for various accent pieces. Find them on sale, especially at the end of the season or choose favors that you can make yourself. This can save you hundreds of dollars by making them.
You can make corsages for the groom and all the groomsmen. You can use succulents, wire and tape and in minutes have an elegant corsage. Instead of renting chair covers, you can make your own. You can get creative with the way you decorate your chairs. You can add your own sense of style and color. If your venue allows it, you can make your own table settings.
You can create a funky look with dishes and silverware that has different patterns. You can buy and fold your own napkins. When you plan a wedding on a budget, this is your chance to bring the look you want to your wedding. Get creative with it.
Should I Create A Budget For My Wedding?
It is always a great idea to have a wedding finance budget. This helps you to understand how much your wedding is going to cost. It also helps
when you plan a wedding on a budget, that does not mean you will not get all the things you want. You might have to think about your wedding plans a little differently.
First, you need to know how much money you have to spend on your wedding. You need to figure out how much money you have saved that you are willing to put towards your wedding. You need to consider how much money you can realistically save for your wedding. Then, look at how much money, if any, your families are going to give you. All of those together determine how much cash you have to spend on your wedding.
Depending on how much it is, you may want to make that your budget. Another key to remember, when you set your budget, stay on budget. Do not go over. You should pad your budget for unforeseen expenses but do not go over budget.
You should track how much money you are spending. Once you have an idea of how much things cost, put them in a spreadsheet. This gives you a good idea of how much money you need. When you have spent money you can put it in another row or column called spent. This not only tracks how much you are spending, but it lets you know if you have stayed on budget.
If you already know you do not have enough cash and you have decided to charge some items, do so with thought. Make sure you are thinking about what you are charging and have a plan to pay it back. Do not get yourself into a position where you cannot pay your credit card bills. It is not a good idea to let your wedding get you into debt that you cannot afford to pay back. Before that happens, you should find areas where you can cut costs.
How Can I Save Money For My Wedding?
You want to plan a wedding on a budget and you know what that budget is already. You are faced with the fact that you cannot afford the wedding of your dreams. Before you decide what you need to cut from your wedding, you want to determine if you can save money for the items that you really want. The best way to do this is to look at your expenses.
Cut out any unnecessary expenses. Do you have a gym membership that you have not used in almost a year? Cancel it. Do you have subscriptions to things you are not using or reading? Cancel them.
Take a look at other spending. Do you eat out often? Stop eating out and buy food to prepare at home. Not only will this save you money, but it is healthier for you. Do you have an expensive bad habit like smoking? Maybe now is the time to consider quitting. You can save yourself thousands of dollars a year if you quit smoking.
Think of what you would not have to cut from your wedding if you kicked that bad habit. Do you have other extravagant habits or expenses that you do not need? Are you willing to put them on hold for a year so you can save money for your wedding? Now is the time where you can decide which is more important.
How Much Will My Wedding Cost?
Weddings are incredibly expensive. The cost of your wedding depends on how many features you have in your wedding. You can determine the cost of your wedding with a wedding calculator. The calculator helps you know how much money you need for your wedding. Wedding cost depends greatly on where you live, but New York City is the most expensive city in which to get married. They average cost of a wedding in NYC is over $80,000. The cheapest place to get married is Mississippi with an average cost of a little more than $12,000.
The wedding venue is the most expensive part of a wedding. It is often more expensive than the engagement ring. The venue costs around $13,000 and the average cost of a ring is a little more than $5,000. The least expensive part of the wedding is the favor. Some couples are moving away from favors. That only saves around $300.
The cost of weddings has increased significantly over the years. There does not seem to be any hint that increase will stop. As long as couples are willing to pay for expensive weddings, the price will continue to rise. There are ways to save on your wedding.
Can I Get A Wedding Loan?
Loans for wedding expenses are personal loans. It is possible to get a loan for a wedding, but the terms depend on your credit score. A personal loan is when a lender, such as a bank, lends you money. You pay that money back with a regular monthly payment for pre determined length of time. That is usually three to five years. The amount you pay does not change from month to month. It always stays the same.
These loans are unsecured and do not require collateral. Unsecured loans are risky for the lender. Taking out a loan for your wedding allows you to pay for everything at one time and pay one payment per month. However, having a loan could work against you and you forget that you should plan a wedding on a budget. It also increases how much you are actually spending on your wedding because of the interest.
The loan interest adds additional cost to the price of your wedding. You are also taking on additional debt by using a loan to pay for your wedding.
Can I Get A Wedding Loan If I Have Bad Credit?
Yes, you can still consider taking out a loan for a wedding when you have bad credit. There are some things you should know before you decide this is the way to do. When a lender considers your credit worthiness, they look at your credit score. Anything below 650 is considered bad. This makes lenders less willing to give you money.
You can still find lenders who will loan you money, but you need to do some shopping. You have to make sure you are getting the best deal. Credit unions and online lenders have more relaxed standards for lending money. They are willing to loan money to those with bad credit. You should know that the lower your credit, the higher your interest rate.
