Don’t worry just yet if you recently got engaged and are trying to figure out how to pay for your special day. That’s where wedding loans come in. While we generally advise saving for your wedding before it happens, we are aware that this isn’t always an option.
It is possible to finance your wedding, but there are several things you should know before you delve into the world of wedding loans. For this reason, we’re explaining how wedding loans function. Also Their advantages and disadvantages, and how to apply for one!
How Do Wedding Loans Work?
Wedding expenses are high. It’s your big day, something you’ll hopefully only do once. It is a once-in-a-lifetime opportunity to have everyone you care about in one place. It is not something people like to skimp on.
Wedding costs may easily reach tens of thousands of pounds, and they frequently fall in line with other significant expenditures. For example, if you’re getting married, you’re probably also moving in together, expecting to go on a honeymoon. You’re possibly considering starting a baby…
It’s critical to understand that legally speaking, wedding loans don’t actually exist. When we say “wedding loans”, we actually mean – a personal loan that you use to pay for your wedding. The most typical loan type is this one.
Once the money has been deposited into your accounts, the lender doesn’t actually care how you choose to use it. But You must be clear with your lender about what you’re borrowing for when they ask you. Whether you use your wedding loan for a honeymoon or the actual wedding, it doesn’t really matter..
So to sum it up – wedding loans are actually a type of personal loan.
Don't want to be embarrassed of your special day?
Click here to find the best loan option.
What Are the Advantages And Disadvantages Of Wedding Loans?
It’s time to discuss the advantages and disadvantages of the two sorts of loans you can obtain now that you are familiar with their fundamental differences. These will enable you to decide whether wedding loans are appropriate given your financial circumstances.
Advantages Of Wedding Loans:
- Convenience – To reserve your wedding date, some businesses ask for a deposit. A venue, a caterer, a photographer, a planner, and a florist may all want deposits. A wedding loan can help with these deposits if you don’t have much cash on hand.
- Easy to obtain – As long as your financial records are in order, applying for and being approved for wedding loans typically only takes a few minutes.
- Get money quickly – After being accepted, the money is often put into your account within a few days. Even some lenders will deliver it to you in less than 24 hours.
- Reduced interest rates – Using a credit card for some wedding expenses is OK, but wedding loans typically have lower interest rates. As little as 5% is being discussed as opposed to 14% to 22% for credit cards. Particularly if you have good credit, this is true.
- Improve credit score – Borrowing money is a fantastic approach to raising your credit score. That is if you are confident in your ability to repay the loan on time. Once you prove that you can manage your money and take on a wedding loan, you increase your chances of getting another loan down the line with even better interest rates
Disadvantages Of Wedding Loans:
- You pay interest – When it comes to debt of any kind, especially loans, interest is almost always unavoidable. This is another reason why it’s crucial to pay it off as soon as possible.
- Extra debt – The thought of beginning a marriage in debt is enough for many couples to decide against taking out a loan. Examine your willingness and ability to manage a monthly payment for a number of years.
- Difficulty of other loans – This isn’t a major negative if you can quickly repay the debt. However, lenders can offer you far less than you want or even reject your wedding loan application if you take years to pay off a loan. What if you decide to apply for another loan to buy a house or a car?
- The craving for more – You can feel as though you have unlimited funds when the money appears in your account. This way of thinking may lead you to overspend or blow the hard-earned wedding money.
How Can You Get Wedding Loans?
It’s time to apply if, after debating the advantages and disadvantages of wedding loans you determine that it is worthwhile. To help you prepare, we’re breaking down the procedure you’ll follow step by step.
Here is the most common wedding loan layout that takes time:
- Check your credit score – Before applying for a loan, the first thing you should do is check your credit score. You can estimate how much you’ll be entitled to get by doing this. Additionally, it will assist you in anticipating interest rate changes.
- Get prequalified – Most lenders will allow you to prequalify in order to determine your loan eligibility. You only need to give some basic financial data. This is crucial so that you can decide whether it’s worthwhile to apply without damaging your credit. This phase is referred to as a soft enquiry by many lenders.
- Compare wedding loans – Compare interest rates, fees (such as late fees, early payoff costs, or insufficient funds fees), and the loan term, which is the period of time during which you are required to make loan payments.
- Application completion – Once you’ve determined which lender suits your needs, it’s time to fill out an application. Before deciding whether you’re approved, they will examine your credit, request official financial evidence, and possibly ask you a few questions. When your application is accepted, the funds will probably be directly sent to your provided bank account.
This is the long version which can waste your valuable time. So without further ado, this is the new method which is undoubtedly faster!
The 3-Step Procedure That Only Takes MINUTES To Get A Wedding Loan:
- Tell us your desired amount and the term – We need to know what your desires are so we can help you in fulfilling them.
- Fill out basic information form – Fill out a quick form where we can get a more detailed view of your “perfect wedding loan”. This will enable us to do everything we can to deliver your expectations.
- Explore multiple offers within seconds – It talks for itself. After filling out the quick form you get good wedding loan offers among our partners.
It is as simple as that!
Don't want to be embarrassed of your special day?
Click here to find the best loan option.
Why Use LoanTube For Wedding Loans?
LoanTube is a loan comparison company which was created to help people get good wedding loans.
We have multiple UK-based lenders that are of the utmost reputation.
As we both know – the internet is extremely powerful. It can gather an immense amount of information in as little as a microsecond, without breaking a sweat. LoanTube managed to harness this astounding power and we directed it to help people with their wedding loans.
Our proven state-of-the-art systems can help you get a loan in minutes, in 3 simple steps. As you previously saw.
With us, the rate you see is the rate you get! No fancy big numbers that will not only waste your time but make you hate lenders… We don’t want to waste your time or your resources.
On top of that our partners do soft credit checks so they DO NOT HARM your credit score!
Those are some of the benefits you get by getting a wedding loan from LoanTube. You can get your desired loan without further ado and avoid making unnecessary mistakes. Just click here and you’ll be settled!
Remember that our service comes at no charge to you and that you don’t have to accept any of the quotes we provide you if you don’t like them.
