Tag: Wedding Finance

Loans for wedding expenses can be given as a personal loan with repayment over a specific time period. When planning a wedding, you will quickly find out that it can be an expensive event. In order to help pay for this event, you may be looking for a wedding loan.

Why Take Out a Wedding Loan?

When you start your wedding loan company search, remember a wedding is a once-in-a-lifetime expense and the memories you make will last a lifetime. A benefit of taking out a loan is that you aren’t depleting your cash savings. You can stretch payments out over many months, which can help take some of the burdens off. You also won’t be maxing out credit cards so you have room on your limit for other emergencies that could come up.

Find the Best Wedding Loan That Fits Your Finances

When on a wedding loan company search, you may be wondering why a couple would want to take out a wedding loan. While tradition states that the bride’s family should pay for the majority of wedding costs, this isn’t the case anymore. Many times the bride and groom are paying for the entire wedding. Taking out a loan for the wedding has been a common solution when families and couples don’t have cash on hand to make the wedding day memorable and special.

Loans for wedding expenses can be used to pay for a number of big-ticket items, including the venue, quality engagement ring and wedding rings, groom’s suit and bride’s dress, a catered reception, entertainment, professional photographer, and even a one-of-a-kind honeymoon.

It is important to find a lender who is credible and who is trustworthy to keep their word when it comes to following the terms and conditions of the loan agreement in the initial stage of the application. You may find one here, on Loanry!

The Cost of a Wedding

The cost of a wedding can quickly add up and you may need wedding finance options. Depending on many different factors, you can have an expensive wedding or a reasonably priced wedding. Bar service can range between $1,800 and $3,000. A cash bar can be an option for reducing this expense. Catered food can run an average of $30 per plate.

Of course, there are some fancier options that can go up to $100 a plate. The venue rental is usually the second priciest expense, which can average about $3,000. Equipment rentals, such as tables and chairs to accommodate the number of people, can be about $1,700. Other things to think about include the photographer, videographer, wedding gown, invitations, cake, transportation, favors, and the reception band.

Wedding Loans for Bad Credit

Wedding loans for bad credit are personal loans that are used for wedding expenses. Getting approved depends on two things:

• Your employment history and
• Your credit score

While you can get a wedding loan with bad credit, it helps to know your options and how much money you need. You need to use caution on your wedding loan company search. You can use third-party services that aren’t lenders to give you information about different lenders.

These sites can give you a wealth of information so you are better prepared as you start the process. If you can, you may decide to hold off on your wedding loan company search until you can get your credit score up. Under 650 is considered a bad credit rating. By paying off any current debts, making payments on time, and paying off as much as you can to improve your debt-to-income ratio, you can improve your chances of a higher credit rating. You can also improve your chances by knowing exactly what you need for the wedding, so it helps to be prepared before you go through the loan process. If you have bad credit, consider this type of loan the last option.

Should You Use a Personal Loan to Pay for the Wedding?

When using a personal loan to pay for the wedding and beginning your wedding loan company search, there are a few things you should keep in mind. Is there a prepayment penalty if you pay off your loan early? Many people think they can use the cash gifts they get at their wedding to pay off the loan early. There may be a prepayment penalty in order to make sure that the creditor gets paid too.

Check the fine print before you use your wedding gifts to pay off the loan. The better your credit score is, the better interest rate you will have. There are many expenses headed your way when planning a wedding so you need to make sure that you take out enough to cover expenses, but not too much that you can afford the monthly payments. Before you begin your wedding loan company search, you should check your credit score and know how much you need to take out for a loan.

Should You Use a Credit Card for Wedding Expenses?

Instead of getting a wedding loan, you can use a credit card for expenses, and there are advantages and disadvantages to this option. The first is there is a credit limit so you can only spend so much on your credit card. This allows you to spend to get what you need when you need it. There are some credit card companies that offer no-interest opportunities, which can be used to pay for wedding expenses.

Credit cards do come with a higher interest rate than many other loan options. For each month that you don’t pay off your credit card, the interest will continue to accrue. There can also be additional fees associated with credit cards. This can include annual fees, fees for late payments, and fees for being over the limit.

Credit Concerns for Wedding Loans

If you have debt issues and not the best credit, you may have concerns when it comes to getting a wedding loan. Cleaning up your credit record can help with wedding financing efforts. It’s also a good idea to take action to remove any negative information from a credit report before you begin a wedding loan company search. You also want to find the right loan for you. There are a number of entities that offer personal loans and the criteria for getting approved can vary widely from one company to another. Some are stricter about credit scores, while others aren’t. It’s important to do your research when it comes to finding the best loan for your needs.

Ways to Avoid a Wedding Loan

If you absolutely want to avoid a wedding loan, there are some things you can do to still have a great day while spending less money.

Conclusion

Weddings can be expensive, but a wedding loan can help pay for this once-in-a-lifetime event. Before you begin your wedding loan company search, it’s important that you check your credit score and know how much you need to pay for your wedding expenses. If you have time, work on improving your credit score by paying off debts before getting a loan. There are a number of ways to save on a wedding. It’s important to have a budget and know which details of the wedding are the most important to you and your future spouse. Even if you have bad credit, there may still be ways to get a wedding loan if you find the right company. You may have a higher interest rate if you have bad credit, but there are options available.

