Wedding Loan Company Search: Ring Us

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.

Wedding Loans for Bad Credit

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.

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.

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.

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.

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.

Conclusion

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.

Loanry

Personal Loans for Wedding Expenses: Debt to Be

Everyone wants to have a lavish wedding. The wedding of the century! We all tend to go a bit overboard with the wedding plans. Most people want to have beautiful wedding dresses and designer suits, top-tier decorations, and catering and the perfect venue. But wedding plans can be extremely costly, so you may consider personal loans for wedding expenses.

Why Take Out a Wedding Loan?

A wedding loan is simply a personal loan that you take to cater for your wedding expenses. Personal loans are a good way to get loans to finance your wedding. These personal installment loans are convenient. Indeed you are able to get a significant amount of cash without collateral. Plus you are allowed to pay the money back in a period of your own convenience.

Tools to Find a Lender

There are quite a number of lenders in the market today. Therefore, it is crucial to do your wedding loan shopping early enough to avoid falling into the hands of lenders who are not there to serve your best interests. This is where using tools to find a lender comes into play. Loanry is an independent website that helps you find a lender for wedding expenses after giving you a sneak preview of all the available lenders on their list. This website provides you with information regarding various lenders in the market.

Where to Get a Personal Loan for Wedding Expenses?

A wedding loan is a personal loan. As such, only you know whether it taking out a wedding loan is worth it or if you should just stick to the little funds you have for your wedding. There are various online banks that provide the funding needed for your wedding in addition to the lenders on Loanry. Such banks include Earnest, LightStream, and Prosper.

Earnest bank logo
Light Stream bank logo
Prosper bank logo

Wedding Loan Lenders Available

These lenders give personal loans for wedding expenses which are very different from saying business loans. Check with the lender you find to ensure any terms and conditions represent a loan you can afford. Avoid high-interest rates, absurd loan fees, and any hidden charges that may not have been communicated at the beginning.

These personal loans for wedding finance are normally quick and for a short term. As such, they do not come with any collateral attached to them. The loans allow payment at the convenience of the borrower and so they are not an added financial burden. These personal loans for wedding expenses can have different interest rates which are borrower-friendly based on your credit.

These small cash loans are used for emergencies, which means, you save yourself the embarrassment of borrowing money from friends and relatives to finance your own wedding. There is nothing more fulfilling than being the master of your own finances.

An added advantage wedding loan lender search is that they can be very quick. They require limited paperwork if you opt to go for them. Paperwork tends to make things a little exhausting and having to deal with paperwork while planning a wedding can be quite stressful.

Things to Consider When Using the OLA for Wedding Loans

A Good Budget

Before considering taking a wedding loan, you need to have a proper budget. An online lender is going to be a suitable way for you to finance your wedding only when you have a suitable budget to work with. Applying for a wedding loan online is very easy. However, you need to be careful to ensure you are able to work with the loan you have requested for while sticking to the budget you had before getting the loan.

Take the Time to Budget

Taking the time to do a reasonable budget is good. Indeed the loan you take will be given according to your credit report. A good budget also ensures you get value for your money. Why? Because you stick to it thus the money is used to do what you had initially planned for.

A good way to ensure you have a manageable budget is to limit the guest list at your wedding. When you have a smaller guest list, it is easy to manage the finances. This way the loan you take will be maximized well. Make a budget of the guests you will be expecting at your wedding and stick to it no matter what. This will avoid the embarrassment of having a wedding you can’t cater for. You can reduce the budget for your wedding for example by:

  • Borrowing a wedding dress from your friends
  • Having a venue that won’t cost you much
  • Having a cake design that is simple and elegant.
  • Do not go overboard with the wedding plans

Keep in mind that there is a whole full life after the wedding and you need to be ready for that.

Business as Collateral: What a Bad Idea!

When taking a personal loan or any type of loan, be careful not to use your business or other business assets as collateral. When you use your assets as collateral means you are putting them at risk. In case you default on paying the loan then you lose everything. As such, wedding loans are good because they do not require any collateral guarantee.

Research Before Picking a Lender

Sometimes it can be difficult to pick a lender given that there are many lenders in the market today. It is thus very important to consider the legitimacy and the reliability of your lender. Loanry offers tools to find a lender. Different lenders have different rates, terms, and conditions. Thorough research before deciding to apply for the loan is advisable.

Consider the Repayment Time and the Interest Rates of the Lender

Some lenders offer a very short repayment time while others give a longer repayment time. When taking a personal loan for wedding expenses, you have to remember that at some point you have to repay the loan. It is good to know the duration the lender gives for repaying the loan. As well as the interest rates they are charging to avoid defaulting when you are unable to make the payments on time. This is also crucial because it helps you avoid running into financial problems while trying to repay the loan.

Keep Your Income in Mind

When taking any form of loan, it is important to consider the amount of money you are earning; a wedding loan is no exception. This will help to draft a proper payment plan to avoid the loan being a burden to you. remember you don’t want to be stuck with financial problems and loan debts on your back right after you have tied the knot. If you suspect that the loan repayment will cause a stress on your paycheck then it is advisable to revisit the terms and conditions of the loan before signing up.

A Longer Engagement Period

When considering taking a personal loan for wedding expenses, it is important to make sure that all other options have been looked into. Having a longer engagement period will give you enough time to save up for your wedding and so you will not need to take a big loan to finance your wedding if you need to take one in the first place.

You Get to Enjoy Lower Rates

Personal loans for wedding expenses come with very low rates for the borrower. The rates are manageable and are very convenient for topping up wedding finances. These rates help you to go about your business as usual after the wedding without having to bear the burden of paying the loan. The loan allows you to invest in other things and continue growing financially because you don’t have to be stressed about the rates becoming high with time.

Advantages of Taking Personal Loans for Wedding Expenses

Quick Processing

Lenders from the Loanry help you find a lender through a short form. You can find a loan in the comfort of your house and have it approved in no time. This is particularly helpful because when you need an emergency fund for your wedding there isn’t really much time to wait for the loan to be approved and all other formalities that come with loan applications. The loan is an emergency fund in case you got stuck financially when planning your wedding, you don’t have to postpone the event. Just get a personal loan for your wedding expenses to help get things back to the plan.

There is No Collateral Needed

Unlike other loans, personal loans for wedding expenses do not require collateral before signing up for one. For a person who is just about to get married, there may be very few assets, and using them as collateral may not be the best idea. Most loan lenders limit their loans to the assets the borrower has. This can be a challenge for someone who doesn’t have many assets on him/ her. These loans also don’t require any guarantors which is a good thing because most people are afraid to put their signature as guarantors for anyone taking a loan especially for things that are not investments such as a wedding.

Wedding Loans for Bad Credit

At times you may find yourself in a situation where you took a loan and were unable to repay it in the speculated timeframe, thus getting a bad credit. Personal loans for wedding expenses are available even to people with hostile credit reports and so you don’t have to worry about other creditors putting in a bad word for you.

Depending on the loan credit you have, the conditions for the wedding loan vary. Getting a wedding loan with bad credit can be more expensive. In any case, you need to adhere to the new terms and conditions of your lender and make your small payments on time.

When taking a personal loan for wedding expenses, there are some cons that are associated with it. The interest rates might be a bit higher if you have bad credits and a loan repayment definitely adds to the debt load you already have on your back. Also, it is not such a thrilling idea to begin a new life with debts which make personal loans for wedding expenses a bit tricky to consider for a wedding.

It is important to consider the implications of taking a wedding loan for bad credit. This is because the addition of debt might not be the best way to start off a marriage given that finances are a point of debate for many couples.

Conclusion

As discussed, the pros and cons of wedding loans need to be reviewed carefully On the upside, having some extra funding for your wedding allows you to have a great and sometimes an extravagant wedding without all the hustle of saving up.

At the same time, beginning a marriage with debt isn’t really a great way to start a new life. A debt, whichever type involves interest rates and payments which is not really something to smile about. The decision to take out a wedding loan is totally personal depending on whether you are interested in having a fancy wedding or having a simple one with a very debt-free future.

Loanry

Wedding Financing Loans Made Easy

What is your greatest joy in life? Receiving your college diploma? Receiving your first pay? Getting a marriage proposal? Indeed! Receiving or giving a marriage proposal is every person’s milestone. A great moment worth celebrating until you realize the need for a wedding financing loan.

Wedding costs can be discouraging – it is a fact. To date, people are expecting a lot when we say a wedding ceremony. Aside from the grand menu, they also expect grand photoshoots, grand location, and grand show. Of course, you can opt to have a simpler wedding. After all, it is the vows that matter!

But what if you don’t have enough wedding finance dollars even for a simple wedding ceremony?

Take a Loan to Finance Your Wedding

Wedding financing loans are also considered as personal loans. If you will take a personal loan, you can spend it any way you want including on your wedding.

A few years ago, taking out a loan for wedding expenses was a no-no. Most parents are eager to shoulder their sons’ weddings. Today, most men want to shoulder their own weddings. It is now taken as a sign of being mature and ready for married life. To have a decent wedding, some couples look for wedding financing loans.

Personal loans for a wedding can be obtained easily especially if you have a good credit rating. If you are wondering what type of loan to take, here are some of the types of loans for wedding expenses that you can consider.

Bank Loans

If you have a good credit score, taking a bank loan for your wedding won’t be a problem. Taking a bank loan to use for a wedding is now a common scene. Why? Here are some of the advantages of taking bank loans for wedding expenses.

Advantages

  • It works best if you have a good credit score
  • Low-interest rates
  • Flexible payment terms
  • Plenty of options in terms of payment schemes and interest rates

Disadvantages

  • Getting approval can take time especially if you have a bad credit score
  • Some banks do a thorough background check before approving loans
  • It takes time for loans to get approved and reviewed

Short-Term Loans

As your wedding is a special day, you would want to give the best to your future wife. If you are in dire need of cash, there are short-term emergency loans are available. Short-term loans are wedding financing loans that you can use as an emergency fund.

You can also use it to pay for a wedding ring or dress.

Advantages

  • It is easy to avail
  • It gets approved easily
  • Payday loan creditors don’t ask for too many requirements

Disadvantages

  • Be prepared with high-interest rates
  • They don’t offer long payment terms
  • Be prepared with additional charges like processing fee

Family Loans

Asking a family for a wedding loan is easier if your family supports your decision. Give back by offering to pay your loan with interest.

A few years back, parents often spend on their daughters and sons; weddings. Today, most people want to shoulder their own wedding. Still, a family member is one of the best ways to get wedding financing loans.

