A wedding day is a very significant event in a person’s life but also quite expensive. After all, a wedding requires many expenses – a banquet, a husband’s suit and wife’s dress, a limousine and other expenses. Where to get funds?
What to do if you don’t have enough money? One of the options is to get a loan for a wedding. Applying online for a wedding loan is the first step to getting cash to pay for your wedding. There are several main reasons for getting money from the bank to pay for wedding expenses.
Loan for full wedding payment. Suitable for those who want to get married, but there is no money at all. Even if you have calculated all the expenses for the wedding, it is recommended to apply for a loan somewhere 10% more than the amount of the wedding expenses. Force majeure always arises and there may not be enough money for some stuff.
No funds for honeymoon. It happens that there is enough money for a wedding, but a trip to the Maldives would be a very good start to family life. Here you also need to add 10% of the travel cost. You also need to provide money for expenses on the travel location.
You want to make a wedding present. A good gift at the cost of $1,000 – $2,000. But there is no money. One of the options is to try to buy a gift using bank loans.
Preparing for a loan and filling out an application
The life of a person who has taken out a loan is associated with certain difficulties. The main one is that you need to be able to count your income and expenses.
You will not be given a loan if you do not have a stable work or a small salary. It is not necessary to count on the amount of $3,000 with an official salary of $100. No normal bank will issue you a loan. You must have an average salary for the area you live in. But before getting a loan, you need to calculate the monthly loan payment.
It should be comfortable for you: you should easily pay it back and not think about what I will make grocery on today.
You must decide on the main terms – the amount and the term, and also know the approximate rate. You can use an online loan calculator for a wedding loan to calculate your monthly payment.
After that, you need to take several bank proposals for consumer loans and compare. It is necessary to choose the option where the interest rate, other things being equal, is lower. Don’t forget to ask about commissions and insurance. All other things being equal, the overpayment on the loan option you have chosen may be higher due to commissions and insurance compared to the option of another bank with a slightly higher interest rate, but without extra payments.
If you have decided on the bank, submit an application. First, make some copies of your ID. Keep in mind that stable work, the presence of an auto, a deposit in the bank contribute to the positive decision. Apply online to several different financial institutions at once.
Choosing a bank for a wedding loan
If several banks have approved a loan for you, it is worth comparing, first of all, the total overpayment – where it is less. Next, take a closer look at each bank. Speed and quality of service play a crucial role. You don’t want to go to the bank every month, stand in lines and pay high fees for repayment, do you? The optimal option is to pay for the loan via the Internet bank from your debit card. The sequence is as follows:
- You reload the card (via ATM);
- Login to the Internet bank and make a free transfer from the card account to the credit account;
- Within the specified time frame – during the payment period – the money is debited from your account and you see the balance.
The bank may not notify you about the delay, or it may be late. Returning the uncredited money is a rather difficult operation – you need to visit a financial institution and write an application to the bank. All this takes 45 days or even more. The main point is the following – you must know where your money is at any time and when it will be in your account. The Internet Bank will help you with this. The availability of this instrument for a bank is one of the decisive factors in choosing a given bank as a lender.