Can you take out a bank loan for a wedding?
Video answer: Want to take a personal loan for wedding? here's what…
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How Much Money Can You Get With a Wedding Loan? Since wedding loans are a type of personal loan, you can usually borrow as much as you need to cover all costs for your wedding. But how much you borrow depends on a few factors, including: Your credit score.
- Most wedding loans are personal loans. Whether you borrow money from a bank, credit union, or online lender, you are taking out a personal loan to pay for your special day. Because the loan is unsecured, the lender does not care if you spend it on hair extensions, a trip to Bermuda, or to marry the love of your life.
Video answer: Get an instant personal loan for wedding
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Interest, interest, interest! By taking out a loan for your wedding, you will be paying interest on the loan for years. For example, if you take out a 5-year loan for $15,000 at a 10 percent interest rate, you'll end up paying over $4,000 in interest over the course of the loan.
Taking out a loan to pay for the cost of your wedding should not be taken lightly. If you can, save as much cash to pay off the wedding in tandem with taking out a loan. Have a timeline in mind for how long it will take you to pay off the loan and how much interest you’ll pay.
Taking out a loan for your wedding can be good for your marriage. There is no better way to find out about your partner's spending habits and your compatibility about financial matters. Step 2 The actual process of taking out a wedding loan is easy - the difficult part is figuring out how much you need and how much you can afford.