Advantages

  • You can ask for the exact amount you need
  • Negotiation of terms and conditions is easy
  • You can ask for a better payment scheme like quarterly, depending on your financial capacity
  • There are no late or processing fees

Disadvantages

  • Inability to pay your wedding loan to a family member can affect relationships
  • They might ask you to pay anytime if there is no written contract

Taking Wedding Financing Loans With Bad Credit

As you can see, there are many wedding financing options, but what if your credit score is not in the green? Applying for a wedding loan with bad credit is still possible. It is a harder process but you can still find one. There are pros and cons involved though.

If you think you have bad credit, check your credit score first and find ways to improve your credit rating. There are services that can help you improve your credit score and rating review your score such Creditry.

If you want to do a debt for a wedding with bad credit, take wedding financing loans as your last resort. Though the loan might help you achieve your dream, it can affect your future. Wedding loans with bad credit means higher interest rates and steeper payment terms.

Using Your Credit Card to Finance Your Wedding?

The good thing about a credit card is like having a pre-approved bank loan. If you really need to purchase something for the wedding, your credit card can save you. Instead of taking loans for wedding expenses, why not swipe that card?

Here are some tips to maximize your credit card for your wedding expenses:

Spend only on what you need

With your credit card, you can only buy necessities. It includes wedding rings, wedding shoes, wedding dress, or for booking your honeymoon. Since you have a credit limit, you should only use it when necessary.

Check for promotions

There are a lot of credit card promotions that you can take advantage of while preparing for your wedding.

Finding company-tiered promotions

Company or service tiered promotions are services or products offered at a discounted price if you will use a specific credit card. If you are lucky, you might be able to find a wedding planner service provider that is tied up with your bank.

Rebates

Take advantage of rebates. Some credit cards give big rebates, depending on the amount you spent for a particular period. Rebates are good as cash so if you will earn thousands of rebates, you can expect to get some free vouchers or gift checks from your bank.

Installment

If you are going to purchase a wedding ring, shoes, or dress, look for stores that offer 0% installment. This will make your wedding expenses lighter.

Always check the price first

If you are lucky, you can purchase with your credit card and pay it on an installment plan. If the installment is not available for your card, you have to pay it the following month. For this reason, you have to be very careful when purchasing with your credit card.

Credit consolidation request

One way to maximize the benefit of your credit card is to have your debt consolidated. It means that you can consolidate your total bill and have to pay it on installment. Some credit card companies offer a low-interest rate for card consolidation. Before using your card, check if this offer is available for you.

If credit card consolidation is not available and you have an extra card, check if you can do a balance transfer. Balance transfer means your other credit card company will pay for your current balance for a minimal fee. The balance transfer will be paid in installment as well.

Is it Possible to Avoid Wedding Loans?

To be honest, weddings are getting more and more expensive today. Even with savings and help from family and friends, married couples still find themselves looking for additional wedding financing loans. However, if you want to avoid taking out a wedding loan, you can do these steps.

It might not totally keep you from taking a loan. Still, it can help you minimize the amount you need to borrow.

Finding the Right Loan for Your Wedding

As you borrow, remember that you will be paying with more. Taking loans for wedding expenses means you spend more on your wedding. Since your only option is to take a personal loan, it is important to find the best wedding finance system to take.

Search and Compare

There are too many lending institutions out there. You can find local creditors that can give you a loan. You can also find them online. Don’t rush. Choose at least 3 creditors that you are confident with. It means if you will apply with them, you will get approved.

Once you have picked a creditor, check their offers. Compare each creditor using the following:

Which creditor offers the lowest interest rates? Interest rates range from 5% to 20% of the principal amount. Imagine if you are borrowing 50 grand for your wedding, how much would the interest be in a year?

Check which one offers the friendliest terms of payment. The terms of payment can be monthly, quarterly, or bi-yearly. Choose the one that is easier for you to follow.

What are their policies regarding late payments? What is their penalty rate? Anything can happen in the future. What if an emergency occurs and you are unable to pay for a month or two? Check if they offer grace periods or any options that can help you in case an emergency arises.

This is something that couples are forgetting to check when taking out a loan for wedding costs. After the wedding, you will be busy working again. Back to the real world. Your wedding loan should not affect your daily routine. Convenience means you can:

  • Make online payments
  • View your loan on your mobile phone
  • Talk easily to their support team if you have questions

Conclusion

If you cannot totally avoid financing your wedding, don’t fret. It is okay to take it if you need help paying for a wedding.

Your best bet? Take just enough wedding loans. Do not take more than what need. If you have cash, pay with cash. But if you don’t have enough, look for a loan that offers the least interest.

And remember, if you know how to manage your finances and make the best choices for yourself, you can easily pay off a wedding loan.

Taking loans for wedding expenses can make your wedding budget easier to manage. Make sure that the cost of your loan is worth it by having the best wedding for your partner. In addition, make sure that it is worth it by honoring your vows on your wedding day.

Loanry

Borrow Money for Wedding: Tie the Knot?

Fortunately, borrowing money does not necessarily mean you need to go straight to the bank. When it comes to loans, there are different kinds to choose from. You may find that you need to put a few of these options together in order to cover your wedding expenses. In this article, we cover everything you need to know when you borrow money for wedding.

Family and Friends

You may have some people close to you that are willing to loan you some money with little or no interest added. You may even find that they are willing to give you part of the money you need as a wedding present.

A survey taken of 1,000 people preparing for a wedding in the next year shows that 74% of them will go into debt over their nuptials.

You can find a bunch of ways online on how to approach this topic with your loved ones. But to sum it up here, be humble and grateful. Don’t get mad if they refuse. Keep in mind that people are more important than an event.

Credit Cards

If you have a credit card, you may be able to pay for at least some of your wedding with credit you have available on it. While this is a simple option, it is not always the best. Interest is usually compounded on credit cards, so it can take a long time to pay back the principle and interest. If, however, your credit card has a sweet deal like 0% interest for the first year, it might be the best option.

Payday Loans and Title Loans

While these are options, avoid them as much as possible. They come with ridiculously high-interest rates and most borrowers find themselves in a cycle they cannot get out of. I can say from personal experience that these types of loans may be very convenient and not require credit checks, but those perks do not come for free. They can very quickly turn into a trap charging high-interest rates that one can barely afford. In fact, the Center for Responsible Lending reported that in the last decade, payday loan borrowers have paid more than double in interest the amount they actually borrowed.

In a desperate time, I borrowed money against the title to my SUV. I only borrowed about $1,300, but the interest on that was over $400 per month. In a measly three months, I had paid almost as much in interest as I had borrowed in the first place. It took over a year to finally pay it off because I could barely pay over the interest. Payday loans can be just as bad. Unless you are in dire straights, try to stay away from these loans types.

Short Term Loans

These are not the greatest option either. They often require you to pay them back in very short periods, often around a month. They also charge pretty high interest, so unless you have a big bonus coming in soon, you will likely have a hard time paying short term loans off.

Personal Lines of Credit

If your credit is okay or you at least have a pretty good history with your bank, they may approve you for a personal line of credit. If you get approved for $4,000 but only need $1,000, the other $3,000 will remain available to you through your account. You can borrow the money as often as you need as long as it is within your approved total. These can be great if you can get approved because they are convenient and often charge low-interest rates.

Personal Installment Loans

If I have to borrow money from a financial institution, I want it to be either a personal line of credit or a personal installment loan. Both are much easier to pay off due to the interest rates and repayment terms. Many personal installment loans offer fixed interest rates on your loan. This is wonderful because it is factored in at the beginning of the loan and you simply pay the set payment each month. Also, they have longer repayment terms than short-term loans, payday loans, title loans, and credit cards. Even those that compound interest monthly are generally easier to pay off than the others because the interest rate is lower.

Is It a Good Move?

Let’s start by being clear- this is a debt we are referring to. If you borrow money for wedding costs, you are putting yourself into debt. In my humble opinion, debt is never good, but that is simply because you then owe someone and there is usually interest added. However, I am also aware that borrowing money, including loans for wedding expenses, can be beneficial.

Paying for Things You Would Otherwise Have to Wait For

I am not talking about a pair of shoes here, though you can use a loan for those if you would like. I am referring to paying for homes, vehicles, travel, college, and wedding costs. What if your car broke down and you desperately needed another one but did not have the money to pay for it at the moment? If loans did not exist, you would be stuck walking or hitching a ride everywhere. If mortgage loans did not exist, many people would not have homes.

Building Credit

Oddly enough, to get credit you need to have credit. Even better, you need to have recent credit to have a better chance at getting credit. It seems you cannot exist without credit these days. I know someone personally who, along with his wife, decided to stop using credit. They had the goal of buying a house and decided that they would save the cash and pay for it outright. They both worked hard and scraped by on as little as they could to save up $50,000 for a home.

When they located a house they wanted to buy, they tried to hand the cash to the real estate agent. She explained to them that, for some reason I will never understand, they could not buy it with cash. They would have to put the down payment down, then get a mortgage for the remainder. That was the day we all realized that credit was necessary to survive in our current age.

Unfortunately, if you have no credit, you will have a hard time getting credit when you want to make a large purchase, like a house. If you borrow money for wedding finance needs, however, and you pay it back diligently, you can build your credit.

Loans are Really Neither Good or Bad

Loans do have their perks and their place. Whether or not they are a good idea depends on your willingness and ability to repay a loan as well as how important the item you are trying to pay for is to you. It comes down to personal choice and what you and your fiancé decide.

What Wedding Expenses Could I Borrow Money For?

Loans for wedding expenses can actually be used for any wedding expense like a ring. These wedding loans are simply personal loans that you borrow for wedding costs. Some may borrow money for wedding rings, borrow money for wedding dresses, get loans for the venue or the caterer, or even use the loans for their honeymoon. If you are having a destination wedding you may want to pay for your grandma’s ticket with the loan, or the hotel for your maid of honor. You can use it to pay the florist, a DJ, a band, photographers, videographers, and for the wedding license itself. Any item you have on your wedding wish list can be paid for with the money you borrow for wedding expenses.

Golden wedding rings on pink background

How Can I Avoid Having to Borrow Money for Wedding Finance Costs?

You may not want to even think about getting loans for wedding finance, and that is totally fine. There are plenty of ways to avoid getting a loan without sacrificing every part of your wedding. It simply takes some creativity, some patience, and maybe some sweat and tears. The following are some ideas to get your brain rolling:

First, figure out how much wedding you can afford, set a budget and stick to it. If you and your fiancé decide to only spend $2,000 on your wedding, stick with it. Your wedding is a special day, but you may decide that your honeymoon, your home, or starting a family is more important.

