For many people, the wedding is one of the most exciting and beautiful days in life. This special occasion is often to be celebrated so that the event remains unforgettable. A wedding is always costly, because wedding rings, the wedding party and the wedding dinner always cost money.
Then there is the wedding dress and the groom’s clothing. It is not uncommon for couples to calculate several thousand USD that not everyone owns. In this way, newlyweds can take out a loan for a wedding if their own financial means are insufficient. This way you can finance your dream wedding, where a honeymoon can also be included.
Borrowing – important information
In order to take out a loan for a wedding, a cost plan should first be drawn up. With this, the exact sum of the celebration can be determined so that the loan amount is sufficient. Only when this plan is in place should a loan be considered. If the cost is less than 5,000 USD, a small loan can be taken out from the bank. In most cases this can be requested from the bank without problems.
If the sum is more than 5,000 USD, a normal installment loan can be taken out, which takes some formalities. Newlyweds often receive gifts of money. These monetary gifts could reduce a loan, so a special repayment should be agreed with the bank. This way, the loan for a wedding is repaid with the monetary gifts and there are fewer financial burdens.
Basic requirements that must be met
In order to be able to take out a loan for a wedding, the bride and groom must meet certain requirements. Banks want collateral from the newlyweds, such as a fixed salary. This income, whether from one partner or both, must be attachable. In addition, banks often ask for Credit Bureau information if the loan amount is higher.
If there are no entries, a loan can be applied for, which is then approved by the bank within a week. If both partners have only a marginal employment relationship, it must be expected that banks will require other collateral, such as a guarantor or life insurance with a high surrender value. Those who have no work and therefore no income will not be able to take out the loan.
With a good credit rating, a loan that is suitable for the wedding can be taken out very quickly. With a loan comparison, interest can be saved, which makes a loan cheaper. Those who expect money gifts can also reduce the loan amount and save money here too.