Finally found the right one to whom you are ready to put a ring in their hands? Obviously, it’s high time to celebrate this feeling with a grand wedding. Weddings are among the most beautiful and stimulating ceremonies in every culture. From managing guests to advance hotel bookings, wedding invitations, caterers, jewellery purchasing, shopping and many ceremonies in a marriage. All these make marriage a grand celebration requiring a grand budget. But not everyone is lucky to have enough money for their dream wedding. This is what a marriage loan offers you: to make all your wedding dreams come true.
From the venue and DJ hire to the photographer and cake-makers, everything should seem to be perfect on your big day. Wedding is the biggest day or a dream of your life and everyone saves a huge amount of money for their dream day. Most weddings exceed from the planned budget and no one wants to compromise on anything on this special day. It’s always lovely to get wedding wishes from each one who loves you. But the objective still remains unanswered: How to make your wedding a success without worrying for finances? Therefore, a wedding loan is there who can help you in this. You can choose the best outfits, caterers, venues and a lot more with Wedding loans with bad credit.
What are Wedding Loans?
First of all, there is nothing like a wedding loan. You can’t go into a bank or any online lenders and request them for a wedding loan. What you have to take is a personal loan for the amount of your wedding. Most people think to pay for wedding-related things with a credit card and they may or may not have the cash to pay it off in full. So a personal loan is a good option to avoid debt. So, getting a personal loan will help you to cover your wedding costs.
Why should you go for a personal loan for wedding expenses?
You should go for a personal loan for wedding expenses as it is a very easy and quick procedure to take a personal loan. Also the repayment options of personal loans are very convenient in the form of monthly EMIs and installments. (That is automatically deducted directly from your bank account)
Other than this, there are some reasons why you should consider a personal loan for paying your unexpected wedding expenses –
- Instant access of funds –
The time for an access of the funds is very fast as once it is processed you can receive the amount of money in 24-48 hours. This is quicker than any other types of loan.
- Flexibility –
While applying for a personal loan, you don’t have to tell the reasons why you are applying for a wedding loan. (As many banks or NBFCs really don’t ask for a purpose most of the time) Thereafter, you have complete independence to choose to use the funds as you require.
- No collateral or guarantee required –
It is one of the reasons that is why a personal loan is the best plan for acquiring unexpected wedding expenses. But if there is no collateral required then there might be a risk to your personal assets. Banks or other NBFCs or any online lenders do not ask for collateral security or a guarantor against the personal loans. Also, you will get the quick loan approval if you have a good credit score.
Pros and cons of using a personal loan to finance your wedding expenses.
Selecting a wedding loan will not only depend on your circumstances but also on your personal preferences. Wedding loans are appropriate for a few reasons. Mostly because the appropriate cost of your wedding will be estimated only at the time of wedding.
Distributing payments in small amounts will show you the amount that you can afford and likewise you can use more of the features which you want at your wedding. This way you won’t have the stress of a tight budget.
However, borrowing money is not a solution for anything. Some couples prefer to get the cost out of the way and without worrying about debt after the wedding.
Alternative ways to get funds for your wedding
Personal Loans are not an only option. Here are a few substitutes of personal loans for obtaining the money when you need funds on your big day:
- Credit cards:
Credit cards also seem to be a convenient option but it depends on the amount you are looking to borrow. Credit cards work on a turning line of credit so there is no fixed amount and term for borrowing. Therefore it may be usually more difficult to manage than a personal loan as you have to pay the full amount and the interest rates are also higher than personal loans.
- Borrowing from friends and family:
Another option is to borrow finances from any friend or family member who could provide you some money. For this you can create a payment plan to ensure that you will not miss any payments.
- Pushing back the wedding:
If you are not having funds for your wedding then you can also puck back your wedding date as it will allow you more time to save money that you need and this will also reduce the stress of borrowing money from anyone.
How do you get a Wedding Loan?
At the risk of sounding like a broken record, availing a wedding loan may not be what you think is the best idea out there. But still every cost of your wedding can be covered by getting a personal loan.
A wedding loan is simply a personal loan that you can apply to cover the cost of your marriage. Marriage loans will provide you to borrow a fixed amount of money on an unsecured basis for a short period of time. You can avail a personal loan with a variable or fixed interest rate and it provides you a convenient repayment plan weekly, fortnightly or monthly.
Your Own Funding
You will get instant money by online loan applications and quick disbursal, getting a marriage loan is very easy through Your Own Funding. Your Own Funding is working upon similar lines to provide the loan guidance for your wedding. They provide 24*7 Customer Support Service and you can avail the best guidance for your wedding loan. For your query, you can apply through an online forum that is available on the website. After applying and getting funds you just have to enjoy the wedding shenanigans. After all years, your wedding shall become your ultimate memories when you will be celebrating your marriage anniversary. You will love, laugh, and celebrate every moment only if your present is great.