During your planning, it is so important to remember that the wedding is merely a ceremony to share your union- it is not the union itself. Your relationship is what matters, not putting on a show for everyone. It does not matter if you have your wedding in jeans at the courthouse or in full regalia at the Taj Mahal, it does not change what you mean to one another.

If you currently work somewhere that will allow you to work extra shifts, pick some up. Be a server at a restaurant or bar a couple of days a week. Do some transcription work from home a few hours a week. Babysit, clean houses, or pet sit. Pizza delivery is an option, as is magazine, bulletin and even phone book delivery. Side gigs are a great way to save some extra cash.

For one time money makers, you can organize a yard sale, sell your old cell phones for cash, sell your name brand clothing to places like ThredUp, or recycle cans. There are apps on your phone that will pay you in gift cards when you hit certain marks. There are also many that will reward you for taking pictures of your receipts. They get research, you get some cash. Do not forget things like yard work and car washes.

There are so many fun ways to cut your wedding expenses. Your dress, for instance, can be handmade either by you or a seamstress in your family. You and your girlfriends can have a glass of wine while putting together floral arrangements or centerpieces for the tables. Let your best friend or someone from cosmetology school do your hair and makeup.

What Is the Best Choice?

You have multiple options for wedding costs, but they basically fall into two categories: pay cash or borrow money for wedding expenses. Paying cash often requires cutting expenses and saving. It may also require pushing your wedding date farther off. On the bright side, you will not owe anyone or anything once you’re married.

Conclusion

If you are still trying to decide if you need or want to borrow money for wedding costs, think it through carefully. It is never a good idea to make rash decisions when it comes to finances. Weigh out the pros and cons of wedding loans, and decide if a loan will help you or hurt you more. If you are interested but want to shop around a little before deciding, online loan shopping is a great way to collect information. Additionally, we here at Loanry can help you find a lender that fits your needs.

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Wedding Payment Plan: Love and Debt

When you were a kid, did you ever hear your parents argue about money? I did. In fact, many kids have and it is not fun. Now imagine if those arguments you heard were over how much they spent on their wedding. You would think that a wedding would be the one day that both parties would be okay with spending, but that is not the case.

Debt is debt and it is stressful regardless of when it occurred. I would go into debt to pay for my kids’ colleges if I had to without batting an eye, but that does not make the bill any easier to pay. As they say, “Love don’t pay the bills.” If only it did…

Since it does not, we have to be practical or risk stress that should not be there. If you want a big, beautiful, fancy, expensive wedding, you can have one, but you need a practical approach to have it. A very smart thing to do would be to make a wedding payment plan. When you are ready to dive in, I will walk you through it.

How to Make Your Wedding Finance Plan

We are now going to make your wedding payment plan. This plan is exactly what it states: your plan for paying for your wedding. It is easier than you think. First, you need something to write all of this out on. You can use an app or spreadsheet if you like, but I find it easier to do my initial planning with paper and pencil. When it is finalized, I transfer it to a digital plan.

Step 1

You should now have the amount you are willing to spend on your wedding. For the sake of this exercise, I am going to use $10,000 for that total. First things first, you have to figure out the amount you need to work toward. This is very simple to determine- just subtract the amount you can save from your total. In my case, I will say I can save $1000. This leaves me with $9,000 more to come up with. Put all of this on your planning paper.

Grand Total- $10,000

Will Save- 1,000

I Still Need- 9,000

You now have your goal. There are several ways to come up with this money, but first, you might find it useful to learn ways to save on wedding expenses. It is always better to minimize costs than it is to pay more than you have to for things.

Step 2

Really search your brain for the money you are not thinking about. Have you left money in an old savings account that you forgot about? Do you have CDs that have matured? Do you have your Aunt Louise’s antique radio in your attic that she no longer wants? How about an old, broken down car that you can sell for scrap metal or for a few hundred bucks to someone who can fix it up? I once heard a story about a man who found that he had a first edition of a very important book. It was worth a lot of money and it had been sitting on his shelf for 15 years. Think hard and look around- you never know what you will find.

Step 3

Next, talk to your folks. They may be willing to pitch in as a wedding gift, or they may know that Grandma Jean always talked about paying for your wedding dress. Uncle James may have some tuxedos you can borrow, or your cousin may have a beautiful yard that they want to host your wedding in. If any of that is the case, write it on your plan, i.e. Mom and Dad- $1,000. Now your total is $8,000.

Pink gift boxes on pink background

Step 4

Let’s say your treasure hunt banked you $500 more bringing your total to $7,500. Consider a side gig: can you babysit on Saturdays for an extra $200 per month? Maybe your mom wants to pay you $100 a month for helping her clean out her clutter. We will say that you will be able to make another $1200 for your wedding with a side job, which brings your total to $6,300. You will, of course, have written all of these different categories on your wedding planning sheet.

Loans for Wedding Expenses

At this point, you have looked for and calculated every dime you think you can make. What do you do now? Loans for wedding expenses are an option and can be added to your wedding payment plan if you choose. In fact, some couples choose to take one out to pay for the whole wedding, then just pay the monthly payments. It may be a good idea in some cases.

For instance, suppose that the only money from the previous example I would have is the $1,000 I could save. If I had no way to come up with $9,000 more, I may choose to take out a personal installment loan for the $9,000. That $9,000 loan comes with a fixed interest rate of 10% and a five year repayment term. Let’s do a little math:

$9,000 x 10% interest= $900

$9,000 + $900= $9,900

$9,900/ 60 months= $165 per month

It may be more feasible to come up with $165 per month to pay a loan that it is to make a wedding payment plan in other ways.

How to Make a Wedding Budget

The first step in a wedding payment plan, or any other payment plan, is to make a budget. I know it sounds delightful, but please try to contain yourself. Most people cringe when they hear that dreaded “B” word. It is mundane and it sounds so restrictive. Here is the crazy part though: budgets actually give you freedom. I promise I am not crazy. Let me explain by giving you two separate examples.

So What is a Budget Exactly?

Those may seem like extreme scenarios, but I have seen similar things many times. The secret to having a budget is mastering your money instead of letting it master you. You are telling your money where to go, not the other way around. Additionally, when you develop a budget and follow it, you begin to see where your money actually goes. As you become strong-willed in not moving outside of your budget, you will start to notice things that you spent a great deal of money on. For instance, you may not think you spend much on sodas at work. If you budget $10 for sodas because that is how much you think you normally spend, you might find yourself doing without multiple sodas a day.

When we are not watching our money, it disappears- it never fails. Making a wedding budget and diligently following it can make a huge difference in your life, but do not just take my word for it. Try it for yourself, even if it is just for a month or for one event- like a wedding. Test the process and see if you notice a difference.

Why a Wedding Budget is an Important?

A wedding budget is important because you set aside specific amounts for specific items. If you budget $2,000 for your dress and $200 for your shoes but find shoes that are $400, you have two choices: subtract the extra $200 from your dress fund or find a pair of shoes that fits into your budget. Your budget helps you remember what is important to you.

A way to help you stick with your budget is to pay cash for everything. Get envelopes and mark them for each item on your budget, such as “Dress”, “Venue”, and “Shoes”. Put the exact amount you have written in your budget into those envelopes. When you go shopping for any of those items, only take the envelope that is meant for that item.

Wedding budged concept diagram drawing on chalk board

How to Make the Budget

Are you ready to get to work? Let’s dive in.

Prep Work

  • Grab your fiancé. This is a team effort.
  • Gather your bills and check stubs or income statements.
  • Gather bank statements and any other places you may have money, i.e. investments, a CD that you can soon cash out, that type of thing.

Calculate

  • Add up your bills for a month.
  • Then add up your income and other financial sources.
  • Subtract the bills from the income.

The Results

  • If the total is over $0, congratulations. You have something to work with. If it is a negative number, you have some extra work to do- but that is okay. You can do it.
  • Is there any money left of your income to save for your wedding? If so, this is your starting point. For instance, if you are getting married in 12 months and you can save $100 per month, you will have $1200 to spend on your wedding. That total, however, is only if you keep the spending habits that you currently have.
  • Did you get a negative number? No problem. The next step can help with both scenarios. First, though, write down how much more you need to make or find to be able to save something.

Analyze

  • Regardless of if you are in the negative or simply want to save more than your current finances are allowing, it is time to play detective. Grab your bank statements and receipts. Look at your purchases. I mean really look. Most people that have no budget assume they spend much less on certain things than they actually do.
  • Categorize your purchases into necessary and unnecessary.
  • Very strategically, work your way down the unnecessary column and decide what to cut out or down.
  • Perhaps you now have $200 extra per month to save for your wedding. Maybe you could not make many changes. Whatever the case, recalculate your total that you can now save for your wedding per month and multiply the number of months you have by that number.
  • Decide if the total is enough for the two of you to spend. This will depend largely on how much you want for your wedding. If you want everything you can get at a wedding, including hula dancers, $500 is probably not going to cut it. However, if you are looking for a very simple ceremony, it might. As a team, decide if the amount you can save from your income adds up to the amount you are willing to spend. If so, congratulations! You can start planning your wedding. If you want to spend more, let’s continue.

Considering a Loan?

While loans for wedding expenses can help you make out your wedding payment plan much easier, there are things to consider:

Benefits

Loans can get you the money you need for a wedding immediately. This can decrease stress levels since the wedding expenses can be paid for all at once, and payments are just made over time. They can also be very helpful when you cannot attain enough money to cover your wedding expenses, including small, simple weddings and big, fancy weddings. The loans can open up more possibilities to you and give you more time to pay for those expenses.

Risks

Like everything, there are downsides to using loans in your wedding payment plan. First, money is one of the leading causes of divorce, and divorce is one of the leading causes of more money trouble. Walking into a marriage with a rain cloud of debt hanging over the two of you might not set the stage for a fruitful and happy marriage. Also, if you are not responsible with it, you may spend more on your wedding than you ever wanted to just because the money is available. Just carefully think it through before taking out the loan.

Tips For Getting a Loan

If you are going to take out a loan to fund your wedding payment plan, the type of loan and the details of the loan are vitally important. A personal installment loan is usually the wisest choice because they offer lower interest and longer repayment terms. The interest rate may also vary depending on your credit score. Find a reputable lender for your loan online and go through the entire process quickly and efficiently.

