Cheap for a wedding loan!
- Loan type: A wedding loan is a normal installment loan, which you can use to finance your wedding and honeymoon.
- Check the need: A rough cost planning helps you to determine the necessary loan amount. It is optimal if equity is also available to finance the wedding.
- Early repayment: Since money is usually given at the wedding, the loan can be paid off in part or even in full after the celebration. However, this must be agreed in the loan agreement.
- Advantage for 2 borrowers: As a future couple, the loan can be taken out in pairs. This gives the bank more security and increases the likelihood of a loan approval.
- Loan term : If you can repay your loan over a shorter term, this is highly recommended. In general, the shorter the loan term, the lower the interest costs.
Finance the most beautiful day in life with a loan!
A wedding loan, also called a wedding loan, is supposed to make the most beautiful day in life an unforgettable day, even if you are unable to finance the wedding yourself from the money saved. Finance the most beautiful day of your life with a wedding loan.
A wedding can be very expensive depending on the requirements. From $ 1,000 to $ 15,000 and even more are not uncommon. Because the costs of a wedding do not only consist of the day itself, but also, for example, of the costs for the planned honeymoon (see: holiday credit).
If you haven’t saved enough, but still want to treat yourself, you can finance your wedding with the help of a loan. This is a particularly interesting option, especially if the spouses share the costs.
Why a wedding loan?
The wedding and the planned honeymoon should usually be remembered for a long time. Beautiful experiences are not necessarily associated with high costs, but you still want to treat yourself to something on the most beautiful day of your life.
The wedding loan is an interesting option, especially for young couples. Especially if you have not been in your professional life for a long time and have not yet saved a lot as a couple, the loan can help finance the wedding and pay it off in monthly installments in the coming years.
As a rule, couples usually receive slightly higher monetary gifts on the day of the wedding, which subsequently help the wedding to be financed. However, since the money gifts are only received on the day of the wedding and the costs, such as the wedding dress, usually have to be paid in advance, the loan can also be used for this financial bridging.
How much does a wedding cost?
What a wedding costs depends primarily on your own expectations for that day. If you want to spend little and just want to get married in a civil registry office, you might already need 1,000 $. It is also not uncommon for a wedding to cost up to $ 20,000 and more. The table below shows a rough guideline for the upcoming costs.
If you are planning a wedding, you can use this table to roughly determine the total amount and use the comparison calculator to check how high the monthly charge for a wedding loan would be.
If you can just afford the planned wedding and the credit burden would actually be too high, there are ultimately only two options. Either the personal needs for the day are reduced or the wedding is planned later until the monthly income is better or you have saved more.
Tips for wedding credit
The cost of a wedding can usually be planned very well in advance. It is therefore worthwhile to get non-binding offers before borrowing in order to get an overview of costs. This then shows roughly how much you have to take out the loan.
Once you have determined the necessary loan amount, you can use a loan comparison to check how high the monthly charge on the installments will be. The rates can then be increased or decreased by adjusting the term of the loan. It is important that you can really afford the monthly installments. To calculate this, a household bill should be drawn up.
Special repayment and early redemption
On the day of the wedding, you usually get higher monetary gifts. This money can then be used to pay the wedding bills still open. If there is still something left over, you can also make a special repayment in the loan or, in the best case, even replace it completely. This saves you a lot of interest.
Take out a loan for two
As a couple, it can be worthwhile to take out the loan in pairs. So with a second applicant. Especially if both spouses are working, it increases the likelihood that the bank will approve the loan. If this security is not sufficient for the bank, the parents can also be given as guarantors.
What should you watch out for with a wedding loan?
In addition to all the advantages of a wedding loan, you should also note a few important points. Even if you have financed the most beautiful day of your life with it, you have also built up a debt burden that must now be met.
The loan amount
Understandably, you want to treat yourself to something for your wedding. However, it should be noted that one does not over-finance oneself and later remains at the expense. The loan should therefore only be taken up in the amount that can then be paid back without any problems.
On the day of the wedding, of course, you don’t think about separation. Unfortunately, more and more marriages are divorced in the first 3 years. If you then have to pay off a loan for the wedding, you may be faced with a problem because the installments may now have to be paid by one person alone and divorce is an additional financial burden.
Future financial planning
When taking out a loan, future financial planning should also be taken into account. Perhaps children are planned and the woman goes on maternity leave and thereby earns less money or one would like to buy property. Ideally, the loan should be paid off by then or only slightly burden the household.
Wedding credit in 6 steps
Determine the necessary loan amount
If you are planning a wedding, you can usually calculate the costs very well in advance and therefore know the necessary loan amount that must be taken up at the bank.
When the necessary loan amount has been clarified, you can now use a comparison calculator to check how high the monthly installments will be at an appropriate interest rate and the chosen term.
As a couple, you should now check whether you can really afford the loan and whether the monthly installments can be used. A household bill helps to determine the monthly surplus of the household.
Apply for credit online
If you want it easy, you can submit the loan application to the bank completely electronically in the comparison calculator. For this, a few personal data and the income situation must be given.
The bank is now carrying out a credit check. At the same time, the signed application usually has to be submitted and an identification procedure with a passport or ID card must be carried out at the post office or online.
Waiting for withdrawal
If everything fits, you usually only have to wait a few days for the payment. As a rule, the first installment is due in the following month. It makes sense to set up a standing order or to grant the bank a direct debit authorization.