If forced to take out a loan for a wedding, make sure you do these four things:
1. Determine the tenor and loan limit wisely
Before applying for a Payday Loans, do a careful calculation of the wedding budget. Starting from the catering budget, renovations, invitations, souvenirs, to family accommodation located outside the city.
Keep in mind, loan funds for weddings should only be additional funds, not as the only source of wedding funds. That way, you don’t need to take a large loan limit so you don’t have to burden with large loan interest too.
Take a loan with monthly installments of no more than 30 percent of your income. For example, if you earn $ 7,000, then the maximum installments for a wedding are $ 500 per month. This is provided that you don’t have any debt or other loans.
In addition, for the duration of the installment payment, try not to exceed 12 months. That way, you can immediately meet various other important needs, such as preparing funds for children, buying a house to live, and so on.
2. Choose the bank with the lowest interest and fees
Choosing, not just looking for a loan that is easy to apply and quickly disbursed. An equally important consideration is the amount of interest rates and borrowing costs.
Apart from looking for a loan with the lowest interest rate, make sure you also understand the method of calculating the interest so you don’t get caught up with the lure of low interest.
Various loan costs, such as administrative costs, provision fees, early repayment fees, and late fees must also be taken into account. Because it is not impossible that these costs will be higher than the loan interest charged.
To get the best bank loan, you can easily make product comparisons through the comparison feature.
3. Manage finances after taking a loan
After the loan or Payday Loans funds for marriage are received, make sure that the funds are allocated according to the budget that has been made. Next, make a financial budget after a marriage that includes an installment payment post.
Allocate expenses carefully, starting from living expenses, installments, entertainment funds, as well as savings and investment funds.
Before a loan for marriage is paid off, avoid applying for another loan or using a credit card so that financial flows remain safe.
Ideally, the cost of the wedding is prepared using a savings system. However, if you are forced to apply for a loan as additional funds, manage the loan funds properly, and make a repayment plan so you don’t get into debt.
Finally, don’t forget to discuss this with your partner to avoid arguments after marriage.