Wedding Loan?celebrate the occasion with cheaper loanPosted by Nick Niesen on November 8th, 2010 Wedding is always a very special occasion in any family. It?s a celebration of joy that brings many relationships together. To make the tying of knot memorable, however, financial aspect of the big event becomes all the more important, as otherwise things may not go in accordance of the festivities. This is where wedding loan comes to the fore. Wedding involves number of items such as reception, hotel, photography, wedding cars, honeymoon to spend on and one never knows where the expenditure is going to last. If taken wisely, wedding loan takes care of all the financial needs. One common feature of almost all wedding occasions is the urgency of money. You may think there is enough money to meet the requirements but when you sit down to chalk out a plan, you find that expenses will go way above then were thought to be initially. This is because cost of everything including services has escalated by the time wedding is finally planned. But all the financial requirements, big or small, for a wedding are easily met through availing wedding loans. There are two ways one can get a wedding loan?secured and unsecured wedding loan. Generally it is the secured loan that is given preference due to its many advantages. If you have a property such as home, car or even savings account and willing to put any of these as a collateral to the lender, getting wedding loan becomes easy. The collateral assures the lender that his money is safe and the borrower will make the repayments in time. Once the lender?s collateral requirement is satisfied, the borrower is in a stronger position of not only asking for a larger amount but also for lower interest rate. Interest rate on secured wedding loan normally remains lower and at reasonable level because of the social aspect of the occasion. The borrower, however, is in a better position to demand a lowered interest rate when his collateral is of higher value. Wedding loan can be availed for a period of 15 to 30 years and the installments are paid on a monthly or quarterly basis. You may require the money immediately; still instead of rushing for the loan it would be beneficial if you compare the interest rate of different lenders online. This enables you in choosing the interest rate that suits the budget. Like it? Share it!More by this author |