Weddings are expensive. You have to pay for the venue, caterers, photographers, band, and wedding planners. So, it is no wonder that some couples resort to personal loans to increase their funds.
Experts from Rapid Loans explain that personal loans are short-term loans for minor expenses, such as kitchen renovations, car purchase, travel, and even weddings. These type of loans usually have lower rates, and their repayment schemes are shorter than mortgages. But, even though personal loans look appealing, should you really take out one to fund your wedding?
Most likely, you don’t want to flush all your savings onto your wedding expenses. You want to keep them for financial emergencies, as you and your partner starts a new chapter of your life. So look at your current financial situation, as well as your partner’s monthly income. If your combined income can pay the loan and premiums within the repayment terms, a wedding loan is a good option.
Starting with a Debt
With a wedding loan, you’re starting your marriage with a debt. No matter how low the interest rates are, the loan is still a debt. Ask yourself: is an expensive wedding really worth it? If you and your partner have other personal loans, such as a student loan, car loan, or credit card debts, an additional monthly repayment might take a toll on your finances as a married couple.
It all boils down to your ability to repay. Talk to your partner, and assess your financial abilities. If your combined current financial situation is not in a great state, avoid getting debts that would further weaken your finances. If both of you have stable jobs that can repay the loan, though, then go, take out a loan and have your dream wedding.