Everyone wants to have a lavish wedding. The wedding of the century! We all tend to go a bit overboard with the wedding plans. Most people want to have beautiful wedding dresses and designer suits, top-tier decorations, and catering and the perfect venue. But wedding plans can be extremely costly, so you may consider personal loans for wedding expenses.

Why Take Out a Wedding Loan?

A wedding loan is simply a personal loan that you take to cater for your wedding expenses. Personal loans are a good way to get loans to finance your wedding. These personal installment loans are convenient. Indeed you are able to get a significant amount of cash without collateral. Plus you are allowed to pay the money back in a period of your own convenience.

Tools to Find a Lender

There are quite a number of lenders in the market today. Therefore, it is crucial to do your wedding loan shopping early enough to avoid falling into the hands of lenders who are not there to serve your best interests. This is where using tools to find a lender comes into play. Loanry is an independent website that helps you find a lender for wedding expenses after giving you a sneak preview of all the available lenders on their list. This website provides you with information regarding various lenders in the market.

Things to Consider When Using the OLA for Wedding Loans

A Good Budget

Before considering taking a wedding loan, you need to have a proper budget. An online lender is going to be a suitable way for you to finance your wedding only when you have a suitable budget to work with. Applying for a wedding loan online is very easy. However, you need to be careful to ensure you are able to work with the loan you have requested for while sticking to the budget you had before getting the loan.

Take the Time to Budget

Taking the time to do a reasonable budget is good. Indeed the loan you take will be given according to your credit report. A good budget also ensures you get value for your money. Why? Because you stick to it thus the money is used to do what you had initially planned for.

A good way to ensure you have a manageable budget is to limit the guest list at your wedding. When you have a smaller guest list, it is easy to manage the finances. This way the loan you take will be maximized well. Make a budget of the guests you will be expecting at your wedding and stick to it no matter what. This will avoid the embarrassment of having a wedding you can’t cater for. You can reduce the budget for your wedding for example by:

• Borrowing a wedding dress from your friends
• Having a venue that won’t cost you much
• Having a cake design that is simple and elegant.
• Do not go overboard with the wedding plans

Keep in mind that there is a whole full life after the wedding and you need to be ready for that.

Business as Collateral: What a Bad Idea!

When taking a personal loan or any type of loan, be careful not to use your business or other business assets as collateral. When you use your assets as collateral means you are putting them at risk. In case you default on paying the loan then you lose everything. As such, wedding loans are good because they do not require any collateral guarantee.

Research Before Picking a Lender

Sometimes it can be difficult to pick a lender given that there are many lenders in the market today. It is thus very important to consider the legitimacy and the reliability of your lender. Loanry offers tools to find a lender. Different lenders have different rates, terms, and conditions. Thorough research before deciding to apply for the loan is advisable.

Consider the Repayment Time and the Interest Rates of the Lender

Some lenders offer a very short repayment time while others give a longer repayment time. When taking a personal loan for wedding expenses, you have to remember that at some point you have to repay the loan. It is good to know the duration the lender gives for repaying the loan. As well as the interest rates they are charging to avoid defaulting when you are unable to make the payments on time. This is also crucial because it helps you avoid running into financial problems while trying to repay the loan.

Keep Your Income in Mind

When taking any form of loan, it is important to consider the amount of money you are earning; a wedding loan is no exception. This will help to draft a proper payment plan to avoid the loan being a burden to you. remember you don’t want to be stuck with financial problems and loan debts on your back right after you have tied the knot. If you suspect that the loan repayment will cause a stress on your paycheck then it is advisable to revisit the terms and conditions of the loan before signing up.

A Longer Engagement Period

When considering taking a personal loan for wedding expenses, it is important to make sure that all other options have been looked into. Having a longer engagement period will give you enough time to save up for your wedding and so you will not need to take a big loan to finance your wedding if you need to take one in the first place.

Advantages of Taking Personal Loans for Wedding Expenses

Quick Processing

Lenders from the Loanry help you find a lender through a short form. You can find a loan in the comfort of your house and have it approved in no time. This is particularly helpful because when you need an emergency fund for your wedding there isn’t really much time to wait for the loan to be approved and all other formalities that come with loan applications. The loan is an emergency fund in case you got stuck financially when planning your wedding, you don’t have to postpone the event. Just get a personal loan for your wedding expenses to help get things back to the plan.

There is No Collateral Needed

Unlike other loans, personal loans for wedding expenses do not require collateral before signing up for one. For a person who is just about to get married, there may be very few assets, and using them as collateral may not be the best idea. Most loan lenders limit their loans to the assets the borrower has. This can be a challenge for someone who doesn’t have many assets on him/ her. These loans also don’t require any guarantors which is a good thing because most people are afraid to put their signature as guarantors for anyone taking a loan especially for things that are not investments such as a wedding.

Wedding Loans for Bad Credit

At times you may find yourself in a situation where you took a loan and were unable to repay it in the speculated timeframe, thus getting a bad credit. Personal loans for wedding expenses are available even to people with hostile credit reports and so you don’t have to worry about other creditors putting in a bad word for you.