Before you opt for a loan, especially if you have bad credit, you should consider some other options. You should consider to plan a wedding on a budget. There may be ways for you to decrease some of your wedding costs so you may not need a loan. You can cut out some of the items you plan to have in your wedding. This may decrease the costs, as well.
You must decide for yourself if a loan is right for you. There are some things to take into consideration when thinking about a wedding loan. There are good things and bad things about taking out a loan. Typically, a loan has a lower interest rate than a credit card. A loan can help you consolidate all of your debt to help you focus only on wedding costs. With a loan, you will not be using your cash. This keeps your cash flow flexible and not tied up in wedding costs.
Having one payment per month makes it easier to budget for the payment. If you are paying varying amounts to multiple places, it is hard to budget. Making regular payments on time helps improve your credit score. The interest rate is static and will not change month to month.
There are some negatives to obtaining a loan. You should also be aware of those. If you cannot payback the loan, you run the risk of late or missed payments. You can default on the loan. This means that lenders could send collectors after you to get their money. All of these things impact your credit score in a negative way. If you have bad credit, the interest rate could be high. The lower your credit score means the higher your interest rate for your loan.
Should I Use A Credit Card To Pay For My Wedding?
You can consider using a credit card as part of when you plan a wedding on a budget. People often have a negative association when thinking about using a credit card for wedding expenses. Credit cards have a tendency to get out of control when you use them improperly. If you use them properly, they can really work to your advantage. If you find a credit card that offers zero percent interest, that is a great way to go. It is basically getting a loan without any interest. The key is to pay off the full amount before your interest free period ends. If you do not pay it off, the credit card hits you with interest from the date of the purchase.
Some credit cards offer a signing bonus. The way it works is you spend a certain amount of money, perhaps $5,000, over a set period of time, 6 months of opening the credit card. If you do that, you receive money back. This basically gives you a discount on the items you purchased. Another way to save money is to use a card that offers cash back on purchases. Many cards offer either 3 percent, or 1.5 percent back on all purchases.
Should I Have A Destination Wedding?
Destination weddings are popular now. It is a way for you to have a smaller wedding without hurting anyone’s feelings. You limit the guest list to the number of people who can and want to travel to your destination. It may be an option for you when you want to plan a wedding on a budget.
Typically, when you have a destination wedding, the couple getting married does not pay for the transportation or lodging costs of their guests. Depending on how many people are on your guest list, you could decide to pay for one or both of those items for your guests. That may also depend on how much the actual wedding is going to cost you.
One thing to consider with a destination wedding is the cost for your guests. If you decide to go the destination wedding route, you could give your potential guests advance notice to allow them to save the fund to be able to attend your wedding.
Typically when you have a destination wedding, the venue for the wedding offers an all in one package. There may not be a lot of savings in that respect, but since the guest list is much smaller, you can save a lot of money. It is a great way to plan a wedding on a budget and limit your guest list without deciding who you are going to cut. Weddings are a funny time. You feel compelled to invite people to your wedding that you have not seen in years, and maybe have never seen.
Weddings are expensive and many couples go into a lot of debt to have the wedding of their dreams. You always intend to plan a wedding on a budget. Sometimes, it just does not work out the way you thought it would. You find yourself in a position where you are considering a wedding loan. You are the only one that can decide if this is the right option for you.
The real question you must answer for yourself is can you afford to pay back the loan? If the answer is no, stop there, do not go any further down the loan path. If you cannot pay it back, you are putting yourself in a worse financial position. Do not do it. Now, if you know that you are going to have a regular stream of income after the wedding and you are confident you can make the monthly payments, then maybe. Maybe it is right for you to get a loan.
You have to take an honest look at your finances and decide if you can repay the loan. Before you decide yes on the loan, go through all the other suggestions and tips we have given you to save money.
The union of marriage is a beautiful way for two people to join together and memorialize their lifelong commitment. It’s very important to recognize that sharing a life partner comes with all the positive and negative aspects of life. There’s a certain vulnerability that must be embraced when letting another person into your life.
Now there’s someone else to be accountable to. It’s another person to make all of life’s decisions alongside – you’ll celebrate and cry together. This is also true when it comes to debt you take on together. It is especially true when exploring a marriage loan for wedding expenses. You’ll take this responsibility on as a couple. If it’s the right decision, you’ll never be happier.
Financing a Wedding with a Marriage Loan
Loans for wedding expenses should be viewed through a similar vantage point. A marriage loan exists to assist couples with the countless expenses that arise surrounding the wedding. If you think about the example of the car, certainly you can recognize that adding an extra boost of cash for your wedding can be even more rewarding than driving a car.
A life experience is time that you can never get back and can be a great source of positive memories to propel you and your partner into the future. A marriage loan can have the power to completely transform your wedding and allow for the perfect day to unfold as you dreamed.
If you find the right lender for you, a marriage loan can be one of the best financial decisions you made when planning your wedding. But going into debt should always be done carefully and in a controlled way. That’s where Loanry comes in. Together with Fiona, we connect you with reputable lenders withing seconds of filling out this form below. Not only that, but you can also literally shop for a loan, like in a shopping mall. In this way, you can find the best one for you.
