Loan for Marriage, how much does it cost to pay the party?

” Loan for Marriage “. Making the wedding party for many bride and groom is not one of the best parts of the wedding, especially when the couple’s money is short because of the costs they get from other wedding affairs. To solve this little hiccup, personal loan for marriage or other personal credit can be a great support to alleviate the excessive expenses associated with the ceremony.

Those who have married know, there are numerous preparations, meetings and adjustments for marriage to take place. Everything must be done in advance, and in most cases, the whole process involves debts that are often not low. If the grooms are more modest, without problems, however, when the bride and groom want everything they think they are entitled to, then the sow twists the tail.

It is well known that not all people have money left over for these types of expenses – ideally – as long as it is understood that there will be a wedding, the bride and groom should start saving or something. Once you have budgeted wedding costs, just know if there is money available for all the preparations.

With much or no money, once the date is set, it is normal to begin making decisions about how it will be done, how many people will be invited, and also consider how the wedding will be paid or funded until the date of the party. In some families, parents, uncles, siblings, and godparents make generous contributions, but if that is not your case, it is obvious that it will be necessary to avail a loan to finance the marriage. 

How much does a wedding loan cost?

How much does a wedding loan cost?

There is no fixed cost to hold a wedding, the truth is that the total amount needed will depend a lot on what the bride and groom want to do for the party. For grooms who want only close relatives and party with few guests sometimes there is no reason to get a loan, however, those who do not give up a remarkable party with more than two hundred people, the pocket will feel.

To assist in this contact with money, there are online loan platforms that offer all kinds of credit, including loan for marriage. Just to get an idea, the average expenses to perform a traditional wedding with around 120 to 200 guests cost between R $ 20 and R $ 35 thousand, depending on the options chosen to please the guests.

Loan Simulations

Let’s go to the numbers. A couple who intends to spend more than R $ 35 thousand, but who need to borrow R $ 20 thousand for three years (36 months) will have to pay between R $ 918 and R $ 1393 per month depending on the bank they choose to borrow the loan for marriage.

To know how much you can pay per month or need to leave home, with your Smartphone or Laptop at home already gives you a sense of how much will be the cost of the loan. Online you will find several loan simulation companies each with their specific types and modalities.

Caring for the loan to get married

To get a personal loan at most banks and financial institutions, for the proposal to be approved, the borrower must meet a number of requirements. The main one is:

  1. Have a clean name
  2. Healthy credit history
  3. Stability in employment
  4. Little or no debt to the creditor institution

If you are framed under these circumstances then you will be well positioned to pay your installments successfully and will probably have no problems with debt repayment. For preferred customers, it will still help increase the odds of reaching a better deal with the financial institution in the future, good payers and with healthy credit always get more flexible repayment terms and much better interest rates.

Now, who does not usually save or save money like most Brazilians, at such times having a cash reserve fund will get rid of having to pay interest on the loans that in the early years of the marriage ended up burdening some of the fun of the couple.

Well, it is important for the couple to verify that the loan to be taken will not exceed 30% of the monthly income, otherwise the whole effort to perform the marriage will become too heavy for the life of the spouses.