A luxurious wedding is the dream of many newlyweds. But to organize a beautiful wedding, you will need a certain amount of money, which the bride and groom may not have. And in this case, the question arises about obtaining a loan from a bank. Is it worth deciding on such a step, what are the advantages and disadvantages of a loan taken to organize a wedding?
Dreams of a great wedding and reality
Girls begin to dream of a wedding long before their groom appears. And in these dreams there is absolutely no place for such banal issues as a loan for organizing a wedding. Future brides dream of a beautiful wedding dress, present their appearance in it in front of numerous guests, dream of a luxurious motorcade and a limousine. But when the wedding day approaches, dreams are shattered by the financial insolvency of the newlyweds. All dreams require huge material investments for their realization, but, as a rule, there is not enough money. It is good when newlyweds have rich and wealthy parents who can pay all the wedding expenses. But the relatives of the newlyweds do not always have the opportunity for financial assistance in organizing the wedding.
Wedding expenses largely depend on the wishes of the bride and groom. However, these desires do not always coincide with the material capabilities of the spouses.
Is there a way out if you don't have enough money for a wedding?
If the bride and groom do not have enough money for a dream wedding, you can postpone the celebration, thereby gaining time to accumulate the necessary funds. But there is also a better option that allows you to hold the celebration immediately. Newlyweds can take out a bank loan.
Loans for a wedding is a service that has been provided by banks recently. Gradually, this type of service is becoming more common and loyal for many newlyweds.
Each bank has its own lending programs. The main ones are Target and Consumer Loans.
What type of loan should the newlyweds choose?
A consumer loan is characterized by a higher interest rate, about 20% per annum. For registration, you will need to leave a deposit, and the loan term is about 2 years. When applying for a consumer loan, the newlyweds will need to indicate the purpose for which the money is being taken, and submit supporting documents to the bank.
The second type of loan is directed lending. This option is provided for issuing credit money for a specific purpose, namely, organizing a wedding. This option does not require leaving a collateral, and its maturity can be extended over five years. Another advantage of a targeted loan is a reduced interest rate. To obtain a loan for a wedding, newlyweds need to choose the appropriate bank, which will have the optimal interest rate, make an application and be sure to submit documents confirming the upcoming marriage registration.
Wedding loans have several other advantages, in particular - the ability to quickly receive money, equal monthly payments and the possibility of early repayment. When applying for a loan for a wedding, the newlyweds are given the opportunity to open a personal account in the chosen bank.