Is There a Way to Avoid Loans for Wedding Expenses?

I am so glad you asked. Let me first say that the old saying, “Where there’s a will, there’s a way” still rings true to this day. If you truly want to stay away from loans for wedding expenses, you can do it. The question is how far are you willing to go? There are many fun and creative ways to pay for a wedding, or decrease the amount of wedding finance you need.

Before you sign any paperwork, understand your interest, whether it is fixed or compounded, and how much you will be paying monthly for how many months. You need all of that information to decide if the loan is a good idea. If the payment is going to be too high, try decreasing the amount you need to borrow even more.

Conclusion

Any time you are trying to get somewhere, you need a plan- or a map. A wedding is no different. The bride and groom need to determine what is important to them for their wedding, and then make a wedding payment plan to fulfill those desires. Knowing how it will be paid for is almost as important as the wedding itself. Work your way through the plan, and if you find yourself in need of a loan, you can trust Loanry to help you find a reputable lender.

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Credit Cards for Wedding Expenses: Swipe Here

Credit Cards for Wedding Expenses

You know you are now ready to get married. But your wallet is not. What will you do? should you opt for a personal loan or use your credit cards for wedding expenses? If you have existing loans, you have to reconsider your options. A budget calculator can help you manage your finances to determine whether a credit card wedding financing or a loan is what you need.

Let us check the pros and cons of wedding loans versus using credit cards.

Using Credit Cards for Wedding Expenses

If you have a credit card, it means that your bank is giving you a pre-approved loan. You can use your credit card to finance your wedding. It comes with a credit limit that you can maximize to your advantage.

Here are some ways to maximize your credit cards for wedding expenses.

Look for a Wedding Planner Service Provider that Accepts Credit Card

To take advantage of your credit card wedding finance, purchase wedding necessities at 0% interest. You can also use a wedding planner service coordinator that accepts credit card for payment. If they don’t offer an installment plan, you can check with your bank.

Wedding coordinator providers now know the challenges associated with skyrocketing wedding cost.

Check for Credit Card Promotions that Your Bank Offers

Promotions like 10% on wedding cakes or 10% discount on a wedding dress from your mall’s department store can mean savings on your credit cards for wedding expenses.

Check for tiered promotions where you can get possible discounts for hotel rooms. Look for a hotel that offers a 10% discount if you use a certain credit card like Visa or MasterCard. Now you got a place for your honeymoon.

0% Interest Rates Credit Cards

Take advantage of your card if there are 0% interest rate offers. 0% interest rate means you can pay and have it on installment without interest. Installment plans can be up to 48 months at 0% interest.

Cashback and Rebate With a Minimum Spent

Most credit card companies and banks offer cash back and rebates. For example, you can get a $50 rebate if you will spend a certain amount with your card. You can also get points that can be converted to cash.

Your research skill can help you find cash back and rebates. You can also call your bank and check what they currently have for promotions.

Earn Reward Points

With a good credit card, every time you swipe your card means spending. As you rely on your credit card wedding finance for expenses, know that you are also earning points. Robust reward points can be converted to big savings too.

For example, there are credit cards that can give you 1000 reward points every time you spend at least $1000. The said reward points can be converted to something else like cash. You can also convert it gift checks.

Taking a Personal Loan for Wedding

Wanting to spend on your own wedding is admirable. It is what adults do. It is called taking responsibility. And with your big day coming, you would want to prove that you can. With a limited budget, one thing you can do is to take a wedding loan. A wedding loan is a personal loan that you can allot for your wedding expenses. We don’t recommend going into to debt for your wedding, but some people say I do. We always recommend saving on your wedding before getting a loan or using credit cards for wedding expenses.

Here are the types of personal loans that you can take:

Bank Loan

Taking a bank loan is easy if you have a good credit score. The interest is also low as compared to other creditors. However, before you can take a bank loan, you should consider the following:

Interest rates

How much is the interest rate? Can you afford it without going bankrupt? Bank loan interest rates depend on your current score standing and the loan amount you are trying to get.

How to Get Low Interest Rates

Don’t limit yourself with the nearest bank in your area. There are numbers of banks that offer bank loan with low-interest rates. What you can do?

  • Do your research about the different bank loans offered near you
  • Don’t limit it to banks near you, check online as well
  • Choose the best three banks, choose the right one for your needs
What to prepare to get low-interest rates

For bank loans, the interest rate will depend on your credit score and the terms payment selected. Start your preparation by checking your current credit score. If it is poor, find a way to at least make it average. Pay old debts if you can. Consolidate your credits. Once you have a better credit score, you can enjoy a more flexible bank loan interest rate.

Terms of payment

Most banks offer easy installment payment when offering loans. Depending on your current financial status, choose the term that will work for you.

6-month payment term

A 6-month wedding loan is highly advisable because it has the lowest interest rate. Remember, the longer the terms of payment are, the higher the interest rate will be.

12-month payment term

If you cannot pay it immediately, go for a yearlong installment plan.

24-month payment term

Most banks offer two-year bank loans, and this is good if you are not seeing any potential financial setback in the future.

48-month payment term

You can go for a longer wedding loan term if it will positively affect your financial status. You might not want to start your first one-to-two-years of marriage life paying the debt. Still, if it helps in managing your finances, you can go for two years. There are banks that offer 3 to 5 years payment terms as well, just choose which one will work best for you.

What is the best payment term?

The best payment term is the one that will work with your current and possible future financial status. Don’t get a short-payment term if you won’t be able to pay it. It can be stressful to your marriage life if you will be faced with financial problems in your first months.

Secured Loans

If you don’t want to use your credit card for wedding expenses like on wedding ring financing or wedding gown, a secured loans might help. Secured loan is easy to get with collateral regardless of your credit score.

Before getting a secured loan, consider the following factors.

Interest rates

A secured loan are easy to find. However, the interest rate is hard to accept. If you are going to take a secured loan, make sure that you have computed the interest rate in advance to determine if really helps or not.

Terms of payment

Most secured loans have short terms of payment. It can be 1 to 3 months. Failing to pay it on time also means paying a penalty of the outrageous amount.

Loans With a Guarantor

You can get a loan with a guarantor from individual creditors. These are people who do it as their personal business. However, it is hard to get a loan from them unless someone they knew acts as your guarantor.

Interest rates

The interest rate from individual creditors ranges from 5% to 20% of the principal amount.

Terms of payment

The good thing about personal creditors is flexibility. You can ask them to give you a good term of payment that banks or secure loan creditors don’t offer.

Taking a Loan From a Friend or a Family Member

A wedding is such a joyful event. You might find your family members offering financial help at your wedding and it is okay. Offer to pay interest. Ask for good payment terms.

Interest rates

Asking help from your dad might be easier if you are getting married especially if you have a bad credit score. You can show gratefulness by offering to return it with an interest in their liking.

Terms of payment

With a loan from a friend or a relative, you can also haggle in terms of making a payment. I know a friend who is paying our other friend quarterly for his wedding loan. If a friend offers financial help for your wedding, take it, just make sure to pay it as agreed.

Is It Possible to Avoid A Wedding Loan?

If you have enough savings, yes you can avoid a wedding loan. However, would you drain your emergency fund just to get married? It is still best to use your credit cards for wedding expenses or take a personal loan. This way, in case something happens, you ‘ll have your emergency fund to use.

If getting a wedding loan is inevitable, you can still at least reduce the loan amount. Here are some tips that you can do to minimize your wedding expenses.

Plan and budget

Overspending happens when you keep on buying stuff that is not needed. To make your expenses clearer, you can start by planning. Sit with

your partner and start making a list.

For your wedding loan, you can decide on the amount based on your plan and checklist. Avoid taking more than what you need. Applying for a bigger loan means paying a higher interest rate.

Use your credit card as much as possible

If you have a credit card with good standing and high credit limit, use it for your wedding as well. You can take advantage of your credit card offers and promotions. That way, you can avoid taking a payday loan. Using your credit cards for wedding expenses is much better than taking out a loan in terms of interest and payment scheme. If you cannot pay your credit card bill the following month, request for consolidation. This way, you can have your credit card wedding finance be paid in installment.

Reducing Wedding Expenses

If you are trying to avoid getting a wedding loan, start by reducing your wedding expenses. Among the things that you can change or modify to save are:

Make your wedding ceremony more intimate by inviting a few important people only. Make sure your families are there and your best friends. There is no need to invite your grade school teachers or your neighbors from 20 years ago.

A church wedding can be expensive. Instead of exchanging vows on a church, have your wedding ceremony at a park. If you are near a beach, do it on the seaside. It can turn the atmosphere more romantic and solemn.

Having a 5-course meal can be impressive. It is also expensive. If you have family members that can cook well, why not ask for their help. Pay for a resort or place where you can have the reception. Bring in your own caterer. This way, you can personally select the menu while at the same time saving on cost.

Most women might want to have the best wedding dress. But you only wear it once. If you can find a great rental wedding gown, consider it. You can also check thrift stores for vintage wedding gowns.

If you have a friend that takes a picture like a pro, ask him to cover your wedding. If you have a friend who is good with makeups, ask for help. You can save a few hundred dollars to a thousand if you have friends that can help you.

You got a friend who can DJ? Why not ask him to man the floor after the wedding ceremony? In addition, if you have creative and artistic skills, you can also make your own souvenirs instead of buying.

Indeed! A lot of women want to be a June bride. For some reason, June or summer is the favorite season to get married. During this time, expect wedding cost to be inflated. Wedding venues are expensive as well as catering services. Wedding planner service providers are hard to find as well. If you can, pick a date that is close to both of your hearts. It can be your anniversary or birthdays.

How to Prepare for The Big Day?

Not everyone can get married. Not all couples who want a ceremony gets it. If you have plans to get married, you can start by looking at your current financial situation. Do you have any savings? Or an emergency fund? Do you have good credit score in case you need to borrow? Do you have families that can help you?

Find the best credit cards in town. Do your research. There are credit cards that are generous in awarding rebate points. There are credit cards that are always offering 0% installment promotions.

Build a good credit reputation to increase your credit limit. Overall, build a good reputation as a credit card holder. If you need to request for reimbursement like annual fees, your credit card provider can grant your request.

Know what you need to prepare. Know their requirements and terms. Is it doable? Can you borrow and be able to pay it on time? Taking a bank loan if you have a good credit score is easy. if you have bad credit, you might find it more difficult to get approval. Unlike credit cards, you can use credit cards for wedding expenses until you reach the limit of your cards.

