Finding Wedding Loans Online

With the cost of the average wedding close to the average annual income, many people are turning to wedding loans online to help them cover the costs of their wedding. Wedding loans are far more practical than using credit cards because their interest rates are not as high. Finding a wedding loan online is an easy process.

Step One: Determine What You Can Afford

The most important step is to work with your fiancée to determine the amount of money you can afford to spend on the wedding. Do not go overboard because the wedding should not become a financial burden throughout your marriage. Take a close look at your finances independently of one another and determine how they will be joined once the two of you are married. If you are still going to keep some of your money separate, determine how much each of you are going to put forth to the loan payments each month to figure out what you can afford.

Step Two: Determine What You Need

Knowing what you can afford will help you determine what you need for the wedding. This is very different from what you want, and it may be hard to separate the two for certain aspects of the wedding. If one element of the ceremony is particularly expensive, try to think of other areas where you can trim the fat to keep the expenses even, within budget, and within the realm of possibility.

Step Three: Locate Lenders

Once you have determined what you can afford and where you will spend the money, it is time to locate lenders. There are many different lenders offering different loans for weddings. There are secured options and unsecured options. Your credit rating and debt to income ratio will play a large role in determining which loans you qualify for. Amounts for wedding loans generally start at $10,000 and go up from there.

Step Four: Apply for Loans

Once you have located lenders and decided which ones you want to try to get loans through, it is time to apply. Be sure you pay close attention to the loan applications, filling out all information completely and truthfully to the best of your ability. If the loans are secured, discuss the collateral with your fiancée. Remember when applying for loans, all inquiries related to the same loan type within 14 days will count as one inquiry in terms of your FICO score, but each individual inquiry will show on the report. Choose lenders wisely.

If you are having trouble qualifying for loans, talk to the lender to see what needs to be done before you can qualify. Sometimes, making a few extra credit card payments will bring the credit score up just enough to qualify for the loan. Avoid collateral if possible, because if something happens to your ability to pay the loan and you lose your car as a result, you will have a harder time paying your other bills.


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