Some of my friends have taken a loan for marriage. And some of them are planning for one. While marriage is a life-changing event, it does not mean that you should take a loan to fund it. It surprises me when educated friends do this. They may be well-versed with the concept of EMIs and interest rates and how much they will be paying in total by the end of the term of the loan, but they don’t seem to understand the true cost of taking a loan.
When it comes to wedding preparations, many couples are facing a huge obstacle to their dream day: the cost. As more and more couples seek out weddings that will wow guests, it’s becoming increasingly common for young people to take out loans for their big day. Here, we’ll take a look at some of the reasons a wedding loan is gaining popularity, and how it may be affecting the way we think about money, relationships, and marriage.
The wedding industry is booming, but that doesn’t mean everyone can afford it. In fact, the average cost of a wedding in America is over $30,000, and if you’re planning to have a lavish affair with your family and friends present, you’re probably looking at spending even more than that. That’s why some people are taking a loan for marriage.
It’s not uncommon for people to take out loans to cover other big expenses like education or buying a home, so why not do the same for your wedding?
It makes sense: the average cost of college tuition has risen by 500% since 1985 alone (yes, really), while the average amount borrowed per student has also corresponded with inflation since then—some might say it’s because of inflation.
This means that we’ve become accustomed to borrowing money for things that will help us succeed in life and make our personal goals more attainable. And in this way, it can be argued that getting married is just as important as going to college or buying a house.
Why are people taking a loan for marriage?
Taking a loan for marriage has several advantages. Most importantly, it helps keep savings intact and still plan the wedding the way the borrower wants. Most lenders, including us, offer eligible borrowers with personal loans for marriage (depending on their eligibility) to fund wedding-related expenses.
There are no end-use restrictions, as the borrowers are free to use the loan amount for any expense, including venue, catering, photography, decorations, wedding outfit, and shopping.
Many individuals take these loans because it is better to take a loan and repay the amount through monthly cost than to exhaust one’s savings Individuals can financially contribute to their own dream wedding rather than forcing their parents to use up all their money.
A loan for marriage is an excellent solution to manage unexpected expenses which may arise while arranging a wedding.
The loan amount can be used for multiple purposes instead of making multiple credit card purchases, each having a different rate of interest
The borrower may use the loan to fund their marriage and repay it in easy installments spread across 12 to 60 months. Borrowers can select an optimal tenure so that can fit within their budget.
Personal loans are also suitable for last-minute expenses arising during the wedding plans. Since no collateral and paper documents are involved, lenders process personal loans within minutes.
At Instant Installment Loan, an eligible applicant can get instant in-principle approval for their personal loan. Competitive interest rates and easy online availability are other reasons good enough to take a loan for marriage.