Depending on the loan credit you have, the conditions for the wedding loan vary. Getting a wedding loan with bad credit can be more expensive. In any case, you need to adhere to the new terms and conditions of your lender and make your small payments on time.

When taking a personal loan for wedding expenses, there are some cons that are associated with it. The interest rates might be a bit higher if you have bad credits and a loan repayment definitely adds to the debt load you already have on your back. Also, it is not such a thrilling idea to begin a new life with debts which make personal loans for wedding expenses a bit tricky to consider for a wedding.

It is important to consider the implications of taking a wedding loan for bad credit. This is because the addition of debt might not be the best way to start off a marriage given that finances are a point of debate for many couples.

Conclusion

As discussed, the pros and cons of wedding loans need to be reviewed carefully On the upside, having some extra funding for your wedding allows you to have a great and sometimes an extravagant wedding without all the hustle of saving up.

At the same time, beginning a marriage with debt isn’t really a great way to start a new life. A debt, whichever type involves interest rates and payments which is not really something to smile about. The decision to take out a wedding loan is totally personal depending on whether you are interested in having a fancy wedding or having a simple one with a very debt-free future.

Take a Loan to Finance Your Wedding

Wedding financing loans are also considered as personal loans. If you will take a personal loan, you can spend it any way you want including on your wedding.

A few years ago, taking out a loan for wedding expenses was a no-no. Most parents are eager to shoulder their sons’ weddings. Today, most men want to shoulder their own weddings. It is now taken as a sign of being mature and ready for married life. To have a decent wedding, some couples look for wedding financing loans.

Personal loans for a wedding can be obtained easily especially if you have a good credit rating. If you are wondering what type of loan to take, here are some of the types of loans for wedding expenses that you can consider.

Bank Loans

If you have a good credit score, taking a bank loan for your wedding won’t be a problem. Taking a bank loan to use for a wedding is now a common scene. Why? Here are some of the advantages of taking bank loans for wedding expenses.

Advantages

• It works best if you have a good credit score
• Low-interest rates
• Flexible payment terms
• Plenty of options in terms of payment schemes and interest rates

Disadvantages

• Getting approval can take time especially if you have a bad credit score
• Some banks do a thorough background check before approving loans
• It takes time for loans to get approved and reviewed

Taking Wedding Financing Loans With Bad Credit

As you can see, there are many wedding financing options, but what if your credit score is not in the green? Applying for a wedding loan with bad credit is still possible. It is a harder process but you can still find one. There are pros and cons involved though.

If you think you have bad credit, check your credit score first and find ways to improve your credit rating. There are services that can help you improve your credit score and rating review your score such Creditry.

If you want to do a debt for a wedding with bad credit, take wedding financing loans as your last resort. Though the loan might help you achieve your dream, it can affect your future. Wedding loans with bad credit means higher interest rates and steeper payment terms.

Is it Possible to Avoid Wedding Loans?

To be honest, weddings are getting more and more expensive today. Even with savings and help from family and friends, married couples still find themselves looking for additional wedding financing loans. However, if you want to avoid taking out a wedding loan, you can do these steps.

It might not totally keep you from taking a loan. Still, it can help you minimize the amount you need to borrow.

Finding the Right Loan for Your Wedding

As you borrow, remember that you will be paying with more. Taking loans for wedding expenses means you spend more on your wedding. Since your only option is to take a personal loan, it is important to find the best wedding finance system to take.

Search and Compare

There are too many lending institutions out there. You can find local creditors that can give you a loan. You can also find them online. Don’t rush. Choose at least 3 creditors that you are confident with. It means if you will apply with them, you will get approved.

Once you have picked a creditor, check their offers. Compare each creditor using the following:

Conclusion

If you cannot totally avoid financing your wedding, don’t fret. It is okay to take it if you need help paying for a wedding.

Your best bet? Take just enough wedding loans. Do not take more than what need. If you have cash, pay with cash. But if you don’t have enough, look for a loan that offers the least interest.

And remember, if you know how to manage your finances and make the best choices for yourself, you can easily pay off a wedding loan.

Taking loans for wedding expenses can make your wedding budget easier to manage. Make sure that the cost of your loan is worth it by having the best wedding for your partner. In addition, make sure that it is worth it by honoring your vows on your wedding day.

Fortunately, borrowing money does not necessarily mean you need to go straight to the bank. When it comes to loans, there are different kinds to choose from. You may find that you need to put a few of these options together in order to cover your wedding expenses. In this article, we cover everything you need to know when you borrow money for wedding.

☛Family and Friends

You may have some people close to you that are willing to loan you some money with little or no interest added. You may even find that they are willing to give you part of the money you need as a wedding present.

You can find a bunch of ways online on how to approach this topic with your loved ones. But to sum it up here, be humble and grateful. Don’t get mad if they refuse. Keep in mind that people are more important than an event.

☛Credit Cards

If you have a credit card, you may be able to pay for at least some of your wedding with credit you have available on it. While this is a simple option, it is not always the best. Interest is usually compounded on credit cards, so it can take a long time to pay back the principle and interest. If, however, your credit card has a sweet deal like 0% interest for the first year, it might be the best option.

