If you are getting married then you will be well aware of how expensive it can be. The ceremony is one thing but it is all those extras that add up, the clothing, cars, flowers, favours, food, drinks, entertainment and gifts. There are so many things that you will need to pay for it can seem endless. Financing the whole thing can be really stressful too. Some people are lucky enough to get help from parents or other family members, but these days, it is very often just down to the bride and groom to pay for things themselves. This can mean that it might be necessary to borrow money to pay for all or parts of the wedding and this will mean that different types of lending might need to be considered.

  • Short-term or longer-term loan? – it is worth thinking about the differences between the two loan types and which might be the best for you to use. A short-term loan has a few advantages in that it can normally be arranged more quickly and that it is available to those without a good credit rating. Therefore, if you have a poor credit rating and/or have left organising borrowing until the lats minute, then they could help you. However, they will normally only lend fairly small amounts and so you may need to find somewhere else to do other borrowing or they will be suitable if you only need to borrow a small amount of money. If you can afford most of it or have an additional loan but just need a little extra then a short-term loan could be worth considering.
  • How much to borrow? – it is important to think hard about how much you should be borrowing. You will find that there are many temptations with borrowing to borrow more money than you need. A short-term loan will tend to only lend smaller amounts of money and so as long as you only need a little they will be suitable for you. However, if you do need a larger amount of money then you may need to think about getting a different type of loan where there are more options with regards to larger borrowing amounts.
  • How long to borrow for? – it is worth thinking about how long you are prepared to have the loan for. You will tend to find that a short-term loan will not last very long. This can be a big advantage to those people that do not like being in debt and therefore knowing that they will soon be out of debt can be a big relief. However, some people do not mind and may actually prefer to borrow for a longer time so that they can spread the repayments across a longer time period.
  • How big are the repayments?
    It is worth thinking about the size of the repayments as well. If you borrow more money, then you will need to repay more. However, if you borrow it over a long time period then each repayment will be smaller. With short-term loans you will tend to borrow less but you will have to repay it sooner and therefore the repayments could be relatively large. It is good to think about what you can afford with regards to repayments.Consider what you will be doing after the wedding, perhaps a honeymoon or buying a home and the consequences having large loan repayments might have. It could be good to get it repaid quickly so you can then spend on other things, but if you already have lots of expenses, perhaps having more repayments that are less could be better.

It can be a really tricky decision. You will need to try to analyse your financial situation and what you need to borrow so that you can find the best loan for you. If you have a poor credit record or need money really fast the short-term loans might be the obvious solution. However, other situations will require more thinking about. It can be good to also compare costs as well as whether you can manage the repayments to decide whether a shorter or longer loan might be better for you. It is well worth putting the effort in to make this decision as it will have a big impact on your financial future. It is wise to also discuss this with your partner to be as they might have some ideas as well as to what you should do. It is a good idea to always discuss finances together anyway. Many marriages breakdown due to financial problems and so being open about the decisions that you are making can be a really good start that will enable you to start as you mean to go on with regards to be open about money.

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