Taking Out A Personal Loan For A Wedding
For practical purposes an unsecured personal loan taken out for the express purpose of funding your wedding is no different than one taken out for any other permissible purpose such as debt consolidation home improvement expenses or medical bills.
Taking out a personal loan for a wedding. While taking out a loan means you ll pay more for the wedding in the end a personal loan is the best type of loan to use for a wedding. You should not borrow money for a big party even if it is your wedding. For example if you take out a 5 year loan for 15 000 at a 10 percent interest rate you ll end up paying over 4 000 in interest over the course of the loan.
A wedding loan is a personal loan you take out to cover the cost of your nuptials. You might need cash anytime during the planning and shopping phase of the wedding. Pros and cons of taking a personal loan for wedding expenses.
Best personal loans for a wedding. The lender and the recipient would agree upon a repayment plan as part of the terms of the loan. Is splurging for your weddingspecial day really worth an extra 4 000.
Secure financing that will help the wedding day and what comes after in a big way. They d receive this payment upfront and could use the cash immediately. Fast and easy cash availability.
Covering wedding costs is a common reason to get a personal loan. Wedding loans are consumer installment loans that require you to make scheduled payments of the principal and interest throughout the term of the loan. Check each lender s range for loan amounts.
Taking out a loan for a wedding is quite common to the point that some financial institutions specifically list this purpose in their reason for loan drop downs. For example a person could take out a 10 000 personal loan for their wedding. Before you apply for a loan keep the following things in mind.
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