Loans for Wedding Receptions and Venues

If you think you’re ready to get married, remember to figure out your finances before jumping in. If you plan on following the guidelines of many of the bridal magazines, your wedding isn’t going to come cheap. Wedding magazines are full of the most fancy and expensive wedding options and dresses out there. Unless you truly can afford it, be careful how high you set your expectations. If you get yourself into financial debt as many newly weds do, when putting their wedding expenses on a high interest credit card, your marriage may be doomed. One of the top three factors contributing to divorce these days is money. If you plan on financing your wedding, be careful of the interest rate of your loan.  If you live in the US, expect an interest rate around 11% from a bridal lender, compared to a credit card’s interest rate of 20%.

Which wedding loan is best for me? As Jim Eckland Suggests, “There are many wedding loan programs available. A quick Internet search will turn up any number of them, offering such deals as $25,000 to plan your wedding if you pass the credit check. However, you should make sure that you only borrow as much as you need. Taking out too much money on your wedding loan could find you with a bigger bill than you expected. A wedding loan can be a great way to ease the stress of your wedding bills”

You should never spend all the resources you have on hand on your wedding. You have to remember that you will have your new life after your wedding. Since there may be uncertainties after you have a new family, you will certainly need to reserve some money for it. As a result, it will be quite problematic if all you have on hand can just cover your wedding expenses. If such case happens, you may need to consider seeking for a wedding loan.

You may think that you do not need any wedding loan since you can pay for the expenses using your credit cards. However, a wedding loan is not quite the same as the credits of your credit cards. The interest involved in the credits of the credit cards is considerably higher than that of a wedding loan. In most cases, wedding loans are more flexible than credit cards in a way that you can choose the loan based on the interest you are willing to pay. You can also negotiate with the lender on the repayment terms.

Although wedding loan can be a choice of financial sources for your wedding, it is not that easy to choose the lender. Every lender will have different offers and terms of repayments. You have to bear in mind that providing wedding loan is a business. To this end you will know there will not be a loan provider who will tell you all the pros and cons of their services. They will certainly tell you more about the pros (if not exaggerating them) and hide the cons behind. As a result you need to ask as much details as you can think of. You should also read all the terms and conditions of the services carefully. Then you will try to analyze the pros and cons of the services provided by different loan providers so that you can have an unbiased idea on the services.

Besides, you should also search for the loan providers as soon as you plan to go for the option of wedding loan. The approval process can take a long time. This will be not surprising since it is not a high interest loan. High interest loan can be approved within a relatively short period of time. In some cases it can be approved overnight. Since a wedding loan is not a high interest loan, you will need to go through quite a number of different procedures to get it approved. You will also need to provide some documents in order to speed up the approval process a little bit.

When the issue on the financial sources about the wedding is settled, you will be very close to your ultimate target – to have a perfect wedding.

The works of this article were contributed to us by Jerry Leung. Jerry is a wedding invitation designer with great interest in Chinese Style Wedding cards. He designs Unique and Custom Wedding Invitation Card. Besides, he runs a blog on weddings to share his ideas on items such as Funny Wedding Cake. You can also find Wedding Vendor in Australia from his website.

We recently found an excellent article about Wedding Loans written by Peter Taylor, a senior financial analyst at easyfinance4u in the UK.  Pete brings many good points to the table that we would like to share with our readers.

What is a Wedding Loan? 

A wedding loan is a specialized loan service that aims to cater to the borrowers who need finance for organizing weddings or meeting payments of a wedding already held.

• Wouldn’t it be easier had the entire cost of wedding been broken into a number of parts and repayable in small installments? A wedding loan intends to do this with the expenses incurred during weddings, and thus ease the burden on the borrower.

Things to consider when getting a Wedding Loan

• Failing to plan is planning to fail - You wouldn’t want your wedding to go awry because of a shortage of funds. Planning ensures that there is enough to expend on weddings. Adequate consideration must be given to planning the budget of the wedding. The planning process may be fun, but the results obviously are unprecedented. The various concerned people sit together and decide the various costs that are incurred. In addition, a priority table is prepared so that a less important expenditure can be postponed or omitted altogether. With the changing times, the couple themselves finance the wedding. Nevertheless, it will be prudent to consult the elderly for a proper understanding of the expenses that are commonly incurred on such occasions. A proper planning for wedding budget must have in built flexibilities to provide for contingencies as and when they crop up.

• Working the details of the wedding loan

  After screening lenders through a number of stages, you single out a lender offering wedding loans. Lenders often work as a network, thus increasing the purview of wedding loan deals. Since the requirements of borrowers differ, customized rather than standardized wedding loan deals are offered. The case of each borrower is studied minutely at this stage to find out the amount that can be lent as wedding loans. Interest options and repayment options are explained to the borrower and he is allowed to make his decisions. Borrowers must not take decisions without knowing in full about its present and future repercussions. As needs be, borrowers can consult the experts or independent financial advisor for a more detailed explanation of the term or any feature of wedding loans.

  For a plush wedding, a large wedding loan will required to be drawn. Qualifying for a large amount of Wedding loans requires a collateral in the form of home or any other asset to serve as the backing for the loan. This is known as gaining on the equity in home. Nevertheless, people can get approved for large wedding loans without collateral, if they are able to instill sufficient faith in the loan provider regarding their credibility. Borrowers with a good credit history do not face difficulties in getting unsecured wedding loans because of the faith that they generate in the loan providers. A person with a bad credit history does not fail entirely in getting a wedding loan. Many loan providers accept to offer them financial assistance during weddings at higher interest rates.

  Thus, many people who would have accepted a bland wedding as their fate and the result of the scarcity of resources can now heave a sigh of relief. Through a wedding loan, they can now have lush weddings minus the fear of destabilising financial health through overspending.

Welcome to our new website!  It’s finally up and running!

According to CNN Money, in the year 2005, the average cost of a wedding soared to $26,327.  In order to have the perfect wedding there are a number of must haves and they don’t come cheap:

• Wedding Reception     $15,000
• Wedding Photography & Video     $5,000
• Wedding Dress    $3,000
• Wedding Ceremony    $3,000
• Wedding Favors & Gifts     $1,200
• Wedding Flowers     $3,000
• Wedding Jewelry     $2,200
• Wedding Music     $1,000
• Wedding Band      $6,000
• Wedding Stationery     $900
• Wedding Transportation (Limo, Shuttle to Hotel, etc)     $500
• Rehearsal Dinner  1,200
• Wedding Rings $1,200
• Wedding Veil and Headpiece  $300
• Bridemaid’s Dresses (5 bridemaid’s) $1,000
• Tuxedo Rental $150
• Honeymoon $5,000

To help you have that perfect day without going broke, we’re putting together a wedding website that will provide you with the best wedding savings tips and the best rates on wedding loans. We will start posting wedding saving articles, tips and loan information in the next few days.