☛Payday Loans and Title Loans

While these are options, avoid them as much as possible. They come with ridiculously high-interest rates and most borrowers find themselves in a cycle they cannot get out of. I can say from personal experience that these types of loans may be very convenient and not require credit checks, but those perks do not come for free. They can very quickly turn into a trap charging high-interest rates that one can barely afford. In fact, the Center for Responsible Lending reported that in the last decade, payday loan borrowers have paid more than double in interest the amount they actually borrowed.

In a desperate time, I borrowed money against the title to my SUV. I only borrowed about $1,300, but the interest on that was over $400 per month. In a measly three months, I had paid almost as much in interest as I had borrowed in the first place. It took over a year to finally pay it off because I could barely pay over the interest. Payday loans can be just as bad. Unless you are in dire straights, try to stay away from these loans types.

☛Short Term Loans

These are not the greatest option either. They often require you to pay them back in very short periods, often around a month. They also charge pretty high interest, so unless you have a big bonus coming in soon, you will likely have a hard time paying short term loans off.

☛Personal Lines of Credit

If your credit is okay or you at least have a pretty good history with your bank, they may approve you for a personal line of credit. If you get approved for $4,000 but only need $1,000, the other $3,000 will remain available to you through your account. You can borrow the money as often as you need as long as it is within your approved total. These can be great if you can get approved because they are convenient and often charge low-interest rates.

☛Personal Installment Loans

If I have to borrow money from a financial institution, I want it to be either a personal line of credit or a personal installment loan. Both are much easier to pay off due to the interest rates and repayment terms. Many personal installment loans offer fixed interest rates on your loan. This is wonderful because it is factored in at the beginning of the loan and you simply pay the set payment each month. Also, they have longer repayment terms than short-term loans, payday loans, title loans, and credit cards. Even those that compound interest monthly are generally easier to pay off than the others because the interest rate is lower.

Is It a Good Move?

Let’s start by being clear- this is a debt we are referring to. If you borrow money for wedding costs, you are putting yourself into debt. In my humble opinion, debt is never good, but that is simply because you then owe someone and there is usually interest added. However, I am also aware that borrowing money, including loans for wedding expenses, can be beneficial.

Paying for Things You Would Otherwise Have to Wait For

I am not talking about a pair of shoes here, though you can use a loan for those if you would like. I am referring to paying for homes, vehicles, travel, college, and wedding costs. What if your car broke down and you desperately needed another one but did not have the money to pay for it at the moment? If loans did not exist, you would be stuck walking or hitching a ride everywhere. If mortgage loans did not exist, many people would not have homes.

Building Credit

Oddly enough, to get credit you need to have credit. Even better, you need to have recent credit to have a better chance at getting credit. It seems you cannot exist without credit these days. I know someone personally who, along with his wife, decided to stop using credit. They had the goal of buying a house and decided that they would save the cash and pay for it outright. They both worked hard and scraped by on as little as they could to save up $50,000 for a home.

When they located a house they wanted to buy, they tried to hand the cash to the real estate agent. She explained to them that, for some reason I will never understand, they could not buy it with cash. They would have to put the down payment down, then get a mortgage for the remainder. That was the day we all realized that credit was necessary to survive in our current age.

Unfortunately, if you have no credit, you will have a hard time getting credit when you want to make a large purchase, like a house. If you borrow money for wedding finance needs, however, and you pay it back diligently, you can build your credit.

Loans are Really Neither Good or Bad

Loans do have their perks and their place. Whether or not they are a good idea depends on your willingness and ability to repay a loan as well as how important the item you are trying to pay for is to you. It comes down to personal choice and what you and your fiancé decide.

What Wedding Expenses Could I Borrow Money For?

Loans for wedding expenses can actually be used for any wedding expense like a ring. These wedding loans are simply personal loans that you borrow for wedding costs. Some may borrow money for wedding rings, borrow money for wedding dresses, get loans for the venue or the caterer, or even use the loans for their honeymoon. If you are having a destination wedding you may want to pay for your grandma’s ticket with the loan, or the hotel for your maid of honor. You can use it to pay the florist, a DJ, a band, photographers, videographers, and for the wedding license itself. Any item you have on your wedding wish list can be paid for with the money you borrow for wedding expenses.

How Can I Avoid Having to Borrow Money for Wedding Finance Costs?

You may not want to even think about getting loans for wedding finance, and that is totally fine. There are plenty of ways to avoid getting a loan without sacrificing every part of your wedding. It simply takes some creativity, some patience, and maybe some sweat and tears. The following are some ideas to get your brain rolling:

What Is the Best Choice?

You have multiple options for wedding costs, but they basically fall into two categories: pay cash or borrow money for wedding expenses. Paying cash often requires cutting expenses and saving. It may also require pushing your wedding date farther off. On the bright side, you will not owe anyone or anything once you’re married.

Conclusion

If you are still trying to decide if you need or want to borrow money for wedding costs, think it through carefully. It is never a good idea to make rash decisions when it comes to finances. Weigh out the pros and cons of wedding loans, and decide if a loan will help you or hurt you more. If you are interested but want to shop around a little before deciding, online loan shopping is a great way to collect information. Additionally, we here at Loanry can help you find a lender that fits your needs.

