Wedding dress If both or a spouse have a regular income, the wedding can easily be financed through a consumer loan. Such credit, also known as consumer credit or installment credit, may be used for any purpose. If the wedding is by far not as expensive as initially planned, the rest of the assets could remain for the honeymoon or new furniture.
The most important prerequisite for the granting of a consumer loan is the creditworthiness of the borrower. Banks and other financial institutions must check whether their customers can repay their debts in the form of monthly installments at http://finance.yahoo.com/news/announcing-online-bad-credit-quick-040000419.html . Existing loans are not an obstacle, If they have been regularly checked and after the conclusion of a new credit agreement, all monthly payments are due.
How high is the monthly charge?
Finally, the creditworthiness test is also used to protect the debtors. The bridal couple should, therefore, consider together how much the monthly rate for the repayment of the wedding credit may be. It is also important to ask whether the couple is willing to accept minor or substantial restrictions on consumption behavior for a few months or years to be able to use the rates for the credit.
You should keep a cool head and not be dazzled by the anticipation of the wedding feast. It is sensible, first, Which sum can be financed and subsequently the expenses can be adapted accordingly.
The term of the loan
Low monthly rates go hand in hand with longer maturities for the loan. Regardless of the amount of the interest rate, a loan of EUR 5,000 with a maturity of one year gives significantly higher monthly rates than one of four years. However, the longer the maturity, the more expensive the credit. The low monthly rate does not reveal the actual cost of borrowing, which ultimately can be estimated from the sum of all interest payments, which are always noticeably higher for longer maturities than for shorter ones.
If you are looking for additional sources of income for the future, Should take care to ensure that special repayments are possible. Thus the debt can be settled earlier, which makes the loan much cheaper. A salary increase or a savings contract, which is due soon, can increase the financial scope. It is almost always preferable to redeem debts prematurely instead of making available income itself.
Wedding dress irons, washing machine, dishes, linens – these were formerly common wedding gifts. Today, many couples already have a complete household facility for their marriage, so it may be sensible to ask the guests for money. Since the sum of these gifts can be hardly calculated in advance, the bridegroom can not assume with these revenues seriously. However, money can be combined ideally with a consumer loan, in which individual repayments is contractually granted.
Banks that offer wedding loans
This dedicated credit until recently had more banks, which are replaced with cash loans. Opinions in these banks are interested customers for this purpose can always take the consumer or cash loan.
Credit for the wedding of 500 to 10,000 $ granted only one bank, a young married couple wedding party can repay the next eight years!
List of banks that offer wedding loans
- Bank of America
- Wells Fargo
- Charles Schwab Corporation