Marriage Loan Do’s and Don’ts
For that extra thousand dollars needed to hire the best photographer.
Adding valet parking vs. no valet and having your guests walk a far distance.
Free up some cash to be able to pay for an out-of-town relative to fly in for the wedding.
Take financial pressure off of your parents or other relatives that want to contribute.
For that one “out of budget” item that will just put a huge smile on your face.
Wedding finance programs are too confusing and just causing arguments prior to the wedding.
Should You Go Into Debt before Marriage?
Many new couples have a negative perspective when it comes to debt. However that doesn’t allow the best viewpoint. Debt is merely a relationship to capital and a financial dynamic that exists. The fear of not being able to pay off the debt or risk of too much debt exposure preventing future purchases requiring credit, can be classified as negative. This is why you must be careful with the type of debt you take on. Decide together if a marriage loan is your best wedding finance solution.
However, in the right manner debt can be positive and allow for opportunities that wouldn’t exist otherwise. Therefore, if the debt is managed properly and paid off it might prove beneficial. For example, many new couples take a loan for a vehicle purchase for different reasons. Among which they either don’t have the money upfront or prefer to have the cash available for other things presented in life.
Let’s say that you finance a car over five (5) years. You have payments of $300 per month. It’s clear that after all payments are made you’ll be driving that car and it will cost $0 per month. Likely you’ll need to budget between $800 – $1,500 per year for incidentals, but that’s still less expensive than $3,600 per year.
Case in point is that the debt you took for the car ended up saving you money over the long term. It was, in the end, very positive for your finances. Obviously if you couldn’t really afford the monthly payments to begin with then stress might set in early. However that’s not because of debt. Tt’s because you’ve over extended yourself.
Discovering Financial Solutions for Marriage Loans
These are just snapshots to consider as you digest the fact you are jumping into marriage. – one of the greatest and special moments in life. As you and your partner begin to discuss wedding loan options it’s very important to know how you’ll pay it back. Then balance it among other life expenses. The key is to go into this debt as a couple and come out of this debt as a couple. Wedding finance debt can really help facilitate a healthy marriage. A couple that’s so thankful these financial vehicles are available. Go with the flow positively and enjoy all events surrounding your wedding, with or without a marriage loan.
Now it’s time to get serious and tie the knot. So if you don’t have all the cash you’ll either have to settle for less, borrow from family, or take out a loan. You could also do a combination of those options for your wedding finance goals. A little from here and there to make it work. Look; Marriage is all about compromise and dedication to build a successful marriage.
When it comes to debt and marriage let’s be honest there are some debt terms that last more than some marriages – till debt do us part. A marriage loan isn’t a thirty (30) year mortgage. However it will help make the start of your union, go the extra mile.
Be Prepared for the Unexpected
Even if you put together your wedding plans and outlined a budget to make it work, be prepared for the unexpected. The same way unanticipated expenses come up during life, the same is true for the wedding. This dynamic is normal and all part of things running smoothly. Don’t worry you’re not alone and there’s always a helping hand nearby.
Many new couples feel that they want to avoid debt and marriage at all costs. However know that it is not always possible, and in fact even rare. Here’s a quick list of debt you’re likely to take on during the marriage.
Til Debt Do us Part:
1. Buying a home together – Mortgage debt is very common and provides couples an affordable way to buy a home.
2. Car purchase – As you plan a family together, you might need a larger car and financing this over 72 months is feasible.
3. Furniture – Your needs may change and new furniture is expensive, that’s why stores offer credit cards and zero interest promotions too.
4. Car repairs – Even if you own your vehicles, car repairs are inevitable and can sometimes cost a fortune.
5. Dental Care – Health insurance costs are expensive, perhaps you didn’t opt for dental coverage and these procedures are expensive.
6. Medical – Even with insurance, today deductibles can be very high and this can be a major financial strain.
7. Clothing – As the years go by you’ll need to refresh the wardrobe and nice suits, dresses, shoes, and more can have high price tags.
8. Jewelry – The special moments, like anniversaries and birthdays, come up even if you don’t have extra cash, credit makes it possible.
9. Home repairs – Home maintenance is inevitable and things break because of age or get damaged from accidents.
10. Technology – At some point you’ll need to replace that old computer, phone, or other device. Financing these items are a great option.
Debt: A Useful Tool
Clearly you can see that debt is necessary and helpful throughout your marriage. Using credit for these items is almost unavoidable and just a part of life. So when thinking about loans for wedding expenses you should feel the same way – it exists to help you. Keep in mind, there’s a difference between help and a gift.
The company extending credit anticipates to be paid back and sometimes the interest rate can be high. Be sure to review all the fine print and understand the terms – just like any other type of debt you’ll experience throughout your marriage.
Good and Bad Credit Scores – Important for Marriage Loans
You’re an adult and ready to get married, but did you know that your credit score is an important factor. As you begin to explore your wedding plans together and realize that a marriage loan is necessary, your credit score will matter. Sure the details fluctuate, but unsecured debt is typically determined by your credit score and it might even be connected to the interest rate applied to the loan. Going forward, your credit score is something that should be monitored and maintained in good standing.
