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Paying for Your Wedding: Is Personal Loan the Answer?

We all know that weddings are an expensive affair. They can cost an arm and a leg if you decide to get elaborate about the whole deal. That is why some couples pre-plan and work towards financing the wedding, for some they plan it two years before the wedding.

But in the absence of a wedding fund, a personal loan can be a convenient tool to make your dream wedding into a reality.

Loans for asset building only.
Most people say that personal loan should only be taken only if you plan to build an asset. Let me tell you why sometimes borrowing money is not that really bad. Let us say you borrowed an amount of money and of course it has few of its agreements.

You could pay that in one year, or two years. You may return more money in installments. But borrow only the amount of money that you can confidently repay on time.

Competitive loan offers.
Some people would borrow from banks. However, banks will; require you to borrow a certain amount of money that you do not actually need. If you just need some extra cash to cover some unexpected expenses on the day of the wedding, then getting a loan from cash mart lender singapore is a great idea.

Reputable cash lenders can approve just the right amount you need and will not force you to borrow too much just to get approved. Add to that, their quick cash loans can get approved in as fast as one hour. Compare this to banks which take days to approve or disapprove loan applications.

Cover the Vendors’ Extra Expenses
Ever heard of wedding stories when there were sudden extra charges that you were not prepared for. There are times when couples have a strict headcount only to end up with too many guests because of some of the invited ones brought plus ones and more. It is stressful and disastrous for couples who have a budget.

It’s a good thing to be financially prepared. You don’t want to ruin your special day and let people see your distress. Talk to your vendors and tell them that you have allowances for a couple of headcounts.

Add to that, if the vendors topped up the expected costs due to some misunderstood terms, you will also be financially prepared. Add to that, you can also add some more packages which can make your wedding extra special. Maybe the vendor has a great package, but you are short for a few hundred dollars. Let the personal loan bridge the gap for you.

Cover Your Honeymoon Expenses
The honeymoon is only once in a lifetime for most of us. Don’t let the financial hurdle stop you from making the most out of it especially when you know you can handle the repayments with ease. Go to your dream honeymoon destination may it be Hawaii, Bali, Maldives or Boracay. Escape the reality with just you and your spouse just this once.

Traveling to exotic places do not happen often. Remember that you will embark to creating a new family and so it is important to create memories together and savor the times while you are alone in each other’s company.

Also, do not forget to bring home some souvenirs and eat the best local food the place has to offer. While the place can be fantastic, you may not be sure if you are visiting the same place again. It is best to make the most while you still can. With a personal loan, you have no reason to miss this chance.

New Life, new expenses.
This may be another reason for avoiding you from getting a personal loan for wedding expenses, the fact that you are about to start a new life. Multiple expenses are lined up. You have your honeymoon, new home, or perhaps a baby on the way. It is quite a pressure but at the same time excited. Every single thing has its resolution. Budgeting wisely is the key.

If you must take a personal loan for your wedding, and decided to do it so; here are some pointers that you have to keep in mind. Apply for a loan only if you have a completely financially stable.

Checklist of financial stable status:

1. You must have a good credit history.
That means to repay every loan you will get. Pay it on time. Pay it in full.

2. You must have a stable source of income.

3. There should be minimal existing debt.

4. You should have a healthy emergency fund.

Always try to save money for your rainy-day fund. It's better to always have money in case of an emergency.

Personal loans are handy financial tools. Be sure to handle it responsibly to maximize its full benefits.

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Paying for Your Wedding: Is Personal Loan the Answer?

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