Weddings today can cost a small fortune, but why stint on your big day? Yes, you can organise a low-cost wedding, but when you have been dreaming of your big day for so long, why not indulge yourself and have everything you want on your wedding day?

After all, there are so many different low-cost personal loans available online that are really flexible and very affordable, it seems such a shame to spoil your wedding day, just because of a few dollars!

If you are considering taking out a loan for your big day, you will need to make a list of all your wedding expenses, so that you can borrow enough money to pay for everything and not be left with unpaid invoices. Items that you will need to add to your list include the cost of transporting yourself, your bridesmaids and your immediate family to the church or venue for your actual wedding ceremony and the wedding reception.

Also, you need to include the costs of the reception venue, interior designer (for both the wedding and reception venue, if you want to engage professional help), all the food and drinks, your wedding dress and bridesmaid’s dresses, tuxedos for the groom and the best man, wedding invitations and the cost of the celebrant.

Once you have totalled up your list, you will know how much you need to borrow to fund your wedding, but now you need to find the best type of finance for your needs. Of course, you might be able to borrow the money from family members or they may even offer to pay for your wedding.

On the other hand, you might decide that a flexible financial loan is your best option, but is a personal loan best for you and how much can you afford to borrow?

Decide on your repayments

The best way to approach any type of loan is to be realistic and decide how much you can afford to pay on the loan each pay cycle. This means that you both need to sit down with your combined incomes and work out a budget for your wedding, one that includes affordable repayments that still allow you to have a great life without being totally frugal.

It’s important that if an emergency happens and you need to replace the washing machine for example, that your budget has enough flexibility that you can roll with the punches and still make your loan repayments. Obviously, the financial institution will make these calculations for themselves before approving your loan, but it’s always good to know how much you are comfortable repaying and negotiating up or down from that point.

You will also need to discuss the time frame for the loan, which is generally between one to seven years. The higher your repayments, the shorter the required term and the lower your repayments, the longer the term. Depending on the interest rates, you can save a substantial amount of money on interest, if you opt for higher payments over a shorter time frame, but this strategy needs to fit into your both budget and your comfort zone.

Look for a personal loan

A personal loan is fairly easy to obtain, as long have you have a reasonable amount of disposable income and a good credit history. If you are considering funding your wedding using your credit card, unless you will pay it off before the interest rates cut in (they are usually on a 55 day cycle), your best strategy is to opt for a personal loan with a low interest rate that you can pay off easily over a few years.

With a structured repayment plan that schedules all of your repayments across a specific time frame, you can easily budget for these repayments and look forward to completing the loan on a set date as well. Often with credit card debts there is no discernible end to your payments, causing many people to become quite frustrated and stressed as times passes and they are no closer to paying off their credit cards.

The solution is an affordable personal loan that you can easily include in your monthly budget. If you would like to explore your options for wedding finance, why not talk to one of our loan specialists?