This will alleviate situations in which you’ll likely avoid being denied for credit, especially at times that it’s healthy and helpful to get through moments in life when you need a little extra help. Talk openly with your finance about their credit and views about how to pay for your wedding – great communication leads to positive relationships.
Common Reasons to Look Into a Marriage Loan
Now that you understand debt can be a part of marriage and managed together, let’s take a look at some common reasons for a marriage loan for wedding expenses. Sure loans free up cash in hand, but that shouldn’t be the only motivation – the means should justify the ends here.
1. Wedding Clothing – Having the extra cash available to pay for that dream dress or sharp tuxedo can make all the difference in how you feel.
2. Photographer – Being able to pay a little extra for fantastic pictures will give you memories to cherish for years to come.
3. Stress Reducer – Money is a source of stress, so having the option to alleviate that stress with a marriage loan is the perfect remedy.
4. Memorable Gift – Some love the idea of some extra cash to be able to purchase nice thank you gifts for all those generous people that helped throughout the wedding.
5. Days off – Planning a wedding is not easy and takes time. Many people with limited vacation days off from their jobs need to take sick days to get everything done necessary for the wedding. Sometimes time might even be unpaid and that’s unfortunate, but a marriage loan can also be helpful to take the pressure off so you can plan properly without worrying that you need to take an unpaid day.
These points are meant to get you thinking outside the box and to carefully consider how to best experience the start to your marriage. Although there are so many variations as to why you would consider a marriage loan, the ability to access this resource is fantastic.
Keep Time on Your Side
You might find a quick turnaround time for a marriage loan if you’re in a pinch. However that’s not the most advantageous way to plan. Among different advice, the main one is: start thinking about these options as early as possible. This way you can weigh your loan options and prioritize accordingly. For most people the decision to get married is not impulsive and therefore things surrounding that decision deserve the same care.
You can quickly review a list of essential aspects to getting married and planning a wedding, pick one that looks comprehensive and begin reviewing while at the same time balancing against your budget. Trust me there will be so many different items that you’ll be focused on during this time, so make sure you approach considering a marriage loan with a clear head – therefore the sooner the better.
Seek a Professional – Get the Right Information – Be informed
Life doesn’t always function as smoothly as it should and perhaps you never heard of a marriage loan. It’s okay, but if you must move fast and figure out a last minute solution get in touch with someone who can help. Discover a reputable company that can confidently answer your questions, but more importantly connect you with a marriage loan that fits your needs.
The person will walk you through the ins and outs of this process so you can get back to focusing on your wedding – remember that’s the main goal. Don’t lose track of this special occasion and keep moving forward with a big smile, because you’re entering a new chapter in your life.
In many ways like good debt, marriage keeps you devoted and investing in the final payoff – a life well lived with your loved one. There will likely be many experiences in your financial future and you’ll quickly understand that it’s part of life. As you begin to plan how to save money on your wedding you should outline the necessary elements to your wedding it should become apparent if a loan for your wedding will help. Talk to each other, open and honestly every step of the way to ensure a healthy and positive marriage.
As explained, debt is a neutral part of life but it’s our relationship to that debt which can be positive or negative. I hope this guide will help get you comfortable with this aspect of marriage and you learn to work together. Learning about this dynamic and being about to read about it should give you clarity on the topic or at least get you to think about it. Perhaps this will also spark you to ask questions and reach out to a professional.
Many people have heard the saying that “nobody can escape Death and Taxes”, I’d like to add DEBT to that too. As explained above, there are various common areas of debt that arise throughout your life. It’s very hard to avoid, but it shouldn’t be thought as something negative to avoid. Rather, it’s usually an unavoidable beautiful part of life.
Again, this requires a change in perspective when it comes to thinking about debt and marriage. The time is here for you to develop your own perspective and to come to that conclusion together (even if you disagree). Each person has his or her own unique views about debt and loans, but certainly learning about new resources will help make educated decisions.
Marriage loans have become popular today and you’d be surprised how couples have embraced them over the years. Today it can be difficult to make a living, have money in savings, and still balance daily expenses.
That’s why having a solution available like wedding loans can be very useful to starting a life together and to make it possible to celebrate with family and friends. Typically, these aren’t big loan amounts making it less of a lifetime commitment than the decision you’re about to embark on into the future. Good luck on your decision to be married, embrace it and enjoy this beautiful part of life.
YES! We’re getting married. I know the excitement is to the moon and you’ll be busy spreading the word to all your friends and family. Some of you might even start posting this wedding announcement across social media. The wedding bells are ringing loud. Once the music settles and the planning begins, the reality of paying for your wedding and the expenses surfaces.
Keep your smile because although the cost can add up quick, there are solutions for accessing extra money to make your wedding day a dream. Let’s explore some of these expenses you might be considering and others you’re not so you can evaluate loans for wedding expenses.
I Need a Loan for My Wedding – Where to Get It
Every couple has their own vision of the future together and how it begins on the wedding day. I know some of you desire a lavish affair and a luxurious lifestyle, while others aim for a more simple event and conservative life together. It doesn’t really matter where your tastes are, but rather that you make sure to plan as a couple so that there aren’t any surprises.