If you are currently working on a day job, find another source of income. You can opt for online jobs that pay well. You can start a small business. Talk with your partner on how you can grow your money until you decide on a wedding date. Above all, start saving for your big day. Reduce your date nights and drink nights. If you can watch movies at home, do so. subscribe to Netflix rather than watch at cinemas weekly.

Conclusion

Rather than taking a wedding loan, you can also use your credit cards for wedding expenses. Credit card companies offer different promotions that you can take advantage of. It is like applying for a loan but with different perks. It is easier to use as well, just swipe it.

With a credit card, you can start purchasing a wedding dress, shoes, gifts, and souvenirs. You can also work with a wedding coordinator service provider that accepts credit card for payment. While spending, you are also earning reward points and rebates. Once you maxed out your credit card, you can have your balance consolidated or request for a balance transfer with a more flexible term of payment.

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Wedding Loans Online: Couples Choice

Wedding couple holding their hands

Limited finances can impede your special day. A lack of money does not have to be the end of the road, though. Did you know that there are loans for wedding expenses? Furthermore, you can get wedding loans online that come with a quick and easy application process.

You can essentially be strapped for cash one moment a have all the money you need for your big day the next with the possibility of wedding loans online. Read on to learn more about loans for wedding expenses.


Unlike traditional personal advances, loans for wedding expenses may come with faster approval.
Since traditional banks are not the only financial institutions that grant such advances, it is very possible to get wedding loans online in a matter of minutes. Such a fast approval process really helps when you are in a bind and need to give the caterer a deposit today instead of tomorrow.

In short, a wedding loan is a personal loan. You apply for an advance to pay for your wedding and agree to pay back the amount with interest.

How Do I Get Wedding Loans Online?

One of the main benefits of wedding loans online is convenience. You can apply for wedding finance from home or your mobile phone. Some banks even let you sign and submit documents online so that the whole process is seamless.

You should know that wedding loans, in all of their convenience, come with certain income and credit requirements. Lenders typically want you to have good credit.

A credit score greater than 700 points is usually considered good credit.

Credit score scale.

You also need the income to support the loan. Paycheck stubs are the best way to prove income. It is a good idea to seek a loan with monthly payments that consume no more than 10 percent of your net monthly income. You should, therefore, search for an advance with monthly payments no higher than $300 per month if you earn $3,000 per month.

Lenders also factor in your debt-to-income ratio. You may want to think twice about looking for wedding loans online if you are already over-extended. Remember that your overall debt, notwithstanding monthly mortgage or rent payments, should be no more than 30 percent of your monthly income. You should factor in your monthly car note as well as credit card commitments before applying for a wedding loan.

Bank statements are one of the best ways to prove stability when applying for wedding loans online. Three months of your account being in the black shows lenders that you do not live beyond your means on a regular basis. You may also consider uploading a utility bill that shows a current status to prove that you make timely monthly payments.

Can You Be Denied by an Online Lender?

As with any personal loan, wedding loans online are not guaranteed. You may be denied funding if you do not furnish proof of income or if your debt-to-income ratio is too high. Remember that lenders want a return on their investments. Your borrowing is an investment that needs to be repaid within the given time frame.

Some lenders do not take a chance. They will deny you outright if your credit score is not good. There are other financial institutions, though, that specialize in wedding loans for bad credit. These firms may approve you even if your credit score is low.

Of course, wedding loans for bad credit may require double the income and more collateral. You may even need a co-signer to provide the extra backing that you need for approval. Still, all is not lost if you have less-than-desirable credit and need wedding finances.

Did you know that the cost of wedding ceremonies and receptions are at an all-time high in the United States? On a national scale, couples spend upwards of $23,000 for expenses. That figure was about $7,000 less than two years ago.

Who Should Look for Wedding Loans Online?

Any couple looking to tie the knot within the next few months should consider wedding loans online. An advance could be the thing that you need to keep the ship sailing.

You should be mindful when borrowing. Remember that a wedding loan is a personal loan. It may not be the best idea to immediately reach for an application if you do not have a budget. How would you know how much you need to borrow?

Statistic: Countries spending the most on weddings as of 2019 (in U.S. dollars) | Statista

How to Make Wedding Loans Online Work for You

The key to getting the most out of any personal loan is responsible borrowing. You would not buy the most expensive car on the lost just because you have the means to do so. Why, then, would you buy the most expensive dress in the shop just because you have the cash?

Proper budgeting tells you what you need and what you want. You have to buy the essentials. You can forgo a few of the things that you want if it means your wedding will be less expensive. Then, you can approach the borrowing process with a figure that is sensible and not extreme, which means that you will not have problems with repayments. Of course, the loan officer can also help you determine affordability so that you are sure to agree to a loan that truly fits your means.

Why Not Use a Credit Card?

Some couples choose wedding loans the route of working with what they have. There is nothing wrong, after all, with going for a cheaper venue and forfeiting the best chef in town. Other lovebirds refuse to trade in their dream wedding for something frugal. You may find such persons using their credit cards to pay for everything.

There is certainly nothing wrong with putting all wedding expenses on your credit card. Some experts even say that using such a method comes with benefits. Credit cards come with protections against fraud. You may, in other words, be able to recover funds if things are not on the up-and-up with a vendor. What about all the cons, though?

Anyone who has ever had a credit card knows that the comfort of a revolving loan is dangerous. You may not reconsider items on your budget if you know that you can just charge these things to what seems like a never-ending source of funds. In the end, you could find yourself in mounds of debt with an extremely high-interest rate.

There is little worse than starting your new life with your spouse on the wrong financial footing. Such is the reason why those considering credit cards as a funding source should look into wedding loans online.

Interest Rates on Wedding Loans Online

It is true that loans for wedding expenses come with interest rates. The amount that you pay in interest on a personal loan, however, is minimal when compared to that of a credit card. Some of the best credit cards charge around a nine percent interest rate. Cards for bad credit are even higher with some rates getting into 25 or even 30 percent. Imagine having to pay 30 percent on top of $35,000 plus additional hidden fees. Suddenly, the wedding of your dreams turns into a $70,000 nightmare.

Credit cards are great for emergencies. They are not ideal for ongoing expenses and certainly not the first thing you grab when paying for wedding expenses. Wedding loans online are a more economical way to pay for costs related to your big wedding day.

Is Home Equity an Option for Wedding Funding?

Some parents on the hook for funding the daughter’s wedding may look into home equity loans. These types of advances have more cons than pros.

For those who do not know, a home equity loan is an advance that you take out against the mortgage of your home. You basically tell the bank that you want to borrow against the savings accrued from your timely mortgage payments. You agree to pay a home equity loan back with interest just as you would a personal loan.

The main issue with these types of advances is their direct connection to your home. You run the risk of putting your dwelling place in jeopardy if you default on a home equity loan.

Meanwhile, wedding loans online do not come with the risk of you losing everything if you happen to miss a few payments. Of course, responsible borrowers who only use what they need do not run into the problem of defaulting on loans. Still, wedding loans online provide the comfort of you knowing that your home is not up as collateral.

Can I Save for My Wedding?

There is definitely nothing wrong with saving for your wedding until you have enough money to pay for one like your dreams. Even careful planning comes with loopholes, though. How will you hold your space if the venue that you want requires a deposit several months in advance? Furthermore, what about the other contributors who make your dream wedding possible? They, too, want a deposit.

Wedding loans online are ideal for careful planners because they cover unexpected costs. Instead of re-arranging your timeline so that you can give the caterer his first payment, you can simply find an advance to finance your immediate need. You have still performed your due diligence of saving and budgeting. The loan is just the money you need to tide things over.

The most successful weddings have organized budgets. You should have a general overview of what you want and how much it will cost to make your dreams a reality. Some planners use a spreadsheet to get their ideas on paper. They then shop around for the best prices and compare several options before deciding what they want to do.

Creating a budget in this way lets you find the most frugal sources and prevents you from spending too much for too little. So many couples are excited about their big day and forget to ask vital questions during the initial interviews. Taking down vital information and revisiting such concepts at a later date may provide more clarity.

Another element of budgeting that couples miss is setting a figure. You should establish how much you want to spend before searching out venues and caterers. Using this method sets a stopping point for you and your lover. You may have to turn down the best coordinator in town if her price is $20,000 and your budget for the whole event is $35,000. You would probably be tempted to hire her, though, without an established stopping point.

In many cases, having a stopping point is why some couples reach for wedding loans online first. You know that you cannot go over $50,000 if that is all that your wedding loan will allow. But you may be tempted to overstretch if you only use your saving or checking account. You do, after all, get paid every two weeks and can always make it up on your next check.

Wedding loans online and budgeting essentially go hand-in-hand. You cannot have a great borrowing experience without first establishing a budget. You also cannot sustain a great budget with a stopping point unless you have the firmness that comes with an advance.

But Doesn’t a Wedding Loan Add More Debt?

Some lovebirds shy away from the idea of wedding finance for fear of not being able to pay back the loan. “We are starting our lives together,” some couples think. “We do not want to begin in debt.” The truth is that you will begin your lives in debt with or without a wedding loan.

Unless you marry fresh out of high school, you and your spouse probably have credit cards and mortgages with which to contend. Both of these elements are forms of debt. You are in even greater debt if you buy or lease a car. The lender expects your payments on time as does the car insurance company.

In reality, the notion of having a fresh start is just an illusion. Both your spouse and yourself bring bills to the table. Why, then, would you choose to make things more difficult by trying to fit the cost of a wedding into a budget that is already complicated by the bare necessities?

Wedding loans online give you the relief and cushion that you need to plan the wedding that you deserve. You do not have to worry about robbing Peter to pay Paul when you secure separate financing for your big day.

Final Thoughts

Wedding loans online are the ideal solution if you are stuck in a temporary bind and need cash for your wedding fast. The approval process may be quick and easy so that you can worry about other things surrounding that big day.

Use our services when you want to find wedding loans online. Our database may be able to connect you with the right lender. Get started on the path of wedding financing today!

Loanry

Paying for a Wedding with No Money

I hate to be the bearer of bad news but, unfortunately, you have to have money to get married. Even if you do not have a big wedding, you still have to pay for the marriage license and maybe a couple of extra fees. And while a courthouse wedding is the cheapest option, I am going to assume that if you are reading this, you want to have something a little bigger and more formal. Since that is the case, let’s work on paying for a wedding with no money.

