A wedding needs meticulous planning and arrangement. Each one of us has a different plan for our dream. Some of us want to have a destination wedding while some like the quietness of the countryside. The concept of wedlock varies from person to person. It is a fact that we need finance to cover the expenses for our wedding. If used wisely, a personal loan for a wedding can be beneficial for your finances. Research suggests that 29% of couples didn’t have a budget for their wedding while 16% of couples felt that they spent recklessly on their big day. A wedding loan will help you stay in budget and cover some expenses for your wedding.
The question is how?
These loans are nothing but personal loans that can be used to finance the expenses of your wedding. Most of the people opt for this because they do not need to pledge any security while applying for it. Moreover, it allows you to borrow a significant amount of money, typically £1,000 to £35,000 that you have to repay within one year to seven years. We’ve listed a few ways this loan can help you to plan your dream wedding:
#1 Pay for the venue
You may use an Unsecured Personal Loan to finance the expense of the location. The average cost of a venue in the United Kingdom has reached a staggering £4,354. It becomes challenging to finance your wedding with the support of your savings only. Many of us do not have enough savings that can help us to carry out all the immediate and essential expenses when we are preparing to tie the knot.
#2 Go on a honeymoon
It is not necessary to use the funds that you receive for the nuptials. You may use it to plan your honeymoon. You are entering into a new phase of your life you must start it off with a great trip. Sometimes, we do not have anything left after our wedding, so planning a honeymoon becomes a distant dream. However, with this loan, you can prepare for it right away.
#3 Cover the shortfall
Generally, a lot of immediate expenses sprung up from nowhere during a wedding. This loan can be used to cover that shortfall. You can use the money to pay for your caterers or to buy your dream wedding dress.
Is it okay to say the vows under the burden of debt?
The answer solely depends on you and your affordability. If you can afford to repay the debt without any fail, then this loan can prove to be helpful. In addition to that, you have to repay these loans in instalments. So, there will be less burden on you for the repayments as you do not have to pay it in a lump sum. Debt is never a good idea if you do not know how to repay it. Although nothing is at stake –your credit score will be impacted if you fall behind the repayments.
To apply for a wedding loan with us, click here.