When you were a kid, did you ever hear your parents argue about money? I did. In fact, many kids have and it is not fun. Now imagine if those arguments you heard were over how much they spent on their wedding. You would think that a wedding would be the one day that both parties would be okay with spending, but that is not the case.

Debt is debt and it is stressful regardless of when it occurred. I would go into debt to pay for my kids’ colleges if I had to without batting an eye, but that does not make the bill any easier to pay. As they say, “Love don’t pay the bills.” If only it did…

Since it does not, we have to be practical or risk stress that should not be there. If you want a big, beautiful, fancy, expensive wedding, you can have one, but you need a practical approach to have it. A very smart thing to do would be to make a wedding payment plan. When you are ready to dive in, I will walk you through it.

How to Make Your Wedding Finance Plan

We are now going to make your wedding payment plan. This plan is exactly what it states: your plan for paying for your wedding. It is easier than you think. First, you need something to write all of this out on. You can use an app or spreadsheet if you like, but I find it easier to do my initial planning with paper and pencil. When it is finalized, I transfer it to a digital plan.

Step 1

You should now have the amount you are willing to spend on your wedding. For the sake of this exercise, I am going to use $10,000 for that total. First things first, you have to figure out the amount you need to work toward. This is very simple to determine- just subtract the amount you can save from your total. In my case, I will say I can save $1000. This leaves me with $9,000 more to come up with. Put all of this on your planning paper.

Grand Total- $10,000

Will Save- 1,000

I Still Need- 9,000

You now have your goal. There are several ways to come up with this money, but first, you might find it useful to learn ways to save on wedding expenses. It is always better to minimize costs than it is to pay more than you have to for things.

Step 2

Really search your brain for the money you are not thinking about. Have you left money in an old savings account that you forgot about? Do you have CDs that have matured? Do you have your Aunt Louise’s antique radio in your attic that she no longer wants? How about an old, broken down car that you can sell for scrap metal or for a few hundred bucks to someone who can fix it up? I once heard a story about a man who found that he had a first edition of a very important book. It was worth a lot of money and it had been sitting on his shelf for 15 years. Think hard and look around- you never know what you will find.

Step 3

Next, talk to your folks. They may be willing to pitch in as a wedding gift, or they may know that Grandma Jean always talked about paying for your wedding dress. Uncle James may have some tuxedos you can borrow, or your cousin may have a beautiful yard that they want to host your wedding in. If any of that is the case, write it on your plan, i.e. Mom and Dad- $1,000. Now your total is $8,000.

Step 4

Let’s say your treasure hunt banked you $500 more bringing your total to $7,500. Consider a side gig: can you babysit on Saturdays for an extra $200 per month? Maybe your mom wants to pay you $100 a month for helping her clean out her clutter. We will say that you will be able to make another $1200 for your wedding with a side job, which brings your total to $6,300. You will, of course, have written all of these different categories on your wedding planning sheet.

Loans for Wedding Expenses

At this point, you have looked for and calculated every dime you think you can make. What do you do now? Loans for wedding expenses are an option and can be added to your wedding payment plan if you choose. In fact, some couples choose to take one out to pay for the whole wedding, then just pay the monthly payments. It may be a good idea in some cases.

For instance, suppose that the only money from the previous example I would have is the $1,000 I could save. If I had no way to come up with $9,000 more, I may choose to take out a personal installment loan for the $9,000. That $9,000 loan comes with a fixed interest rate of 10% and a five year repayment term. Let’s do a little math:

$9,000 x 10% interest= $900

$9,000 + $900= $9,900

$9,900/ 60 months= $165 per month

It may be more feasible to come up with $165 per month to pay a loan that it is to make a wedding payment plan in other ways.

How to Make a Wedding Budget

The first step in a wedding payment plan, or any other payment plan, is to make a budget. I know it sounds delightful, but please try to contain yourself. Most people cringe when they hear that dreaded “B” word. It is mundane and it sounds so restrictive. Here is the crazy part though: budgets actually give you freedom. I promise I am not crazy. Let me explain by giving you two separate examples.

So What is a Budget Exactly?

Those may seem like extreme scenarios, but I have seen similar things many times. The secret to having a budget is mastering your money instead of letting it master you. You are telling your money where to go, not the other way around. Additionally, when you develop a budget and follow it, you begin to see where your money actually goes. As you become strong-willed in not moving outside of your budget, you will start to notice things that you spent a great deal of money on. For instance, you may not think you spend much on sodas at work. If you budget $10 for sodas because that is how much you think you normally spend, you might find yourself doing without multiple sodas a day.

When we are not watching our money, it disappears- it never fails. Making a wedding budget and diligently following it can make a huge difference in your life, but do not just take my word for it. Try it for yourself, even if it is just for a month or for one event- like a wedding. Test the process and see if you notice a difference.

Why a Wedding Budget is an Important?

A wedding budget is important because you set aside specific amounts for specific items. If you budget $2,000 for your dress and $200 for your shoes but find shoes that are $400, you have two choices: subtract the extra $200 from your dress fund or find a pair of shoes that fits into your budget. Your budget helps you remember what is important to you.

