Getting married is a major life commitment. You may believe that your saved funds would be enough to arrange the perfect wedding you’ve imagined, but you will require monetary and financial assistance in the form of a loan. A wedding involves a cascade of various different expenditures. From venues, decorations, catering services to hiring wedding photographers, planning a wedding in this day and age is not pocket-friendly. And it is likely that your lifelong savings won’t be sufficient to carry the extreme financial drain. Destination weddings are a whole another wallet-killing event. Not only you’d be bearing the conveyance, but the stay and living expenses of your guests would be yours to oversee. Not to mention if the wedding is international, unless you have millions in your bank account, it’ll only remain a dream.
This is where financial assistance comes in. There are a ton of loans available in the market which can help you bear the expenses. From personal loans, gold loans, term loans and specialized wedding loans, there are a lot of options for you to choose from. But it is easier said than done. From sky-high interest rates to security issues taking up a loan can be a hassle.
But before making a decision to get a loan for your wedding, you need to chalk out your plans and allocate funds accordingly. There are some decisions you need to make:
1. The destination of your wedding:
International and destination functions usually cost much more than domestic ones. If your existing funds can barely cover the costs of a destination wedding, stick to a domestic one as taking up a loan of a huge amount will not be feasible.
2. Extravagant or Subtle:
People generally plan out flamboyant and huge weddings without considering the financial drain it will lead to. Subtle weddings on the other hand cost less but may not agree with some people’s taste. In the case of a tight budget, you might want to prioritize and plan fund allocation accordingly.
3. Off season wedding or right in the middle of wedding season?:
Off season weddings will go easy on your expenditure as usually prices are lower owing to the decreased demand. But on the other hand, most people choose to go for a wedding in the festive months of October to December during which rates are soaring high as these months mark the beginning of the wedding season.
In the worst-case scenario, your budget might not meet the dream wedding you were imagining since forever. In this case opting for a safe, easy loan might be the perfect solution. Personal loans are a great pick. But can be risky due to high interest rates and difficult repayment terms. Financial institutions also provide specific wedding loans which might not be in your favor too. Wedding loans although a great financial resource can have a ton of hidden disadvantages which you need to consider:
1. You’d be starting your married life in debt.
2. Soaring high interest rates in the wedding season
3. An extremely difficult liability to pay off.
But there is one loan that is easy to afford, repay and will allow you to have an extravagant wedding without worrying about high interest rates. Sounds too good to be true? Well, gold loans certainly are.
Here’s why gold loans are probably the best way to fund your dream wedding:
Rapid clearance — Because gold loans are secured loans, they have fewer qualifying requirements and require less paperwork. It doesn’t even ask for a credit rating to approve a loan. As a result, lenders often release loans within a few hours. Those who qualify for an online gold loan might receive their funds in as little as a few hours.
Low interest rate – Gold loans, which are secured loans, have a lower interest rate than unsecured loans like personal loans. The interest rate might also be reduced if you use another asset as collateral.
Zero processing fee – There are no upfront charges or any hidden costs with gold loans and it’s probably one of the easiest and most simple credit options out there.
The wedding season is here and you must have begun gearing up for your dream wedding. Don’t forget to assess your financial needs before you set out to make the most important commitment of your life. And in case of any financial shortages, opt for a gold loan that is easy and will take care of all your financial needs.
Opting for a gold loan? Head on over to IFL and get in touch with our experts! Book a consultation now!