A wedding reception is associated with high costs for the hospitality of the guests. It is not uncommon for the bride and groom to pay part of the travel expenses for some of the partiers, otherwise they could not have attended the wedding. Payment in installments is seldom possible for the cost of a wedding celebration, since almost no restaurant accepts one.
The possibility of an inexpensive wedding celebration by renting a club home and asking guests to bring something to the buffet only seems acceptable to alternative living couples. Thus, borrowing is inevitable for a wedding. The credit for a wedding reception can be understood as a long-term investment, since it enables the appropriate start of a happy marriage in addition to the celebration.
Who takes out the loan for the celebration?
If the bride’s parents live and follow the tradition of having the solemnity, they also take out the credit for a wedding reception. However, more and more couples are bearing the cost of their wedding themselves because they do not want to burden their parents with the cost. In this case, both partners take out the loan for the wedding celebration as a couple.
A shared apartment is not required for joint borrowing. In exceptional cases, only one partner is recommended as a borrower for the wedding party loan if only that partner has his own income. When the couple borrows, there is a single loan for all the costs associated with the wedding. In addition to the wedding celebration, these include above all the wedding dress, the wedding photographer and possibly the honeymoon.
Where do couples apply for the loan for their wedding reception?
Some banks have identified couples who want to get married as attractive customers and are offering a cheap loan for the wedding reception and the additional costs of a wedding. They use product names such as wedding credit, marriage credit or marriage credit. These loans differ from traditional consumer loans in that they have to be used for the purpose they are used for and that they have reduced interest rates compared to non-discounted loans. Nevertheless, the special wedding loan from a specific bank is not necessarily the cheapest loan offer.
Non-discounted loan from another financial institution
Rather, it is not out of the question that a non-discounted loan from another financial institution is cheaper. Fortunately, many banks offer free repayments at the bridal couple’s request. This makes sense for a wedding party loan and for other wedding expenses, as almost all couples receive a large amount of cash gifts. If the money is not needed for the honeymoon or urgent purchases, bridal couples use the gifts for a partial repayment of their wedding loan.
Loans for wedding receptions can also be taken out via platforms for private loan brokers. The members registered as private lenders base their lending on the reason for the loan and are happy to support an upcoming wedding. In any case, bride and groom get a loan for their wedding reception in good time so that they can compare costs and do not need an expensive instant loan.