When starting this special journey together it’s very important to have a roadmap to review and a method to prioritize. The sooner you can begin this conversation the better, because in the event you ask yourself do I need a loan for my wedding you want to have time on your side to review wedding finance options.
So when you figure out all the costs you need to cover, the main question that remains is where to look for a loan? Our recommendation is here, on Loanry! Of course we would recommend this, but think about it. Online loans equal fast and simple loan process. The only thing you need to make sure is that you’re getting a loan from a reputable lender. And Loanry is here to help you find one.
Roadmap to Wedding Bells – Let’s ring the Priority Bells loud and clear
1. Wedding Date and Time – When is the perfect wedding date on a budget?
You might think that this can wait and rather discuss styles. However, the date and time of day the event will happen is so important. There are some couples that reserve dates over a year in advance, so this will be very helpful to lock in a space where everything else falls into place. Perhaps there’s a special date on your mind that has meaning or a time of year you envision having an outdoor affair, you need to firm up those times quick.
Also, if you’re on a tight budget for your wedding, you might want to consider off-season or days of the week that are not peak times. Weekends tend to be more expensive, while middle of the week events can prove to be smart ways to save money.
Also, the time of the event will be important because this will determine the type of food you’ll need to serve. For example, evening weddings that serve dinner are usually more expensive than a brunch buffet. Usually couples can quickly and easily come to a decision on the date because they want to alert family and friends to SAVE THE DATE, especially for those out-of-town guests that need time to plan too.
2. Guest List – Are they in or out?
This step is always a challenge, even for the most loving couples. I know you can’t stand your spouses second cousin, but she’s family and not going to be excluded from the invitee list. You might be repulsed by your parents’ friends but after-all your parents deserve to celebrate this special occasion with their friends too. And on, and on, and on, the list keeps growing and growing and that’s when you’ll start asking yourself…do I need a loan for my wedding?
Try hard not to look at each guest as a dollar amount, even if it’s hard to do. The numbers will keep rising but the event will mark one of the most important days of your life, so keep a good attitude and stay positive – remember there are loans for your wedding expenses available if you need it.
My suggestions is to work freely on the guest list and until each of you exhausts your invites, then begin to edit at that point. It’s a great way to control your wedding finance budget. This way both of you can mark the essential guests and if need be discuss eliminating similar guests on each side of the family so it’s more of a joint decision.
A process like this will likely avoid an argument or at least keep the tension to a minimum. Please note, this part is not easy and a very healthy part of planning a wedding – learn to work together.
3. Invitations – Refrigerator Candy or Inbox Inspiration
Provided you have your date and guests list all set the next step is to select an invitation. There’s an endless selection of invitations out there, but if you’re on a budget and thinking you need a loan for my wedding, then invitations is a great way to save a lot of money.
The traditional fine paper mailer for a wedding can be so expensive and that’s not to mention the cost of postage (which is always on the rise too). Don’t forget that if you’re choosing this type of invitation then you’ll also have to include postage for the RSVP.
Let’s be honest, when you get one of these in the mail it just goes straight to the refrigerator or if it’s really fancy then into that special drawer for memories. Today, you can send out some really creative and beautiful invites via email. Many couples even create a cute video link to share with their family and friends and just include an RSVP link.
There are many websites that have these types of solutions and most even send out reminders prior to the event. More and more couples are using this option to save money and to increase efficiency. As the costs keep mounting, for many this is the best place to saving immediately.
4. Location – A Backyard Ball or Expensive Event Space
One of the largest cost will be the location of your wedding. You might be surprised of the rates an event space charges, granted there’s a big expense in running a space but that doesn’t mean there aren’t any other options. The catering halls and wedding-centric locations are going to be the most expensive places to host your wedding.
Did you know that you can explore other options and non-traditional locations that may be open to host your wedding? There are public parks (for those outdoor vibes), smaller groups might be able to fit at restaurant during off-hours, a museum is a great option too, some cities have butterfly gardens which are terrific.
If you don’t want to have an outdoor event or don’t have a private residence to host everyone, than this might be a good reason to take out loans for wedding expenses. This would be the area to seriously think about looking a credit options. So if you’re wondering if you’ll need a loan for my wedding, then if you desire a very pricey location the answer is likely YES.
5. Style – music, food, themes, and more
The total vibe of your affair is achieved through a combination of the right style – theme, music, food, and entertainment. Of course the people ultimately determine the party but keep in mind that everything has a price tag. As a couple you should come to an agreement on the overall style and then seek that everything matches, so that it’s a cohesive event. For example, if you’re working on a tight budget don’t save money by hiring a DJ but splurge on a fancy table service dinner.
It just doesn’t match and perhaps a buffet would be more appropriate and worth saving the extra money while having the tempo of the event flow nicely. For many couples this is an important item so asking yourselves if you need a loan for my wedding is important to resolve. There are many options to explore that will lessen the burden of paying for wedding expenses and allow for an incredible party.
