A wedding is an important event in the life of every man and his family. It also generates huge costs, which cannot be covered by everyone. The way out of this situation may be to take out a loan, but is it a good idea? And if someone decides to take out a loan for a wedding, what should pay attention to when choosing an offer? How do you decide on the best option?
The bride and groom usually don’t realize that they will pay so many things and that each of them will cost so much. But when the moment of collision with reality comes, they wonder if they will be able to bear the burden of spending. In most cases, the wedding is financed by the parents, but not everyone can afford it. A loan or credit facility can help.
Wedding loan – is it needed?
Wedding and reception are beautiful events, but also extremely expensive. Not only do you have to pay for renting the room and paying for catering, but there is also the cost of an orchestra or DJ, photographer, cameraman, alcohol, transport, wedding dress, suit, hairdresser… This is only part of all the expenses that the future young couple will come to pay. Of course, you can organize a small wedding – only for your loved ones. Most couples organize wedding receptions for about 100 guests, with some inviting up to 350 people, while others, for example, 50. It all depends on how big the family of the bride and groom is. However, if the parents do not have sufficient capital to pay for the wedding and the young couple do not yet have sufficient savings to bear the burden themselves, credit is the only solution for some.
Wedding loan – is it worth taking it?
According to estimates, most people spend about 10-15 thousand zlotys for a wedding. Of course, there are those who spent much more on them, as well as those who paid less. Few, however, are able to fit in with all expenses, for example, in 5,000. Hence, the loan seems to be the only sensible option if you do not have sufficient savings and no one in your family can help the young couple.
Parents can take out a wedding loan – as part of the gift, they pay the bride and groom all the costs of organizing it, if no one actually has the funds to organize the ceremony and party. Certainly it is not reasonable to start a new life with a high loan on your mind – the more so because many couples are probably also going to buy an apartment on credit. However, small financial help may come in handy.
Wedding loan or loan?
First of all, you should think about whether you really want to take out a loan or whether you can take out a loan. Contrary to appearances, this is not the same, although these terms are used in colloquial speech interchangeably. However, the loan is only granted by banks for a predetermined purpose. Meanwhile, the loan can be granted by any person or company – including a bank. However, it is granted for any purpose with a minimum of formalities to be completed. It’s easier to get a loan, so you might want to look for cash loans from a bank or non-bank company. However, a lot depends on how much you want to borrow and how long the loan period should be.
If someone wants to borrow 3,000, because they are short of the total amount for the wedding, they can take advantage of the loan company’s offer. It will return at the next payment or it will postpone the repayment period However, when it comes to higher amounts, credit will be more profitable. It has an interest rate lower than a loan and is safer, and at the same time it can be repaid in convenient installments for a long time. However, more formalities need to be completed.
Wedding loan – how to choose an offer?
Regardless of whether you ultimately take advantage of the loan offer or the wedding loan, you need to look at the same parameters. First of all, we need to find the best offer to minimize the debt – and therefore you need to assess the interest rate and its impact on the debt, as well as find out what additional fees will be added to the money borrowed. It can be insurance or commission. If you already know the total cost of the loan, you can assess whether the offer is attractive.
Fortunately, it is quite easy to calculate everything at the moment – you can use helpful online loan calculators. We enter in them data regarding the required sum and loan period, and we receive information about the installments and interest rate. It’s also worth looking at the rankings of cash loans and cash loans available on the internet. The most important information and advantages of a specific offer are always listed there. Everything is constantly updated. You should also read the opinions of Internet users posted on the web, because thanks to them you can learn more about a specific lender and its actual offer.