Taking Out A Loan For A Wedding. Taking out a loan may be a good idea if you don't want to spend the next few years saving money to pay for your wedding and are not interested in cutting expenses. A wedding loan could leave you on the hook for several years.
Fiancé Wants to Take Out Small Loan for Wedding PureWow from www.purewow.com
Cons of taking out a loan for a wedding. In order to save $10,000 between now and your planned wedding date, divide that $10,000 by the number of months until your target wedding date. If you decide to use a loan to fund your big day, be sure to design a plan to repay it so that it doesn't follow you throughout your marriage.
Fiancé Wants to Take Out Small Loan for Wedding PureWow
You’ll begin your new married life in debt or — if you already have student loans, a mortgage, car loans, etc. By taking out a loan for your wedding, you will be paying interest on the loan for years. Taking out a wedding loan could help you keep saving toward other goals. Regardless of the specifics outlined in your loan agreement , you’ll be making monthly payments on your wedding long after you say “i do,” which could leave you strapped for cash once your honeymoon (literally and figuratively) ends.
