The costs incurred by the wedding and reception are considerable. Not everyone can organize everything out of savings. Therefore, more and more people decide to take out a loan for this purpose, a loan in a bank.
Wedding, wedding happens once in a lifetime and many people He dreams of a loud, unforgettable party even for borrowed money. Let’s check what type of loan is best for a wedding?
Getting money to organize a wedding and reception is not easy
Few people put aside money for such expenses nowadays. Most people in our country do not think about accumulating savings for the future at all. Therefore, on the one hand, we are happy about the arrival of the dream one, in which we will put a wedding ring on the finger, and on the other, we are afraid of the high costs of the wedding. A bank can come to the rescue by granting a loan for this unique purpose.
Regardless of whether we are parents or maybe we are looking for funds to organize our own wedding, we should remember that each loan is easier to get than to pay back later. Let him decide
about taking out a loan for a wedding will be thought out and aware that debt does not become a problem in a new way of life.
Let’s start with a list of all expenses related to the wedding and the wedding. Let’s also determine our current financial situation to calculate the amount we are going to apply for in the bank. It is very important to then analyze how much monthly we are able to spend on repayment, i.e. on the loan installment.
The next step will be choosing the type of bank loan. We can take out a cash loan or a mortgage for wedding expenses. An ordinary cash loan is definitely a simpler solution due to the time it was granted and the possibility of free early repayment. A mortgage is a process of around 1 month, plus notary costs, valuation, etc. Early repayment with a mortgage is about 2% for the first 3 years.
A cash loan does not require collateral
However, it is definitely a more expensive solution compared to a mortgage, which is perfect for expenses related to the organization of the wedding and reception. Unfortunately, a mortgage loan is quite difficult to obtain due to its low cost. To receive it, you need to present a lot of documents in the bank, and the payment is often made several weeks after the application is submitted. The mortgage loan is secured by the borrower’s real estate.
Wedding costs and weddings rarely pay off, so let’s also take this into account. It is difficult to determine what amount we will be able to give back immediately after the wedding (from the money received as a wedding gift). Therefore, when borrowing for this purpose, remember that common sense can turn out to be our best adviser.