How To Avoid Losing Money With Wedding Loan
Weddings in Nigeria normally last for a day or two; the impact, however, lasts for months or years after the wedding is over. People have a genuine reason for making the wedding day a noble affair. Since it is once in a lifetime, all wise advice to spend within their budget goes on deaf ears. Some lucky brides and grooms have a well-to-do individual that assure them that they will bail out; whatever is the number of expenses incurred.
Wedding loans have been deliberately planned for borrowers who require money to organize a wedding. They serve a number of purposes. They can use it to meet the expenses of wedding dress, decorations, reception, honeymoon tickets, wedding ring and other assorted costs like photography etc.
Planning the wedding is imperative before applying for wedding loans. It will be useful in knowing what costs are to be incurred within your budget and will then make you borrow as a result.
Wedding loans tend to serve various groups of people regardless of credit history. If you have been recognized as a bad debtor you can still have a chance for wedding loans approved. Placing collateral will enable you to get the loan at a reasonable rate of interest.
Wedding loans complete the part well. The organizers can be responsible for the entire expenses incurred during weddings. The list of expenses will either draw by the couple themselves or by the organizers. The practice has changed so far as the issue of organizers goes. Previously it was the parents who would responsible for the entire expenses. Nowadays, to a greater extent, couples are themselves taking up the task.
Wedding loans are just like any other loans. Borrowers get a particular sum from the loan provider to use for certain purposes, which is a wedding. For deciding the amount of wedding loan to draw, adding the total costs will be the easiest method. This also gives the most exact evaluate of the loan.
Sale and purchase on credit are now common among people nowadays. Instead of paying for goods and services, the individual promises to pay within a period of time. The creditors to whom the person indebted for the wedding costs may have been made a similar promise. Through a wedding loan, the borrower is capable of paying back to the creditors within a particular time.
In some countries, particularly the UK, her residents have a slightly different form of wedding loan which available to them. There are two methods of getting a wedding loan, the first one requires the borrower to draw wedding loans after the payment have been made. While the second form requires the borrower to draw loan before settling for payment.
While comparing the two methods, one will conclude that the second method is more advantageous. Purchasing on credit will be more expenses than purchasing in cash. By drawing the wedding loan before, the borrower has the essential cash to substitute for the goods or services. Therefore, the cost of wedding reduces.
While a certain amount is lending under wedding loans in the second method, the borrower knows his limit and therefore will spend accordingly. In the first method where wedding loans are drawing after the wedding, the borrower may find himself in trouble if the loan provider does not agree to repay all the charges.
While a wedding loan relieves the borrower from the weight of instant repayment of wedding expenses, there is also no urgency to pay back the wedding loan itself. Extend over a period of 5 to 10 years, borrowers will find it at ease to refund the loan. For the purpose of reimbursement, the real wedding loan quantity together with the interest and certain amount will break into small installments. These installments are pay either on a monthly or a quarterly basis.
Although the method of refund normally uses, borrowers have the opportunity to a variety of other means to repay. The most important among these is the interest method. In this process, the borrower will pay only the interest during the term of the loan and pay the balance at the end of the term.
The procedure for wedding loan approval may not be as quick as a promise by loan providers. It depends on the case statistics and the kind of loan that the borrower has applied for, the procedure for endorsement will be time taking. Wedding loans where the borrower promise to reimburse with collateral, a further step is taken to the approval, i.e. valuation of collateral.
So far as the swiftness of approval goes, unsecured wedding loans are much better when compare to the secured wedding loans. As no collateral involves in the unsecured wedding loans, the stage concerning the evaluation of collateral would remove to save the borrower’s time. Thus, you need to apply on time if you need a wedding loan.
A secured wedding loan obliges a borrower to provide collateral such as a car, house, land or savings account against the loan. Unsecured wedding loan, on the other hand, does not require any collateral of the borrower. Tenants can also take the advantages of unsecured loans.
This type of loan offers borrowers to borrow as low as N100, 000 to a maximum of N150, 000.
Homeowners have the benefits of both secured and unsecured wedding loan. The couple can use the money for whatever they choose.
Application to wedding loans is an easier procedure and most of this can be done online. Majority of the lenders prefer online applications because it lessens duplication of work and boosts the fastness of approval.
You just need to fill up a simple and short application form online. Online lenders will grant you with the loan decision within 24 or 72 hours. When shopping for a loan, always take the total cost of the loan into consideration and not only the monthly payment. Collect different loan quotes from many lenders, which are obtainable free of charge or for small fees.
Make a careful assessment between the different loan quotes and pick the one that you find most appropriate toning your expectations and needs. Make sure you read the contracts carefully and be confident that you understand the terms. It is very easy to get a loan when you have a good credit score. Nevertheless, people with bad credit in the past can also have a chance of getting a wedding loan.
Make your wedding a grand occasion with the help of wedding loans. Begin a beautiful life with your spouse and live happily ever after. I wish you a happy married life.