A way to help you stick with your budget is to pay cash for everything. Get envelopes and mark them for each item on your budget, such as “Dress”, “Venue”, and “Shoes”. Put the exact amount you have written in your budget into those envelopes. When you go shopping for any of those items, only take the envelope that is meant for that item.

How to Make the Budget

Are you ready to get to work? Let’s dive in.

Prep Work

• Grab your fiancé. This is a team effort.
• Gather your bills and check stubs or income statements.
• Gather bank statements and any other places you may have money, i.e. investments, a CD that you can soon cash out, that type of thing.

Calculate

• Add up your bills for a month.
• Then add up your income and other financial sources.
• Subtract the bills from the income.

The Results

• If the total is over $0, congratulations. You have something to work with. If it is a negative number, you have some extra work to do- but that is okay. You can do it.
• Is there any money left of your income to save for your wedding? If so, this is your starting point. For instance, if you are getting married in 12 months and you can save $100 per month, you will have $1200 to spend on your wedding. That total, however, is only if you keep the spending habits that you currently have.
• Did you get a negative number? No problem. The next step can help with both scenarios. First, though, write down how much more you need to make or find to be able to save something.

Analyze

• Regardless of if you are in the negative or simply want to save more than your current finances are allowing, it is time to play detective. Grab your bank statements and receipts. Look at your purchases. I mean really look. Most people that have no budget assume they spend much less on certain things than they actually do.
• Categorize your purchases into necessary and unnecessary.
• Very strategically, work your way down the unnecessary column and decide what to cut out or down.
• Perhaps you now have $200 extra per month to save for your wedding. Maybe you could not make many changes. Whatever the case, recalculate your total that you can now save for your wedding per month and multiply the number of months you have by that number.
• Decide if the total is enough for the two of you to spend. This will depend largely on how much you want for your wedding. If you want everything you can get at a wedding, including hula dancers, $500 is probably not going to cut it. However, if you are looking for a very simple ceremony, it might. As a team, decide if the amount you can save from your income adds up to the amount you are willing to spend. If so, congratulations! You can start planning your wedding. If you want to spend more, let’s continue.

Considering a Loan?

While loans for wedding expenses can help you make out your wedding payment plan much easier, there are things to consider:

Benefits

Loans can get you the money you need for a wedding immediately. This can decrease stress levels since the wedding expenses can be paid for all at once, and payments are just made over time. They can also be very helpful when you cannot attain enough money to cover your wedding expenses, including small, simple weddings and big, fancy weddings. The loans can open up more possibilities to you and give you more time to pay for those expenses.

Risks

Like everything, there are downsides to using loans in your wedding payment plan. First, money is one of the leading causes of divorce, and divorce is one of the leading causes of more money trouble. Walking into a marriage with a rain cloud of debt hanging over the two of you might not set the stage for a fruitful and happy marriage. Also, if you are not responsible with it, you may spend more on your wedding than you ever wanted to just because the money is available. Just carefully think it through before taking out the loan.

Tips For Getting a Loan

If you are going to take out a loan to fund your wedding payment plan, the type of loan and the details of the loan are vitally important. A personal installment loan is usually the wisest choice because they offer lower interest and longer repayment terms. The interest rate may also vary depending on your credit score. Find a reputable lender for your loan online and go through the entire process quickly and efficiently.

Before you sign any paperwork, understand your interest, whether it is fixed or compounded, and how much you will be paying monthly for how many months. You need all of that information to decide if the loan is a good idea. If the payment is going to be too high, try decreasing the amount you need to borrow even more.

Conclusion

Any time you are trying to get somewhere, you need a plan- or a map. A wedding is no different. The bride and groom need to determine what is important to them for their wedding, and then make a wedding payment plan to fulfill those desires. Knowing how it will be paid for is almost as important as the wedding itself. Work your way through the plan, and if you find yourself in need of a loan, you can trust Loanry to help you find a reputable lender.

Limited finances can impede your special day. A lack of money does not have to be the end of the road, though. Did you know that there are loans for wedding expenses? Furthermore, you can get wedding loans online that come with a quick and easy application process.

You can essentially be strapped for cash one moment a have all the money you need for your big day the next with the possibility of wedding loans online. Read on to learn more about loans for wedding expenses.

Unlike traditional personal advances, loans for wedding expenses may come with faster approval. Since traditional banks are not the only financial institutions that grant such advances, it is very possible to get wedding loans online in a matter of minutes. Such a fast approval process really helps when you are in a bind and need to give the caterer a deposit today instead of tomorrow.

How Do I Get Wedding Loans Online?

One of the main benefits of wedding loans online is convenience. You can apply for wedding finance from home or your mobile phone. Some banks even let you sign and submit documents online so that the whole process is seamless.

You should know that wedding loans, in all of their convenience, come with certain income and credit requirements. Lenders typically want you to have good credit.

A credit score greater than 700 points is usually considered good credit.

Can You Be Denied by an Online Lender?

As with any personal loan, wedding loans online are not guaranteed. You may be denied funding if you do not furnish proof of income or if your debt-to-income ratio is too high. Remember that lenders want a return on their investments. Your borrowing is an investment that needs to be repaid within the given time frame.