6. A time to say “I DO” – Religious or Civil Ceremony
Who will officiate the wedding and run the ceremony? Many couples forget to deal with the question until it’s too late. To avoid any heated arguments close to the wedding day, it’s best to make this decision early. It’s not unusual to have a couple in which one wants a religious ceremony while the other doesn’t.
Even if your partner is not particularity religious, when it comes time to the wedding ceremony certain beliefs or desires bubble up. You should also be aware that there may be a cost for whom you’d like to host the wedding ceremony. Many couples on a budget might look to a friend and not hire a traditional clergy member. If this works for you both it’s a great way to save money and put some extra cash to another area that’s non-negotiable.
7. Honeymoon – A private time to celebrate together
During the engagement and through the wedding there are typically so many people constantly surrounding you as a couple. It’s normal and well-meaning, marriage is an exciting time. Let’s be honest, many couples look forward to the honeymoon as the last step of the wedding – it seals the deal. But for many it’s too expensive, so if you’re planning on a budget and considering a loan for your wedding this might be an area to save for later.
However, if you want to take part in this time honored tradition then you should consider a staycation – even a romantic weekend at a local hotel can do the trick. You will be amazed what a change of scenery can do for your marriage and well-being. Try to save on your wedding and explore solutions that work for you, keep your budget in mind and stick to it.
8. Some important post wedding expenses
Sure a honeymoon is exciting but did you know that there are many expenses a newly married couple might take into consideration? Since we’re talking about weddings and expenses, it makes sense just to be aware of life after your special day ends. I won’t be too long-winded about this but just take into consideration things like moving in together, buying furniture together, life insurance, maybe a new car, family events, and perhaps even a baby on the way.
The idea is that you should carefully weigh your financial situation and how you plan short and long term for life events. A loan for your wedding day can definitely free up some cash to keep your plans in order for life afterwards.
9. Photographer and Video – Capture the moment Think about a wedding loan for photos that will last a lifetime
Memories are priceless, but photos and videos can have a hefty price tag. This is one area that it’s worth spending some money, you’ll have these pictures forever. Take the time to understand what package you want and hire the best vendor your money can buy. Just splurge for an experienced team and keep in mind that there are wedding loans available.
Yes, if you think you need a loan for my wedding for this then your 100% correct. Capturing those moments is something you can never get back. If you still want to save the money here, just ask if you’ll get all the high resolution files so you can print your own mini-albums. These make great gifts for friends and family to show your appreciation for all their support.
10. Communication, talk, speak, and do it again –
There is one clear take away when it comes to prioritizing your wedding expenses, it’s that communicating as a couple is the best way to avoid any problems and deal with any issues that arise. Being on the same wave length and making decisions together is a good roadmap to a healthy marriage. Stay positive and keep talking, especially when it comes to finances and a loan for wedding expenses – there are some great solutions that will fit your needs. Just carefully explore your budget and exactly where a little boost will help.
I wish you the best on your wedding, it’s a very special time and you deserve to cherish every moment. You know as well as I do that the sky’s the limit when it comes to the budget of your wedding day. Hopefully you found my outline of the various expenses a clear guide to start the discussion to really breakdown the best way to spend your money and to ensure a smooth wedding day as well as a healthy marriage.
There are many resources for wedding day loans but selecting the right one is easy, there are hard part is making all the decisions about your wedding. This takes time, so start early and being to explore what the two of you truly want.
Keep your smile and stay positive, the bottom line is that you getting married and starting a family together. Sure there is money involved to host an event for friends and family, but this doesn’t have to come with stress. Having a plan and a method to the madness is a great way to stay calm and get the job done.
Go through each item on your list and flush out your wants and needs, once this is done then you can review it alongside your wedding budget. Try to avoid wedding loans, but sometimes it makes more sense than using say a credit card. At that point you might wonder if you need a loan for my wedding, but don’t wait too long to research a wedding loan solutions. Keep time on your side and begin to learn about your loan options sooner than later, this is the best way to keep all the options on the table.
If you’re wondering, Do I need a loan for my wedding?”, well first start prioritizing and explore the countless possibilities to create the event of your dreams without taking on debt. However, if you need that extra infusion of cash there are solutions and it’s easy to start the process.
You are not alone during this time in your life, family and friends will be surrounding you to help – just ask and you’ll be surprised. There’s a lot you can do to transform your wedding event with a few extra hands. However, a few extra dollars never hurt either. I wish you the best and congratulations for getting married, have a wonderful wedding.
Love. Amore. Engagements take place every day all over the world. Love fills the air when the matrimonial question is popped, she cries “yes”, and a wedding date is set.
But the major detail that can sap the joy out of a couple’s engagement bliss faster than anything is a second glance at the pocketbook.
Have you asked yourself: “How am I going to finance my wedding?” Do you feel that you just don’t know where to start? Most couples want the perfect wedding and don’t want to scale back just for the sake of the almighty dollar – especially the lack thereof.
The Bridal Passportreports the “results from a recent survey conducted by Student Loan Hero yielded the following: of over 1,000 individuals surveyed, more than seventy-four percent indicated that they were planning to go into debt to pay for their wedding. Taking that a step further, the survey indicated that more than 50% of the group surveyed were planning to push their wedding date due to the costs associated with the day.