Let’s look at some of the possibilities you have. Some of them will maybe seem silly to you, but all of these can actually help you get the money you don’t have for your wedding. Some tips refer to money, other to your wedding and the entire logistics behind it. So let’s start.

Be Strategic About the Date

I know that you are excited and that you cannot wait to start your life together but rushing the date will only cause anxiety and probably debt, neither of which you want. If you have no money, having a wedding in three months is probably not going to work out the way you want it to. You do not have to hold out for five years but at least several months to a year would be a good time span. That gives you enough time to save some money yet not too long.

Word wedding on calendar with flowers and pen

Join Forces

As much as it seems more of the bride’s day, the groom is also involved. Once married, the two of you will be making financial decisions together and working as a team. Why not start with the wedding finance now? The two of you should work out the budget now before any planning starts. Whether you decide to spend $50 or $50,000, it is a decision you should make together and commit to. Being on the same track and holding firm as a team will not only make you feel united but will also help you stand firmer when your well-meaning mother or aunt tries to pressure you into things that do not fit in the budget.

Cut It Out

This is the first place the commitment to your budget will come into play. Thanks to TV and fairy tales, we tend to imagine weddings with all the trimmings, but you do not need them all. Decide on the things you really want and forget the rest, even if that means you want nothing but rings and a dress. You are not obligated to feed your guests- it is just a tradition. You do not have to drive away in a limo or even have a reception. This is your day and your budget.

Start Your Engines

You have your date, your list, and your budget. Now it is time to figure out how to get the money. There are five basic ways to do that: find it, raise it, make it, stretch it, or borrow it. You may be able to get all you need with only one of those options, or you may need to try a combination. Let’s go over some ideas for each option:

Find It

Want to know something that most people do not? You have more money than you think hiding in plain sight. Really. If you take a good look at the money you spend, you will see that you spend more on some things than you think and you might be paying for things you are not even aware of.

For instance, I recently made some discoveries in my own finances. I pay for Netflix every month- the package that lets you watch it on multiple devices at once. I do this because there are six of us so there is a good chance many of us will be logged on at once- or so I thought. Then, I realized the other day that my four children watch YouTube and have not logged onto Netflix in months. I decreased the package and am saving $5 a month, or $60 a year. It does not sound like much but I am not done yet.

Next, I thought about my cable bill, which is very high. Again, my children have not watched it in a long time and I never have the time to. I can cut it in half, just enough to keep my Internet, and still save around $150 a month, or $1800 a year. I could continue but since I am already up to saving $1860 per year, I think you get the picture.

Take a real look at your spending and your bills. You might find that you are getting charged for things you do not have- like cable channels or additional cable boxes. It does happen.

Also, there is a nifty little app called Trim that you can link to your bank account. It monitors your spending and the bills you pay, then makes suggestions on things to cut out since you do not use it. It will also reach out to companies that you have services with and try to negotiate a better deal. I signed up without expecting much, but about a week or so later, I received an email saying that I was getting a $90 credit on my cable bill due to outages. I would have never thought to ask for that credit.

Raise It

Guess what! You are not the only one that has found themselves faced with paying for a wedding with no money. I say that because if you put effort into raising money for your wedding, people will want to help. Crowdfunding is a way to do this by using sites such as GoFundMe. You may even find an official fundraiser with doughnuts or cookies. If you attend church, talk to some of the leaders about having a bake sale or car wash. There are people who will support you in your endeavor. You might even tell your maid of honor that instead of a bridal shower and bachelorette party, you would appreciate a monetary gift from everyone.

Make It

The best way to make money is definitely through a consistent income. If you cannot save anything from your main income, you can find an extra source to save for the wedding. This can be anything from cleaning houses to landscaping, babysitting to washing cars, delivering pizza to delivering magazines and phone books. You might also find a part-time job that you can do from home such as transcription work, data entry, online tutoring, and even customer support. They may not be loads of fun and you may have to give up some free time, but if you are currently paying for a wedding with no money, it is worth the trouble.

Ask friends and family if they know anyone who might need some housework done or their office cleaned. Even if you only do a couple of side hustles, you could potentially make an extra $100 to $500 or more per month.

Many people grow herbs and vegetables from home and selling them at their local farmer’s market. I personally love the idea of planting pumpkins and selling them at Halloween. There are many ways to make money that do not involve clocking in somewhere.

Borrow It

If you have done all that you can and you are still coming up short, borrowing it may be preferable to paying for a wedding with no money. There are a few different ways to borrow for a wedding:

  • ask friends and family,
  • use credit cards and/or lines of credit from your bank, or
  • through personal loans for wedding expenses

Friends and family members may be willing to loan you the money for such an important day.

Then again, if you explain that you are currently paying for a wedding with no money, they may possibly gift it to you as your wedding gift. Unless you have a generous rich uncle, you may be better off asking a few different people for smaller amounts than asking someone for a large amount. For instance, you may be more successful in asking five people to borrow $200 than asking one person to borrow $1000.

If you have credit cards, you might consider using them to pay for wedding expenses. Also, some banks approve their customers for personal lines of credit for weddings. Try applying for one to see if you can get approved. For credit cards or personal lines of credit, you have to pay attention to the interest rate. If the interest is low, then using these options and making payments over a year may be a good choice for you.

However, if the interest is high, a personal installment loan is probably a better choice for you. They usually have a low-interest rate. Also, the interest is fixed and the payments are spread over a longer repayment period. If you have to consider loans for wedding expenses, look into personal installment loans. If you don’t have time or patience to look for a lender yourself, Loanry can help you find the best fit for you.

Stretch It

When you are no longer paying for a wedding with no money, you have to be strategic again. The money has to stretch far enough to cover all of the expenses you choose to incur. Saving money on your wedding by stretching your budget is the key to making it happen in a wallet-friendly way. While there really is no one size fits all approach here, the following are some ideas on how you can cut wedding expenses down:

Bridal and Wedding Expos

Around the times of year that weddings are about to begin, local businesses will host bridal expos. These businesses usually involve catering, photography, wedding party gowns, and more. The idea is to show you that you have these pros right in your backyard, but brides may also benefit from discounts for the participating businesses.

Giveaways

It may sound crazy, but if you see a giveaway at your local grocery store or retail store, even for a $20 prize or gift card, enter it. Sure, you may not win, but there is a chance that you will. Again, when you are paying for a wedding with no money or a low budget, you do all you can.

Yard Sales/Garage Sales

You have probably heard it 1,000 times, but yard sales are a great way to make money. You just might pay a large chunk of your wedding expenses by selling stuff you no longer use. I know a few people who have made up to $800 and $900 in a weekend. I myself have made hundreds on quite a few occasions. And before you think that we had really valuable items to sell, think again. The majority of my money came from selling outfits that I never wear and my children’s clothes that no longer fit.

Men’s t-shirts are usually a hot yard sale item. Ask your dad or a cousin if they have any they would like to donate to your sale. Ask your best friends if they have any clothes they can donate to your cause. Chances are they do. Do not be afraid to ask for what you need. If you have to choose between paying for a wedding with no money or being vocal, this is the time to be bold.

Also, do not resist putting something in the sale because you think no one will want it. Some of the things I sold the fastest were things I did not expect to be sold at all. Gather your items, advertise your sale, and make some money.

Forget Going Pro

If your budget is really tight, try to resist hiring professionals for your wedding items. It is very likely that you, a family member, or a friend know someone that can provide what you need just as well at no or low cost. You might consider hiring high school or college students for some of the work. They are always in need of some extra cash. You could hire them for things like serving guests at the reception, setting up the reception hall, cleaning up the yard if you are having an outdoor wedding, stuffing invitations into envelopes, and more. If you have a cosmetology school near you, the students will often cut or fix your hair, nails, and makeup at a good discount simply for the practice.

There Is No Shame In the Thrift Store Game

It often makes me laugh that so many people are ashamed to shop at thrift stores and consignment shops. It is true that you will find some junk in them. However, I have kept my kids in nice, name brand clothing by shopping at thrift stores. You can find gorgeous dresses, accessories, shoes, decorations, and more.

Another overlooked treasure trove is places like the Dollar Tree. Most people have one of these around. When I was a kid, it was not an impressive store, but that has changed a lot. Every time I need to decorate for a party or event, I get those decorations at the Dollar Tree. I can decorate an entire child’s birthday party for around $20. I would pay at least double for those items in larger retailers. You may find that you can spend much less on the decorations for your wedding.

Social Media and Craigslist

Though you need to be careful, you can often find items such as wedding dresses and bridesmaid’s dresses on sites like Craigslist and yard sale sites on social media networks. Take a look and see what is available to you there.

Conclusion

If you are approaching your wedding day and you are still paying for a wedding with no money or very little, you may find yourself in need of a fast, personal loan. If you do, save yourself some time and effort by searching for loans for wedding expenses online. Good luck!

Loanry

7 Smart Tips to Avoid a Wedding Loan: Say I Do!

Wedding couple holding their hands.

You’re getting married? Yay! Congratulations!

Some days in life are just more special than others: getting a driver’s license, graduating high school and college, welcoming your babies into the world, and your wedding. The day I got married was one of the best days of my life. Family and friends were gathered to celebrate our union, and I could not have been happier to say, “I do!” It was a magical night, but I want to tell you a secret: we spent less than $100 on our wedding. You read that right. Less than $100 for a wedding yet I had a dress, he had a tux, and there was a cake, flowers, a musician, a photographer, and a beautiful venue.

Getting married is something to celebrate. Going into debt for it is not. In fact, walking into a marriage with debt is a rocky foundation to start on, especially since the majority of divorces are due to finances. The fact that little sheets of paper can destroy a union is a sad fact, but it happens. So while you cannot prevent everything bad from happening, you can give your marriage a better chance at succeeding by avoiding debt as much as possible.

If you are considering taking out a loan for a wedding, pump the brakes. I doubt you would be reading this if you were not at least curious about how you can avoid a wedding loan. It is more than possible to have a beautiful wedding without going into debt. If you are committed to doing so, I am going to walk you through some tips so you can avoid a wedding loan. Grab a notebook and pen to jot down ideas as they come. Ready? Here we go.

1. Master Your Mindset

I am about to drop a bombshell that someone may want to scream at me for, but somebody has to say it. That feeling, that love you feel, the joy of the union- that is what a wedding is all about. It is not about a dress or a limo or anything else. It is about two people promising to love and cherish one another for life. That’s all.

