Did you just get engaged?
If so, congratulations are obviously in order. You’re about to enter into one of the most exciting parts of your entire life by beginning the process of planning out a wedding.
Before you get started, you should consider what the budget for your wedding should be. You should also think about taking out a wedding loan to cover the various costs associated with tying the knot.
On average, Canadian couples spend upwards of $30,000 on their wedding days. And the cost could be a whole lot higher than that depending on what you have planned. Wedding loans help make the cost of a wedding more manageable for couples.
Learn more about the pros and cons of taking out a loan for a wedding below to see if one might be right for you.
Pro: Provides You With Quick and Easy Funding for Your Dream Wedding
Some couples think they’re going to need to jump through hoops to get their hands on a wedding loan when they need one. But this couldn’t be further from the truth.
Whether you need to borrow a few hundred dollars or a few thousand dollars for your dream wedding, you can apply for a loan in a matter of a few minutes and get the money you need fast. It’s so much easier than most people realize.
There are a few basic requirements that you and your spouse will have to meet in most cases. For instance, you’ll need to have a steady income as well as a job that you’ve been working at for at least a few months now.
But as long as you meet the basic requirements, you can often have the loan you need deposited right into your bank account on the same day that you apply for it.
Con: Subjects You and Your New Spouse to Debt Right From the Start
In the past, studies have shown that more than 30% of Canadian couples dig themselves deep into debt to pay for their weddings.
If you can, you should make every effort to avoid becoming a part of this statistic. The last thing you and your new spouse want to do is spend the first few years of your life together in debt.
But with that being said, there is nothing wrong with taking out a wedding loan if you know how you’re going to pay it back. By putting a repayment plan into place, you can pay off the loan that you take out within just a few months as long as you play your cards right.
Pro: Reduces the Stress That Comes Along With Planning a Wedding
Planning a wedding from start to finish is, for the most part, a fun experience. But it can also be a very stressful experience at times.
In fact, about 96% of people say that the wedding planning process is stressful to some degree. This stress can turn a dream wedding into a nightmare for some couples.
If you want to steer clear of dealing with debilitating stress during wedding planning, a wedding loan can help do it. You won’t have to worry so much about how you’re going to pay for a wedding when you take out a loan to help with the cost.
Con: Forces You to Deal With High-Interest Rates If You’re Not Careful
Before accepting a wedding loan, couples should always check with lenders to see how high their interest rates are going to be. If you take out a loan with an astronomical interest rate, it could come back to bite you later.
Make sure that the loan you accept for your wedding comes with a low-interest rate that will allow you to pay back the loan quickly. Look for lenders that specialize in offering the lowest interest rates in the business to those interested in taking out wedding loans.
Pro: Makes Your Wedding Day as Magical as It Can Be
Have you been dreaming about your wedding day for most of your life? That is reason enough to at least look into the possibility of getting a wedding loan.
By taking out a loan, you’ll ensure that everything is perfect on your wedding day. From your wedding dress to your wedding cake, every aspect of your wedding will be just the way you want it to be.
You’re only going to have one wedding day, so it’s important for you to make it count. Use a loan to give yourself the wedding you’ve always dreamed about.
Con: Cuts Into the Money You Make Through Wedding Gifts
Most Canadians give somewhere between $100 and $200 as a gift when attending a wedding. This means you can expect to pocket anywhere from $10,000 to $20,000 for a wedding with 100 guests in attendance.
You’re likely going to have to earmark at least some of that money to repay a wedding loan when you take one out. You won’t get to enjoy having it in your bank account for very long before it goes right back out.
But this will be a small price to pay for staging the wedding of your dreams. You’ll be more than happy to cut into the money you make through your wedding gifts to make your dreams come true.
Is a Wedding Loan Right for You and Your Soon-to-Be Spouse?
As you can see, there are a bunch of different pros and cons of taking out a wedding loan. You and your soon-to-be spouse need to weigh them out to see if a loan makes sense for you.
For most couples, it makes all the sense in the world to take out a loan for a wedding. It provides them with the money they need for their wedding and makes it easy for them to repay the loan in a short amount of time.
We would love to talk to you more about how we can provide you with a loan for your wedding. We’ll make it so easy to get access to the funds you need for your big day.
Contact us today for more information on obtaining one of our wedding loans.