Who Should Look for Wedding Loans Online?

Any couple looking to tie the knot within the next few months should consider wedding loans online. An advance could be the thing that you need to keep the ship sailing.

You should be mindful when borrowing. Remember that a wedding loan is a personal loan. It may not be the best idea to immediately reach for an application if you do not have a budget. How would you know how much you need to borrow?

How to Make Wedding Loans Online Work for You

The key to getting the most out of any personal loan is responsible borrowing. You would not buy the most expensive car on the lost just because you have the means to do so. Why, then, would you buy the most expensive dress in the shop just because you have the cash?

Proper budgeting tells you what you need and what you want. You have to buy the essentials. You can forgo a few of the things that you want if it means your wedding will be less expensive. Then, you can approach the borrowing process with a figure that is sensible and not extreme, which means that you will not have problems with repayments. Of course, the loan officer can also help you determine affordability so that you are sure to agree to a loan that truly fits your means.

Why Not Use a Credit Card?

Some couples choose wedding loans the route of working with what they have. There is nothing wrong, after all, with going for a cheaper venue and forfeiting the best chef in town. Other lovebirds refuse to trade in their dream wedding for something frugal. You may find such persons using their credit cards to pay for everything.

There is certainly nothing wrong with putting all wedding expenses on your credit card. Some experts even say that using such a method comes with benefits. Credit cards come with protections against fraud. You may, in other words, be able to recover funds if things are not on the up-and-up with a vendor. What about all the cons, though?

Anyone who has ever had a credit card knows that the comfort of a revolving loan is dangerous. You may not reconsider items on your budget if you know that you can just charge these things to what seems like a never-ending source of funds. In the end, you could find yourself in mounds of debt with an extremely high-interest rate.

There is little worse than starting your new life with your spouse on the wrong financial footing. Such is the reason why those considering credit cards as a funding source should look into wedding loans online.

Interest Rates on Wedding Loans Online

It is true that loans for wedding expenses come with interest rates. The amount that you pay in interest on a personal loan, however, is minimal when compared to that of a credit card. Some of the best credit cards charge around a nine percent interest rate. Cards for bad credit are even higher with some rates getting into 25 or even 30 percent. Imagine having to pay 30 percent on top of $35,000 plus additional hidden fees. Suddenly, the wedding of your dreams turns into a $70,000 nightmare.

Credit cards are great for emergencies. They are not ideal for ongoing expenses and certainly not the first thing you grab when paying for wedding expenses. Wedding loans online are a more economical way to pay for costs related to your big wedding day.

Is Home Equity an Option for Wedding Funding?

Some parents on the hook for funding the daughter’s wedding may look into home equity loans. These types of advances have more cons than pros.

For those who do not know, a home equity loan is an advance that you take out against the mortgage of your home. You basically tell the bank that you want to borrow against the savings accrued from your timely mortgage payments. You agree to pay a home equity loan back with interest just as you would a personal loan.

The main issue with these types of advances is their direct connection to your home. You run the risk of putting your dwelling place in jeopardy if you default on a home equity loan.

Meanwhile, wedding loans online do not come with the risk of you losing everything if you happen to miss a few payments. Of course, responsible borrowers who only use what they need do not run into the problem of defaulting on loans. Still, wedding loans online provide the comfort of you knowing that your home is not up as collateral.

Can I Save for My Wedding?

There is definitely nothing wrong with saving for your wedding until you have enough money to pay for one like your dreams. Even careful planning comes with loopholes, though. How will you hold your space if the venue that you want requires a deposit several months in advance? Furthermore, what about the other contributors who make your dream wedding possible? They, too, want a deposit.

Wedding loans online are ideal for careful planners because they cover unexpected costs. Instead of re-arranging your timeline so that you can give the caterer his first payment, you can simply find an advance to finance your immediate need. You have still performed your due diligence of saving and budgeting. The loan is just the money you need to tide things over.

But Doesn’t a Wedding Loan Add More Debt?

Some lovebirds shy away from the idea of wedding finance for fear of not being able to pay back the loan. “We are starting our lives together,” some couples think. “We do not want to begin in debt.” The truth is that you will begin your lives in debt with or without a wedding loan.

Unless you marry fresh out of high school, you and your spouse probably have credit cards and mortgages with which to contend. Both of these elements are forms of debt. You are in even greater debt if you buy or lease a car. The lender expects your payments on time as does the car insurance company.

In reality, the notion of having a fresh start is just an illusion. Both your spouse and yourself bring bills to the table. Why, then, would you choose to make things more difficult by trying to fit the cost of a wedding into a budget that is already complicated by the bare necessities?

Wedding loans online give you the relief and cushion that you need to plan the wedding that you deserve. You do not have to worry about robbing Peter to pay Paul when you secure separate financing for your big day.

Final Thoughts

Wedding loans online are the ideal solution if you are stuck in a temporary bind and need cash for your wedding fast. The approval process may be quick and easy so that you can worry about other things surrounding that big day.

Use our services when you want to find wedding loans online. Our database may be able to connect you with the right lender. Get started on the path of wedding financing today!