Imagine that you are baking a cake. Mixing the ingredients and putting it in the oven is the process. That is the process that produces the cake. Icing or glaze is added and the cake is decorated. These additions make the cake prettier and may add some extra flavor but they are simply additions. The cake remains a cake whether it is decorated or not. The foundation is what matters, not the embellishments.

The same is true about a wedding. The union is what matters, not the embellishments. Don’t get me wrong, I love a big beautiful wedding, and if you can afford it, go for it. I just want you to remember what really matters on this day as you move through this process. Keeping that in mind will help while you work to avoid a wedding loan.

Rear view full length young couple relaxing on couch in modern apartment

2. Talk About It

You and your future spouse should sit down and have a talk. What really matters to each of you on that day? This will be different for everyone, but if you had to choose the most important thing that you want at your wedding, what would it be? Keep these things in mind as you work on your plan. You should also decide on a budget together. How much are you truly willing to spend on your wedding? Agree to a number and commit to it. Do not forget the honeymoon, either. Maybe the two of you can agree on a lower budget for the wedding so that you can have a better or longer honeymoon.

3. Plan It

It is now time to begin the planning phase.

Get a Wedding Checklist

Trying to figure out what all you need to think about is anxiety-inducing. Everything is better and more clear if it is on paper, so look for a wedding checklist. You may find an eBook that contains one or you may find that surfing on the web. Either way, grab a checklist to help you stay on task. And then dream about everything you want! Imagine it, look for inspiration online, in magazines, everywhere you can find it.

4. Pare It Down

I hope you enjoyed the dreaming phase, but we have to come back to reality now. Do not fret, though. We are about to embark on a journey that will bring together your dream and your budget- as much as possible. If you are dead set on having an elephant to ride in on or an around the world cruise, I am not sure this will help. Otherwise, let us begin.

Gather Contacts

As you work through your plan, you should have a list of your contacts nearby as well as any specialties they may have such as baking or sewing, or even if one is a minister. This information needs to be handy.

Cut Costs

Most of the time when you hear this phrase, you are looking at a giant total that needs to be decreased. You are actually going to do the opposite- start with a bare bones wedding. As much as wedding planners and other professionals like to convince us that every single item on a checklist is imperative, it really is not. In fact, most of those things can be skipped if you choose to do so. Take the next four steps to start cutting down:

There are only five things that are absolutely necessary at a wedding:

  • the bride and groom,
  • a marriage license,
  • a witness,
  • someone to officiate and
  • somewhere to stand in front of him/her

That is all you need to officially get married. You do not have to have a dress, tux, rings, or even guests. This is what I mean by bare bones- just the absolutely necessary. Though the cost of this type of wedding is low, it still costs something. Start by finding out how much a marriage license is in your county and write that down. How much is left in your budget? That amount is what you have to work with for the rest of the items.

Now, take a look at your checklist. Which of the items on that list fit into the vision you already have? Which ones do not? Mark off the ones that do not- with a Sharpie. Once they are gone, pretend they were never there. Highlight the things that really matter to you- really matter. Now, mark off anything that is left because if it fits your dream, it would already be highlighted.

A very important note here: the only things that should be highlighted are things you and your fiancé want- not anyone else. Do not highlight things because it will make your mom happy or because your aunt Judy said you should. This day is about the two of you. If you have room left in your budget, you can add some things for others if you wish. However, for now, you are working hard to avoid a wedding loan. That is not going to happen if you do not keep your expenses down.

After you have your list down to the most important things, research the cost of those items. Does the total fit into your budget? If not, there is some more work to do. The following are some tips on how you can cut down on the remaining expenses so that you can avoid a wedding loan:

Your Resources
  • Look at your list of contacts. Do any of those people have specialties that you could use, like baking cakes or making clothes? Maybe your brother’s best friend is a part-time DJ. Your best friend may be great at making invitations. Maybe your uncle is a minister or photographer. If you see any people with these types of skills on your list, highlight them. You might ask your mom or best friend if they know anyone who does.
  • Talk to those contacts to see how much their services will cost you. Some may be willing to do what you need as a wedding gift. Some might trade their services for your babysitting or house cleaning services, or just give you a discount. Either way, you are likely to cut expenses tremendously in this area.
Your Guests and Reception
  • Limit your guests. Do you really need 500 people in attendance at your wedding? Or even 100? Remember that you are feeding the guests, so how much are you willing to spend to do that? This is not about being selfish. It is about being smart.
  • Get creative with the food you do serve. It is a wedding, a celebration. I have known people to even have barbecue sandwiches at their reception and all the guests loved it.
The Venue
  • If there is somewhere special you want to do get married, call the location managers and ask them when the least busy time is to have a wedding. You will likely pay less when it is not in high demand.
  • Do you have a friend, neighbor or family member that has a beautiful yard? Outdoor weddings are great, so consider asking to have the wedding there.
Your Look

Have you ever looked at the price tag of new wedding gowns? I have and it caused me to break out in a sweat. Wedding dresses can be ridiculously expensive, especially when you consider you will only be wearing your dress for a couple of hours on one day.

  • Does a family member have one you can use? Ask them if you can borrow it, then dry clean it so you give it back to them in good shape.
  • You might also save by shopping at consignment shops and second-hand stores. They tend to have wedding gowns fairly often and at very low prices. Often, second-hand stores and consignment shops will give you credit for bringing some of your own items in. Clean out your closet and use your credit for your dress.
  • Take a creative friend with you. I happen to be the creative one in my group of friends, so when my best friend needed a dress for a ball she was invited to, I went shopping with her. At a second-hand store, she found a plain black dress that actually looked like a very casual dress, but I had an idea. We went to a craft store to get some jeweled beads and a few other accessories. The dress turned out great with everyone asking where she bought it, and she spent a total of $10.
  • If you know a seamstress, like an aunt or grandmother, ask them to make your dress. You will then have even more control over how your dress will look.-Hair and makeup is another big area. Do you have a friend that is good at those things?

Those are just some ideas to get your thoughts flowing. Have a friend or your mom go over your checklist with you and brainstorm some ways you can save. After you have a complete list, make a budget and commit to it. Take the total amount that you need and divide that by the number of months you have until your special day.

The result- which is hopefully within your agreed-upon budget will be how much you need to save each month to pay for it all. If your total is $1200 and your wedding is in a year, you need to save $100 per month. Once you have this monthly amount, you know what to work toward. Remember your goal: avoid a wedding loan because those have pros but they also have cons.

5. Recruit the Dream Team

By now, you have at least an idea of who you want to recruit for certain tasks. It’s time to put them together to form your dream team. Finalize your list and book what you need as early as you can. The earlier you talk to them, be it a professional or a friend, the cheaper and easier it will be. And if you have a friend who is asking for more than your budget allows, do not feel bad about saying “no” to her. You are trying to avoid a wedding loan, not please everyone. You can always tell her your budget and ask if there is something she can do in that limit.

6. Work for It

At this point, you know what you have your planning and recruiting done. Your tasks are scheduled- if not, now is a good time to do that. You have done a lot, so take a breath and be proud of yourself. You know how much needs to be saved each month. If that is within your current budget, all you have to do is commit to saving it every month. If you are not really good at saving, get someone to help. Give the money to your mom, dad, or best friend- whomever you trust- put it away for you. They can then hold you accountable for saving it.

Some banks will even let you set up automatic withdrawals. You can tell them that you want a certain amount taken from your checking account at set times and that you do not want access to that money until a certain date. See if a bank in your area offers that option and put it to work if you can. No matter your method, be ruthless about sticking to your budget if you want to avoid a wedding loan.

7. Sweat for It

What do you do if the amount you need to save is outside of your current income? You work harder to get it. For example, I want to be in better shape physically but I am not good at forcing myself to do much. That is why I asked my husband to be my coach. He knows how to motivate me and how to push me when I would normally stop. He knows my limits so he keeps pushing until I reach them, and then he tells me to do two more. By the time our workout sessions are over, I am pouring sweat and sore. However, I start seeing results almost immediately. The sweat and tears pay off.

What does that have to do with a wedding? I am glad you asked. If you really want to avoid a wedding loan even with bad credit, you may have to push harder than you can imagine to get the money you need, and then go a little farther. Pushing and sweating for something is not easy, but the reward is great. The following are some ideas of how you may have to sweat more:

Side Hustles

  • Pick up a second job, even if it is just a few hours a week. Deliver pizzas, wait tables, clean houses, babysit, walk dogs, wash cars, anything you can do for some extra money.
  • Declutter your home, and your sister’s and your best friends and anyone else who will let you. Some people will let you clean out their homes or storage buildings for the items you find there. Gather it and have a huge yard sale. Your friends may even offer to clear out their own homes and help you with the yard sale. Make it a neighborhood yard sale if you can. The bigger the sale, the more attractive it looks. Be sure to advertise it, too, to maximize your number of customers.
  • Grow a vegetable garden and sell the produce at your local farmer’s market.
  • If you are artsy, make some jewelry, candles, or something similar and sell those items.
  • Those who can type well can apply to transcription companies.

Cut Down Your Current Expenses

Cut the cable and use a streaming service like Netflix or Hulu. Take shorter showers. Turn off lights you are not using. Call around for better insurance rates. Trade your latte for home brewed coffee a couple of days a week. Have date night in your home or at a park instead of at restaurants and movie theaters. If you do go to the movies, go to a drive-in or to a cheaper matinee.

Apps to Try

There are apps that will earn you money. I have quite a few of them so I can say with certainty that the following three apps work:

  • Receipt Hog- You take pictures of your receipts on your phone and they give you coins that you can redeem as PayPal cash when you hit certain amounts, starting at 1,000 coins.
  • Ibotta– It is another receipt app that pays you cash at a certain amount.
  • S’more– You actually do not have to do anything with this one except download it. It runs ads on your phone when you are not using it and you get points that transfer into dollars.

There are many apps out there to make some cash from that do not require much from you. None of them will make you rich on your own, but they can be a little extra money. There is no guaranteed amount, but I have made up to $200 in a year from the three without even being serious about scanning all of my receipts.

Shop Smarter

A few years ago, I started using Ebates and have earned a good deal of money for buying things I needed anyway. This is how simple it is: Ebates is similar to a search engine. If I need to purchase something online, I go to the Ebates app or website and search for that item. A list of stores show up that carry what I need, and I click on the store I choose. If I purchase something from that store at that time, I will get cash back from Ebates. The amount depends on how much that store is offering back at that time. When you shop, find the cheapest way to do it. Clip coupons, use sites like Ebates or Honey, whatever saves you money.