Other key findings from the survey included:
About one-half of respondents (47%) expect to pay less than $20,000, while the other half (53%) project higher wedding costs.
About 1 in 4 (23%) said they feel “somewhat stressed” or “very stressed” about their wedding costs. Another 38% agreed with the statement, “I can’t afford to [finance] my wedding.”
Overall, a significant majority of respondents (84%) felt that their wedding would be worth the cost“.
But what if there was a different way to address the question: “How am I going to finance my wedding?“ What if economic avenues existed that gave couples the chance to have everything they wanted for their wedding, and more besides?
We will explore wedding loans — the definition, the types, their benefits, and how you can get one. Loans for wedding expenses answer the question: “How will I finance my wedding?” and promise to help you start your happily ever after!
Lenders may ask what the money will be used for (“I’m going to finance my wedding“), but the purpose for the funds does not affect the loan application’s result. The application is approved or denied based on four factors:
Credit Scores:Lenders don’t always require perfect or even fair credit scores, but borrowers should always work hard to get and maintain the highest score they can. Improving one’s credit by making on-time payments for the minimum monthly payment amount (if not more) will significantly increase a borrower’s chance to receive financing. Different types of credit scores exist but the two most common ones that lenders use are FICO and VantageScore. A credit score falls anywhere between 300 and 850.
Here’s how lenders gauge credit scores:
300-559:No credit or poor credit
740-799:Very good credit
Debt to Income Ratio:What is a debt-to-income (DTI) ratio? Basically, it is all your monthly debt payments divided by your gross monthly income. Your personal ratio is one-way lenders measure your ability to manage the payments you make every month and how you’re able to repay the amount you borrow. Most lenders want a DTI lower than 35%.
Employment Status:When it comes to employment status, lenders look at specific details. The higher the income, the more likely you’re approved for your loan. Lenders look at the company you work for. The bigger the company, the higher your chances of getting a loan. Lenders look at full-time or part-time status as well as your salary type and method of payment, whether a paper check or direct deposit. As lenders dive into your employment history, they will look for stability and longevity. Frequent job switching shows instability. Banks and credit unions will also look at your job role, and review whether your job poses a risk to the life of the borrower.
Credit History:Lenders examine the types of credit you’ve carried — revolving or non-revolving. They review the amount of each loan or the credit limit for each credit card you own and compare it to how much of that balance you’re using every month. Lenders will check to see if you’ve made on-time payments, or if collection activity, bankruptcy, foreclosure, or other negative marks exist in your credit history. Your credit history is tracked and reported by one of the three credit bureaus — Experian, TransUnion, and Equifax. Get your credit scores here.
Wedding Loans are just Personal Loans used for Wedding Expenses
“I think to some extent the reason for asking the loan purpose is for tracking purposes,” said credit expert John Ulzheimer. “You can use the money for a wedding, to pay off credit card debt, to add a garage to your house, or put it all on black on a Las Vegas roulette wheel.”
Planner/Consultant (While planners and consultants are optional and certainly a luxury for most couples, they are invaluable as they may save you money in the end. Venues, photographers, floral shops, etc. may offer your planner/consultant a discount that you may not otherwise be eligible for).
As we discovered earlier, wedding loans don’t really exist; rather, borrowers take out personal loans for wedding expenses. Lenders offer various kinds of personal loans such as:
Unsecured Personal Installment Loans:
Loans issued and supported only by the borrower’s creditworthiness, rather than by any type of collateral.
Secured Personal Loans
(car title, payday, etc.): Loans issued and supported by collateral — financial assets you own like a car or a home that can be used as payment to the lender if you don’t pay back the loan.
Loans where the interest rate doesn’t fluctuate during the fixed rate period of the loan.
Loans where the interest rate charged on the outstanding balance varies as market interest rates change.
Secured and Unsecured Lines of Credit:
A line of credit is a lending arrangement between a financial institution and either a business or an individual. A secured line of credit is where a credit grantor has established a lien against an asset that belongs to the borrower. This asset becomes collateral, and it can be seized or liquidated by the lender in the event of default (i.e. mortgage, car, etc.). An unsecured line of credit does not require an asset acting as collateral against the lent funds.
A bad credit wedding loan is made to a person who has credit that is considered poor and would likely be turned down for more conventional loans. According to Loanry.com: “While you can get wedding loans with bad credit, before you do so, consider your options and know exactly what funds are needed. In this way, the loan amount you apply for may be small thus giving you smaller monthly payments.”
A loan given in good faith, also known as a character loan, which only uses the borrower’s signature and their promise to pay as collateral.
Wedding Loan Benefits
An engaged individual may ask: “How am I going to finance my wedding? Why would a couple take out a wedding loan?” Well, multiple benefits exist for financing a wedding. From relieving the stress of wondering where the money is going to come from to then knowing funds are available for your established wedding budget, loans for wedding expenses certainly help. Benefits exist outside of just financing your wedding, as well. Since the loan will still exist after the wedding, the benefits will still exist, too. Loans for wedding expenses have benefits such as:
Fixed Repayment Terms:
Terms that promise no surprises down the road once all is said and done at the wedding.