I hate to be the bearer of bad news but, unfortunately, you have to have money to get married. Even if you do not have a big wedding, you still have to pay for the marriage license and maybe a couple of extra fees. And while a courthouse wedding is the cheapest option, I am going to assume that if you are reading this, you want to have something a little bigger and more formal. Since that is the case, let’s work on paying for a wedding with no money.

Let’s look at some of the possibilities you have. Some of them will maybe seem silly to you, but all of these can actually help you get the money you don’t have for your wedding. Some tips refer to money, other to your wedding and the entire logistics behind it. So let’s start.

Be Strategic About the Date

I know that you are excited and that you cannot wait to start your life together but rushing the date will only cause anxiety and probably debt, neither of which you want. If you have no money, having a wedding in three months is probably not going to work out the way you want it to. You do not have to hold out for five years but at least several months to a year would be a good time span. That gives you enough time to save some money yet not too long.

Join Forces

As much as it seems more of the bride’s day, the groom is also involved. Once married, the two of you will be making financial decisions together and working as a team. Why not start with the wedding finance now? The two of you should work out the budget now before any planning starts. Whether you decide to spend $50 or $50,000, it is a decision you should make together and commit to. Being on the same track and holding firm as a team will not only make you feel united but will also help you stand firmer when your well-meaning mother or aunt tries to pressure you into things that do not fit in the budget.

Cut It Out

This is the first place the commitment to your budget will come into play. Thanks to TV and fairy tales, we tend to imagine weddings with all the trimmings, but you do not need them all. Decide on the things you really want and forget the rest, even if that means you want nothing but rings and a dress. You are not obligated to feed your guests- it is just a tradition. You do not have to drive away in a limo or even have a reception. This is your day and your budget.

Start Your Engines

You have your date, your list, and your budget. Now it is time to figure out how to get the money. There are five basic ways to do that: find it, raise it, make it, stretch it, or borrow it. You may be able to get all you need with only one of those options, or you may need to try a combination. Let’s go over some ideas for each option:

Find It

Want to know something that most people do not? You have more money than you think hiding in plain sight. Really. If you take a good look at the money you spend, you will see that you spend more on some things than you think and you might be paying for things you are not even aware of.

Raise It

Guess what! You are not the only one that has found themselves faced with paying for a wedding with no money. I say that because if you put effort into raising money for your wedding, people will want to help. Crowdfunding is a way to do this by using sites such as GoFundMe. You may even find an official fundraiser with doughnuts or cookies. If you attend church, talk to some of the leaders about having a bake sale or car wash. There are people who will support you in your endeavor. You might even tell your maid of honor that instead of a bridal shower and bachelorette party, you would appreciate a monetary gift from everyone.

Make It

The best way to make money is definitely through a consistent income. If you cannot save anything from your main income, you can find an extra source to save for the wedding. This can be anything from cleaning houses to landscaping, babysitting to washing cars, delivering pizza to delivering magazines and phone books. You might also find a part-time job that you can do from home such as transcription work, data entry, online tutoring, and even customer support. They may not be loads of fun and you may have to give up some free time, but if you are currently paying for a wedding with no money, it is worth the trouble.

Many people grow herbs and vegetables from home and selling them at their local farmer’s market. I personally love the idea of planting pumpkins and selling them at Halloween. There are many ways to make money that do not involve clocking in somewhere.

Borrow It

If you have done all that you can and you are still coming up short, borrowing it may be preferable to paying for a wedding with no money. There are a few different ways to borrow for a wedding:

• Ask friends and family,
• Use credit cards and/or lines of credit from your bank, or
• Through personal loans for wedding expenses

Friends and family members may be willing to loan you the money for such an important day.

Then again, if you explain that you are currently paying for a wedding with no money, they may possibly gift it to you as your wedding gift. Unless you have a generous rich uncle, you may be better off asking a few different people for smaller amounts than asking someone for a large amount. For instance, you may be more successful in asking five people to borrow $200 than asking one person to borrow $1000.

If you have credit cards, you might consider using them to pay for wedding expenses. Also, some banks approve their customers for personal lines of credit for weddings. Try applying for one to see if you can get approved. For credit cards or personal lines of credit, you have to pay attention to the interest rate. If the interest is low, then using these options and making payments over a year may be a good choice for you.

However, if the interest is high, a personal installment loan is probably a better choice for you. They usually have a low-interest rate. Also, the interest is fixed and the payments are spread over a longer repayment period. If you have to consider loans for wedding expenses, look into personal installment loans. If you don’t have time or patience to look for a lender yourself, Loanry can help you find the best fit for you.

Stretch It

When you are no longer paying for a wedding with no money, you have to be strategic again. The money has to stretch far enough to cover all of the expenses you choose to incur. Saving money on your wedding by stretching your budget is the key to making it happen in a wallet-friendly way. While there really is no one size fits all approach here, the following are some ideas on how you can cut wedding expenses down:

Conclusion

If you are approaching your wedding day and you are still paying for a wedding with no money or very little, you may find yourself in need of a fast, personal loan. If you do, save yourself some time and effort by searching for loans for wedding expenses online. Good luck!