The most awaited day in someone’s life is their wedding day for sure. Most people dream their whole life about this one day. Everyone wants it to be the best day of one’s life. People do everything they possibly can, to make their wedding day the most memorable occasion. Know that, it is possible to have an amazing wedding on any budget. A wedding is just a fun occasion where there should be no comparison in terms of expensive or cheap material.
The best things that light up the mood in any wedding, is the food and some nice setting which gives warm, comfortable and fun vibes. For that reason, most of the people try to push themselves past their limits in terms of expenses by tirelessly spending and worrying about the money. People worry about a lot of things, like meeting the budget, having enough funds to throw the party they want or how to have nice and cheap arrangements. A lot of people save money for years to spend on their wedding or at a loved one’s wedding. While others choose to take wedding loans or to borrow money, to have a wonderful wedding. So what are wedding loans?
What are Wedding Loans?
If someone just came up short on savings, there’s something that can help them, which is known as wedding loans or personal loans. You must have heard the term personal loan. As there is no such thing as a ‘wedding loan’, people mostly prefer to call it a ‘personal loan’. It can also be called a ‘wedding loan’ as well, as it helps to cover the cost of weddings. So personal loans or wedding loans are known to cover wedding costs of different individuals.
Personal Loan Method:
Using a personal loan to fund a wedding is a common way or practice done by a lot of people. They tend to work through this method to cover their wedding costs. Personal loans are provided by banks, which are also secured like credit card loans. Personal loans work on the criteria of monthly income of an individual just like credit cards. The financial institution provides it after acknowledging the monthly income of the person who is taking the loan or wants the loan. The bank also keeps notice of the track records of an individual’s existing loans (if there are any). They also consider the repayment duration of the loan by looking up an individual’s credit reports and scores. They need all the necessary information in order to provide the ‘personal loan’ such as ‘the wedding loan’. Some financial institutions provide this loan with a higher interest rate which is not against any collateral. As most of the banks work on the same instructions and guarantee that most of them have the same collateral rules too.
Are Personal Loan and Credit Card Loans Same?
No, they are not the same. Personal loans are almost the same as the credit card loan but some have a higher interest rate and some have lower interest rate. The personal loan has an option of returning the money in a few years as compared to the credit card loan, which is definitely a good option for a lot of people. A personal loan is like an installment debt, whereas a credit card loan is not. With a personal loan, an individual gets a lump sum amount in hand that has to be paid back in a specific period of time, usually in three to five years. It depends on the rules and regulations of the financial institution as well.
Personal loans become so helpful for people for various reasons. They come in handy while preparing for the wedding day, covering all costs and arranging everything. Personal loans are definitely the easiest and quickest way to get things done as compared to conventional loans. That is why many people use the personal loan method in order to complete their wedding arrangements within the budget because it is less stress, as it can be paid easily with time.
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