Many Lending Options:
Unsecured, Secured, Line of Credit, etc.
Potentially Lower Interest Rates:
Depending on the lender and loan, interest rates could be potentially lower than other conventional loans and/or lenders.
Borrowers Choose Loan Amount:
With the majority of loans for wedding expenses, borrowed amounts usually vary anywhere between $1,000 – $50,000.
Fast and Easy:
Unparalleled convenience and simplicity.
Next Day Cash
(with some lenders): Some lenders deposit your loan amount to your bank account as soon as the day after your application is approved.
Help Build Credit:
Taking out a loan is a significant step and one that the three credit bureaus monitor, thereby helping you build and/or improve your credit score with on-time, minimum monthly payments.
Finance your wedding from the comfort of your own home without ever leaving the house.
According to Credit.com: “Hopefully you won’t have to borrow the whole amount you’ll need for your wedding and can draw on savings, income, and family contribution for many expenses, especially the ones where a deposit [is] expected — for example, the plan where you’ll be having the reception and the caterer, each of which may require a 50% down payment.” Or maybe avoiding a wedding loan all together is best.
Types of Wedding Loan Lenders
Wedding loan lenders are businesses, corporations, and/or private parties who offer personal loans. Since wedding loans are just personal loans, borrowers can apply for a wedding loan anywhere personal loans are offered. You may be asking: “Where do I finance my wedding?” Where are personal loans offered?
Banks are for-profit financial institutions that make money from the products they sell to customers. They are convenient, have fast approval processes, and offer branch availability.
Credit unions are not for profit financial institutions where account holders are considered members, not customers. They are likely to approve fair/poor credit, offer low-interest rates, provide personalized attention, and have small loans available.
Online Installment Lenders:
Online installment lenders offer loans that you can apply for at home. They offer convenience, the chance to avoid sales pitches, and provide fast and easy approvals.
Peer-to-Peer lenders do not involve financial institutions, and gives borrowers a chance to connect with individual lenders directly. These Peer-to-Peer lenders are not only a good alternative to credit cards and payday loans but are convenient as well.
How to Get a Wedding Loan
Before applying for a loan to cover wedding expenses, complete these six steps first.
Ensure Your Credit is in Order.
Your credit doesn’t need to be perfect, but it does need to be in order. What do I mean by that? Your credit reports need to be as accurate as possible regardless of your credit score. By checking the three credit bureaus — Experian, TransUnion, and Equifax — you can request a copy of your credit report to review. As you go through the report line by line, make note of errors and inaccuracies and report them to the appropriate bureau accordingly.
Get Your Financial Documents Organized and Ready.
Most lenders like to see pay stubs, income tax returns, bank statements, collateral (sometimes), identification, credit reports, and other applicable employment documents.
Do Your Research.
What loan is best for your situation? What lender offers the most attractive products? Is a loan for wedding expenses the way you should go or is there an alternative that suits you better for financing your wedding? By exploring and considering all the options, you’ll know you’ve made the right decision about financing your wedding.
Don’t apply for New Credit.
Lenders will see a red flag while if processing your wedding loan application, they see multiple inquiries on your credit reports. Wait until after you process your application to apply for new credit.
Don’t Close Unused Accounts.
By closing unused accounts, your credit utilization ratio takes a hit. Your credit utilization ratio is the second most important factor in computing your credit score. Payment history is number one and represents 35% of your credit score calculation. But credit utilization comes in close at 30%. Your credit utilization ratio is determined by dividing the amount of your outstanding credit by the number of credit lines that you have available. A good credit utilization ratio is 30% or less.
Pay Your Bills On Time and Lower Your Overall Debt.
Continue to pay your monthly bills on time and chop away at old debt by making any payment you can afford. This will look good to potential lenders.
Tricks to Save Money on Your Wedding
You may ask, “How can I still save money if I’m going to finance my wedding?” Here’s a few ways for how to save money on your wedding:
Consider renting a wedding dress or buying a used one. Maybe even borrowing a dress from a family member or friend is an option.
Ask a family member or friend to host the wedding at their home. Choose an unpopular time of year and/or unpopular day of the week for your wedding to save money.
Simple is best. Research culinary schools to make your cake.
Create your own.
Make sure you prioritize what is most important to what is least important. If there are some things you can do yourself or have someone else do for you at a lower cost, it may be worth it.
By covering costs via financing a wedding, a personal loan for wedding expenses can take the financial pressure off a betrothed couple, and spare them the question: “How am I going to finance my wedding?” According to The Knot, “the national average cost of a wedding is $33,931, [but] it’s important to remember that it’s possible to have an amazing wedding on any budget.
The keys are saving, setting priorities, and sticking to the number you start with.” But from unsecured loans to fixed rate and from variable interest loans to secured, banks, credit unions, and online lenders help borrowers every day with the monetary products that work best for them, their needs, and financial situation. You once asked, “How am I going to finance my wedding?” But now you’ll say, “I’m so glad I decided to finance my wedding.” Contact us today and let us help you find the best lender to finance your wedding. In fact, you can fill out this form below, and potentially get offers in seconds.
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