For many people, marriage, whether civil or religious, is the most important day of their lives. That is why it is an event that they want to share with their relatives and closest friends, and as it is such an important commitment, the idea is that everyone feels at ease and have fun.
However, all this has a monetary cost and when there are many guests, the cost is not small. Keep in mind that you must pay for the place, food, alcohol consumption, the bride’s dress, the band, the waiters, etc.
As you can see, a wedding is a big expense.
Adding the savings you and your partner have and the contributions of both parents, it may not be enough for the party you have in mind. For this there are financial loans from banks or lenders.
You should carefully choose how much money to borrow and never exceed your borrowing limits. Remember that marriage is the beginning of what could be more expenses such as children, buying a house, a car, etc. So take it easy and clearly mark a reasonable limit on the amount of money you will spend for your wedding.
Read some tips and options to finance that important day:
Options to finance a wedding
Ask for money from close relatives
This is the most common option. It is about going to the parents of the bride and groom to fully or partially finance the wedding.
This is because, with some exceptions, parents tend to have more savings than young people and it is traditional to help.
Request support from friends
The friends of the bride and groom can help through a “wedding accounts” or websites that raise money for the wedding expenses.
The idea is to request money from friends and guests through an account number or a website where they can transfer or deposit an amount of money with which they feel comfortable.
In some web pages it is possible to make it anonymous, in this way nobody will know how much each one has contributed to the common fund.
Pay some expenses with credit cards
This can be an expensive option if the loan is very large, since credit cards usually have very high interest.
It is recommended to use this option if the amount needed is not very high and is for something very specific to pay for food or for the bride’s dress.
In many banks there is no financial tool to finance a wedding, so you would have to resort to a personal loan. While they are sometimes called “wedding loans,” they generally have the same conditions as a traditional personal loan. When applying for a personal loan you probably have the option of saying it is for your wedding.
The requirements are similar to those of a common loan since you will have to prove your financial solvency, present a guarantor or guarantee and they will review your credit history.
Do not forget to compare several options, especially the interest rate. Remember that Robin can help you compare several lenders at the same time from the comfort of your phone.