There are many ways to save and make extra money. It just takes some creativity and commitment, but it will pay off when you get to start your marriage without the burden of debt upon you. Remember, you want to avoid a wedding loan so you have to be ruthless when it comes to reaching your financial goal.

Just In Case…

There are times when you do everything you can and it is still not quite enough. If you find yourself close to your wedding date and you do not have the funds you need, do not beat yourself up. And do not call off the wedding- that is a bit extreme and all hope is not lost yet. Any amount that you cut out or saved is great so pat yourself on the back instead of feeling bad about it.

There is a last resort. I know you are trying to avoid a wedding loan or using credit cards, but if you have done everything else that you can, you may have no choice. The key is to make a smart choice here, too. There are many different types of loans available but not all will be a good choice. Some charge high-interest rates and have short repayment terms. You do not want to be on your honeymoon worrying about making that first payment soon after you go home.

Conclusion

If you must get loans for wedding expenses, go for personal installment loans first. They typically charge much less interest and have longer repayment terms. Additionally, the interest is usually fixed into the total amount borrowed and spread out over your full repayment loan. This is much better than taking out a loan for a wedding that has compounded interest.

You also need to be smart about who you borrow from. Not all loan companies offer the same terms and benefits. Look instead for a reputable company that can connect you with reputable lenders. They have the lenders they trust consolidated so it decreases the number of lenders you see to ones that match your needs.

Loanry

Are Wedding Loans Worth It? Couples say, I do.

In the U.S., the average cost of a wedding for 2021 is between $22,000 and $25,000. If you’re a planner, you may be one of the few who’s been saving for this major life event for years but many are not so well-situated. If you’re one who doesn’t have healthy savings account earmarked for this purpose, you may be considering a wedding loan. When you’re considering financing your wedding, you are probably asking “are wedding loans worth it”?

I’ll answer that question in full detail below. Before I do, I think it’s important to define wedding loans first.

Are Loans for Wedding a Good Idea?

Is taking out a wedding loan a smart thing to do? Put another way, are wedding loans worth it? It depends. While it’s always better to pay cash if you can, weddings can cost more than many couples have on hand. If you are going to borrow, research your options. A wedding loan instead of a credit card may be a better choice, but there are pros and cons of both. Interest rates on credit cards are often higher than those on personal loans.

On the other hand, if you can put your wedding expenses on a credit card with an introductory interest rate of 0% – and pay the debt off quickly, before the rate goes up – that may make more sense.

The best way to determine if a wedding loan is right for you is to take the time to learn about wedding finance and all the options available. Reading up on the pros and cons of loans for wedding expenses is a great way to start.

What Are Wedding Loans?

If you’ve never heard of a wedding loan, you’re not alone. Wedding loans are actually just personal loans used to pay for a wedding. You don’t need to prove you’re getting married to get one, and you can spend any money left over after paying for the big day on whatever you like. (Did someone say honeymoon?) The amount you can borrow, and the interest rate you’ll pay, will be based on your credit score and debt-to-income ratio. If you can’t qualify on your own, you may be able to use a cosigner.

There are different types of wedding loans. Do your research to determine which type makes the most sense for you:

Unsecured Loans

Unsecured loans don’t require collateral, which means you’re not at risk of losing your property if something happens and you can’t repay the loan.

Short-term Loans

Short-term loans are just what they sound like: loans you must repay more quickly than others. With these, you are paying interest for a shorter amount of time, and putting the debt behind you faster, than with other types of loans.

Loans with Fixed Interest

Fixed interest rate loans give you the security of knowing what your payment, and interest rate, will be for the life of the loan.

The internet is a great resource for information about wedding loans. You can even research lenders and apply for loans online. Loanry is one of the best places where you can look for loans.

Pros of Wedding Loans

Are wedding loans worth it? Consider the positives of wedding loans:

  1. Less burden on a family. If relatives feel responsible for helping you pay for your wedding, a wedding loan may take some of the pressure off them.
  2. Less burden on you while you plan your wedding. You can use the loan money to book a venue, caterers, and even honeymoon travel. You can shop for a dress, decorations, the cake – without worrying as much about cost. The freedom a wedding loan gives you during the planning phase can certainly make the process more fun.
  3. Possibly lower interest rates. In many cases, wedding loans come at lower interest rates than credit cards.
  4. A fabulous wedding. The additional money a wedding loan gives you allows you to do more to make it exactly the way you want. Whether this means better food, a more elegant venue, more guests or something else completely, is up to you.

Cons of Wedding Loans

Are wedding loans worth it? Suddenly having enough in your pocket to create your dream wedding may feel like, well, a dream come true. But before you sign on the dotted line, be sure to consider the negatives:

  1. It’s debt, incurred at the start of your marriage. Debt can put a strain on a couple, and you may not want to begin your life together with that burden.
  2. You may need to put other plans on hold. Starting your life together with wedding debt may force you to delay things like buying a home or traveling.
  3. A higher cost wedding. Because you will pay interest on your loan, you will end up paying more for your wedding than if you had paid for it out of pocket.

To answer the question, “Are wedding loans worth it?” ask yourself if you are willing to accept these downsides in order to have a bigger budget for your big day.

The Verdict – Are Wedding Loans Worth It?

This is a very personal question. The answer depends on what is most important to you, in the grand scheme of things. If a lavish wedding ranks high on your list and you can’t afford to pay for it up-front, you may very well decide to say “I do” to a wedding loan. Though we can’t answer the question “Are wedding loans worth it?” for you, we can offer some suggestions. For starters, if you’re wondering if you should finance a wedding, try doing the following:

  1. Talk to your partner. Ask them the question, “Are wedding loans worth it?” If, like you, they don’t know the answer, do the rest of these steps together!
  2. List and prioritize your life goals. See where a dream wedding falls in comparison to being debt-free.
  3. Talk to friends and family who’ve paid for their weddings in different ways.
  4. Read a variety of articles about wedding finance.
  5. Research lenders and loans.
  6. Consider your credit score and options it gives you
  7. Make a budget to see whether you can save for a wedding instead of financing it

The more you learn about wedding finance and wedding loans, the better position you will be in to answer the question, “Are wedding loans worth it?”

Why Would A Couple Take out a Wedding Loan?

Everyone of course has their own reasons. But we all want our wedding to be perfect. And that costs. Weddings can be one of the more expensive events in a person’s life.

According to a recent survey conducted by the credit check company ClearScore, 31 is the age at which people, on average, spend the most money – and the largest expense of the year is their wedding! When you consider that people take out loans for major expenses, such as buying a home or paying for college, it seems logical they might think of taking out a loan for a wedding as well.

The web site Student Loan Hero surveyed 1,000 people planning to marry within the next 12 months. They found a whopping 74% planned to incur debt to pay for the nuptials.

Based on those statistics, you are hardly alone in asking are wedding loans worth it.

What Happens When a Couple Takes out a Wedding Loan?

So what happens after I am approved for one? Wedding loan terms vary by lender, but loan funds are typically disbursed as one lump sum, via a check or direct deposit into your bank account. Repayment usually begins shortly after you receive the money.

Interest rates vary based on your credit score and other factors. Your regular loan payment will be determined by the principal, interest rate and loan term. Loan terms vary. A term of 36 months is typical but some loans have terms as long as 84 months.

Best Ways to Save Money on Your Wedding

After doing your research and thinking about your priorities, you may find yourself answering “No” to the question “Are wedding loans worth it?” If so, know that it is possible to save money on your wedding with any budget. Sure, a $100 wedding will look very different from a $50,000 wedding but both will result in a married couple! The internet abounds with sites that offer creative ideas for reducing the cost of your wedding. Google away and get inspired!

Begin with a Budget
  1. The first thing to do is make a budget. How much can you afford to spend? What do you want to spend?
  2. List your wedding necessities. What are absolute must-haves? To start, you will need to wear something and you will need to have your wedding somewhere so clothes and a place. Other necessities vary from person to person. For example, you may need a particular family member or friend to be there when you tie the knot, while your significant other might need a representative of a church or other religious body to perform the ceremony.
  3. Once you’ve written down your necessities, start listing the things you’d like your wedding to have. This may include things like food, flowers, music, decorations, and a venue. Don’t hold back. You can always cross things off later, if you have to.
  4. Next, prioritize your list of wedding needs and wants. Rank each item from most important to least.
  5. Now put your thinking cap on (and maybe do a bit of googling) and start figuring out how much each item on your list might cost. Again, don’t hold back. If there’s a dress you’ve got your eye on and it’s $1,000, go ahead and write that down.
  6. Once you’ve got an estimate next to each item, add them all up.
  7. Is your total more or less than your budgeted amount?
  8. If it’s more, look at each item on your list and thinking of creative ways to spend less. Identify the items you’re willing to do without, if necessary in order to spend a bit more on something that’s more important to you.
  9. Keep doing this until the total you plan to spend matches the total you want to, or can, spend.

This sounds simple, and it is. Simple, but not easy. At the same time, this process can be fun because it forces you to be creative. They say necessity is the mother of invention. If you’re determined to stick to your budget, chances are you will come up with some fantastic ideas you wouldn’t have otherwise!

Piggy bank, people figures and label tag written with wedding budget.
Wedding Savings Success

Many couples who have done their weddings “on the cheap” remember the day as a special one filled with personality, if not a lot of frills.

One couple who had a budget of $3,000 and managed to stick to it remembers their wedding fondly.

We tried to keep it small, but our guest list just kept getting longer and longer. Every time we thought we had everyone, we would think of someone else w just had to invite! We ended up with about 80 guests.

As their guest list grew, they realized that most of their budget would need to go to food and beverages. Which meant there wasn’t much left for venue, clothing and music. Fortunately, the bride’s grandparents’ home had a large backyard, and they were willing to host. The bride found a wedding dress she loved for only $200 at a discount bridal shop, and the groom rented a tuxedo. Rather than a live band, they asked a teenage relative to play DJ and he was thrilled to oblige!

“Our wedding was so informal, the focus was really on the people that were there, and everyone enjoying each other’s company,” the bride said years later. “For us, it was perfect.”

Conclusion

Your wedding is perhaps the most personal event you will ever plan and pay for. It is truly all about you and your betrothed, and what is most important to both of you. Are wedding loans worth it? Only you and your soon-to-be spouse can decide. The good news is there are plenty of resources to help you figure it out. So grab your partner, fire up your computer, and sharpen your pencils! And, hopefully, by doing this exercise together, you will come to know each other better and love each other more.

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