Payments on your loan continue until your personal wedding loan s full term is.
Wedding loan. For example if you take out a 5 year loan for 15 000 at a 10 percent interest rate you ll end up paying over 4 000 in interest over the course of the loan. Because you can choose any amount from 2 500 to 35 000 and your repayment term a personal loan can cover wedding costs now while you get fixed monthly payments that work with your budget. Yes personal loans can be used for wedding financing and for financing any of life s big events.
By taking out a loan for your wedding you will be paying interest on the loan for years. While wedding loans can be helpful in some cases couples should try to avoid the need to take out a loan by setting a wedding budget and saving for the big day well in advance she says. As an unsecured loan you ll receive the funds as a lump sum and make fixed payments to repay the wedding loan.
Cons of wedding loans. These payments continue until you ve reached your loan s full term or you ve repaid the entire remaining loan balance.
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