When you are short on funds but have a dream wedding for you to plan, you could consider taking a personal loan to fund your celebration. Between venue, menu, attire, photography, hair and make-up, and ceremonial affairs, even those weddings that come void of whistles and bells can still hit the thousands mark.
Given that you have wisely been keeping a wedding account after meeting ‘the one’, thumbs up for planning ahead! However, it can happen that the money isn’t enough or even much for your wedding.
Under such a situation, a moneylender personal loan might help you briefly however here are the pros and cons that will assist you to make the right choice.
Saying “I Do” To A Personal Loan
Normally your bid day, whether momentous or modest, it will cost you. Although you would like to count on friends and families goodwill to assist financially, this may not always be a practical approach. You may have to finance at least a part of the ceremony even when you are getting help from people around you.
Using a moneylender personal loan could be an amazing helper to sustain your wedding plans, but here are a few handy tips to help you decide if this is correct for you.
You may consider using a personal loan when you:
- Hold stable job that will help cover repayments for the whole tenure;
- Are in agreement with your partner on the amount you should borrow;
- You have researched and have a costing plan for your wedding; and,
- You have emergency money ready to cover the loans and additional expenses for 3-6 months.
However, you could skip personal loans at present when:
- You have unstable job and income;
- There are very many prior obligations and debts to pay off;
- Your cash flow and savings are currently limited; and
- The terms of the personal loan are not fully clear to you.
Given that you get a personal loan or not, remember that it’s absolutely possible for you to make your wedding a reality regardless of the budget. One thing though is for you to realize that your big day will be unique as it’s your wedding day.
Advantages of Taking a Personal Loan
Having sufficient resources for you to do your plans will give you the feeling like no other, however, you need to weigh the pros and cons for them to work for you.
- You Don’t Have To Burden Anyone
The truth is, weddings can be stressful affairs since a huge change is occurring, in-laws getting familiar, and you are doing your best to keep everybody happy.
It is a blessing that you are able to fund your wedding by yourself; you will reduce the burden off of your family and simply let them rejoice with you and with no financial worry.
- A Day Like No Other
Weddings are truly joyous events to celebrate moreover you may want to do a little more, possibly something unusual – thus having sufficient resources can help you achieve that. Access to the much-needed cash can offer you the chance to have a magical and unforgettable wedding day.
- Really Make It Your Own
Here is a sad reality: at times generous sponsorships are not so generous in spite of everything. Promises from well-meaning family members to assist you in paying for your wedding could come with hidden intentions.
Taking out a personal loan, on the other hand, puts you and your fiancé decisively in charge of everything thus making you the ones to make the final call on your big day.
One thing to keep in mind is that you can oblige to your family requests however you don’t have to be held at ransom by this.
- Saving Money For More Important Matters
A few people do have the cash to fund their wedding but yet they choose to take out a loan. The reason for this is because money in the bank is more valuable than the money you expect in the future.
It is rather hard for anyone to actually predict what may happen in the future. Having ready cash is a much better option for some individuals than emptying your account and staying debt free.
The Disadvantage Of Taking A Personal Loan
- Having To Put Other Key Decisions On Hold
Include your personal loan amount to all the other borrowings that you and your partner have by now accumulated over the years like car loans, study loan, and even credit card, and check whether you are in heavy debt.
When yes, you need to consider how it can affect the choices in the phase of your life. Purchasing a house as well as having children might have to get a slightly held up till your income is strong enough to manage your debt.
- Beginning Your Life Together In Debt
The fright of having debts after your wedding day is perhaps the biggest concern for anybody thinking of using a personal loan to fund a wedding.
Nobody wants to begin on a marital journey with heavy debt repayments along the way. The easiest way for you to avoid getting loaded with heavy debt to make certain that you can manage to pay for the repayments.
- Spending More Than Necessary
Having enough cash to pay out for your wedding could lure you into extravagant add-ons and frills.
By taking out a personal loan you might avoid these setbacks, by just getting the amount that you actually need depends on your wedding budget and plan.
Once you decide on getting a loan to fund your wedding, it is advisable that find the right loan for you based on your occupation and financial situation. If you are a worker or a civil servant; or someone looking for a quick approval loans types; or individuals in the lower income bracket, there is certainly a loan type perfect for you. Shop around and do thorough research to find a lender who is ready to work with you and offer you the right loan.