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When the groom pops the question, the excitement usually begins. In fact, after all the congratulations, the bride and the groom will need to decide if they will be walking down the wedding aisle with a huge number of guests watching or simply go to the courthouse for a small intimate elope. Either way, they will have to decide where the finances for one of the two options will be coming from. Specifically, if they are concerned about topics like wedding loans and if there is a catch.
Latest Trends in Funding Weddings
In recent years, the latest trend in funding a wedding is opting to pay for that special day by getting a loan. These loans can help you to pay for a dream wedding with ease. Specifically, for those that can qualify. However, before making the decision to take this shortcut, you should read the loan details and what it entails for payback. Since this money can be relatively easy to come by, you should make sure that there is not a catch that both of you will regret later. So, you should ask a lot of wedding questions.
You have doubts, what is the catch?
Typically, for those that can qualify, these loans can help the couple to organize and pay for their weddings with a lot more ease. Based on the amount that they qualify for, couples may plan a wedding with all of the bells and whistles. Also, because the money can be paid back later, the couple will not have to pay for the expenses immediately out of pocket. With this in mind, you may say that there are numerous benefits to borrowing a wedding loan.
On the other hand, before you apply for a wedding loan and seal the deal, there are some drawbacks too that you should consider. One involves how the loan is to be paid back. Since the terms are different from one borrower to another, the couple may be paying large sums of money each month until the loan is paid off in full. For instance, if the couple borrows $30,000 for their wedding day, they may be paying as much as 750.00 a month for the first 4 years of the marriage. Also, if the couple decides to annul their vows or divorce before the loan is paid off, the total amount borrowed is due right away. Based on the terms of the loan, the couple will be required to split the balance due down the middle between each.
Do wedding loans have a catch? The answer to this question may vary from one couple to another. However, overall, before applying for a wedding loan, you should know all of the details on how the loan needs to be paid back before signing. Specifically, since the couple will be paying 4 years for that one day of special events and the money is due immediately if the couple decides to divorce. Asking tons of questions and read the fine print. There are good Wedding Loan opportunities out there.