What Are Wedding Loans?
A personal loan isn’t your only option when it comes to financing a wedding. You might want to consider some of the following other options.
Credit cards are known to have higher interest rates than other financing options, but you can get around that with a 0% annual percentage rate (APR) introductory period. When you sign up for a new card, often you can enjoy a 12 – 18 month period of interest-free repayments. If you can pay back your balance within that window of time, you may be able to avoid paying interest altogether.
That may be easier said than done, though. The costs of a wedding can be extremely high, and if you can’t pay them off within that introductory period, those infamous interest rates may put you even further into debt.
If you start saving for a year or more before a wedding, or if you dip into an emergency fund, you can pay for all or some of your wedding expenses with your own money. Unless that savings was specifically intended for a wedding, you wouldn’t want to deplete it entirely. There will be more expenses in your near future that you may wish you’d set a little aside for.
It could take some time, too, to save up enough for your dream wedding. Those who have difficulty saving up that much could be waiting a long time before they can celebrate their commitment to each other.
If a wedding loan seems out of the question, you might see if any family members or friends would help finance the wedding. It’s not uncommon for the parents of the engaged couple to offer to pay for some or all of the wedding celebration.
This can be a big ask, though, and if your or your partner’s family isn’t financially able to help with the wedding, you’ll be back at square one with financing options.
Downsize Your Wedding Plans
It might not be preferable, but cutting costs and minimizing your plans could help you save money on your wedding. If you can still enjoy your big day without those particular items, then downsizing may be a financially smart idea. Otherwise, consider your other financing options, and maybe you could have the wedding you always dreamed of.