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Why Couples Are Taking Out Loans To Pay For Their Weddings

Most of the couples remain so excited thinking about their D-day. But when it comes to expenses they might get stressed due to the insufficient number of funds in their hands to pay for their wedding expenses and the things related to this.

Most of the couples have an idea of their dream wedding and marriage is a costly affair as we all know. And, sometimes we fall short of funds to meet wedding expenses. In such a case, most of the individuals who are planning to get married soon may apply for a wedding loan to cover all their marriage expenses in a hassle-free manner. However, wedding loans, which are nothing but only a kind of an unsecured personal loan is generally a good idea when it comes to meet your D-day expenses which help couples to pay for their marriage ceremony outright.

Let’s have a look at what wedding loans are and how do they offer benefit to us:

What Is a Wedding Loan

Awedding loan is nothing but an unsecured personal loan. They can be used wisely to meet all your wedding-related expenses. And even after that in arranging your trip abroad or your honeymoon plans with your partner. To avail a wedding loan, you do not require any collateral or security to get loan approval from your lender which makes this loan quite convenient to opt for when you do not have enough amounts of funds to meet your wedding expenses. In general, you can borrow up to Rs. 50,000 to Rs. 50 Lakhs through a personal loan.

How to Get a Wedding Loan

You can get a wedding loan from a bank, credit union or an online loan aggregator who offers this facility. You may apply for a wedding loan in an easy and hassle-free manner through the increased digitisation process and minimum requirement of documents. When you apply for a wedding loan, lenders will look at your credit history as well as your debt-to-income ratio to approve your loan successfully. Generally speaking, lenders prefer borrowers with credit scores of 750 and above.

Factors to take into consideration when applying for a marriage loan

You need to keep the following factors in mind while applying for a marriage loan

1) Make a rough estimate of how much loan amount do you really require to cover all your wedding-related expenses after taking into account your wedding budget which you should plan well in advance

2) Compare and contrast different offers and rates offered by multiple lenders on wedding loan. Doing this exercise will help you save a lot on the interest rate part. Make sure that you should also know well in advance about all the charges associated with your wedding personal loan

3) One needs to be very careful, as applying for a wedding personal loan might charge you a higher rate of interest. So remember to stick to a careful approach and keep things within budget so that you do not leave yourself in a stressful situation at the time when you do not have sufficient funds to meet your wedding expenses

Also Read: Why Wedding Loan is Best Way to Manage Your Wedding Expenses

Benefits of taking a Wedding Loan

1) Wedding personal loans are a fast and easier way to avail quick funds to manage your wedding-related expenses

2) You can apply for these wedding loans even online in a hassle-free manner without the requirement of any paperwork

3) You can get instant funds in as little as one business day, depending upon the lender with which you apply for your wedding loan

4) The interest rate on wedding loans are quite lesser as compared to those of credit cards

5) They can help improve your credit history if you pay them back on time


Related Articles

In today’s generation, the continuous updates in the technology are making every complex procedure so easy and faster than the previous one. In the online financial market, people are getting easier ways to obtain the financial opportunities by not doing any physical efforts and wasting the whole day to know whether they will get the approval or not. It has become possible with the help of fast loans with no guarantor. These loans are easily available with the help of direct lenders, who diligently working for the borrowers in the UK above than their risk.

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Eligibility Criteria of Fast Loans:

A person, who has the citizenship of the UK and aged 18 or above, can apply for these loans, if he is earning the stable income and scored average on the credit report. The income can be earned through the part-time or full time job. The business income is also acceptable, if it is above than the break-even stage.

Procedure to apply for fast loans:

Do research for an online lender through the internet and after selecting the one, fill an online application form on the website and then submit it to be considered by the lending company and getting the digital sanction from the end of the lending company faster. Once, the lender finds your credit application suitable for the sanctioning then the approval will come for sure to you. For that, you have to fulfill the general eligibility criteria. In case, you have scored low on the credit report, then you can search for the lenders, who are providing any of the following features:

1. No credit check:

Novice borrowers or people, who have scored low on their credit profiles, do not prefer to let their credit applications checked by the lending companies. It is because the negative credit reports result the more negative credit ratings on the credit report of the bad credit scorers and new borrowers loose the chances of the approval due to no previous records. Here, these people need no credit check option, which can bring the funds to them. Some online lenders are offering the same policy, research for it and then apply.

2. No broker involvement:

The direct lenders do not need the broker interference into the lending process. It is because these are open for the direct contacts to the borrowers. Consult them directly and save the consultancy fee of the broker.

3. No guarantor loans:

As the name suggests, there is no need of guarantor involved in the fast loans. People, who have either scored low on their credit profile or the people, who have recently shifted to the UK, can avail these loans to bring ease for them.

4. Easy terms and conditions:

Many direct lenders are offering the loans with no credit check involved and most with no mandatory and lengthy documentation to make the approvals faster. Keep researching on the internet to get these lenders, if you are in the emergency to get the funds.

End Alert:

Do not apply for the loans without knowing the legitimacy of the lender to avoid to get trapped by the frauds.

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