Marriage Loan

31 Dec

Soon it will be the most beautiful day of your life. You have decided to marry.

Of course, there will be a lot of wedding costs at a wedding party. Through a marriage loan you pay a small fixed amount every month. That way you can still enjoy an unforgettable day with family and friends. Without having to balance your budget for this. 

What costs can I pay with a marriage loan?

Almost everything. A marriage loan is in fact an installment loan. As a result, you do not have to submit proof of the costs you have paid with the credit. For example, with the loan you can pay for a wedding dress, a tuxedo, the wedding at a beautiful location, a car that suits the ceremony, etc.

What do I have to pay back after the wedding?

The advantage of a marriage loan is that you repay a fixed amount every month. At most banks, the amount of the marriage loan fluctuates between 500 and 90,000 euros. Thanks to this amount, you certainly have enough budget to pay all the costs associated with your wedding party. The maturity of the marriage loan is fixed and is between 24 and 240 months. The maximum duration that this loan may have is determined by the amount that you will borrow. This is because the marriage loan falls under the rules of consumer credit as an installment loan.

Guarantee with the loan for a marriage

In principle, you do not have to give a guarantee for a marriage loan. That is a big difference, for example, with a mortgage loan where your house serves as a guarantee.

What is the interest rate on the marriage loan?

This differs from provider to provider. Creditors are free to choose which interest rate or Annual Cost Percentage (APR) they ask for a loan for a marriage. Of course, lenders are obliged to respect the maximum percentage that the law imposes. By comparing different marriage loans you can save on the interest rate.

Save for a marriage or take out a marriage loan?

Something can be said for both options. The advantage of saving for your loyalty is that you do not have to take out credit. That way you have more options to subsequently take out another credit such as a mortgage loan or car loan. On the other hand, you will have to appeal to your savings reserves. A wedding party costs a lot of money. By means of a marriage loan you keep your family budget in balance. The money in your savings account will be retained for unexpected costs that would arise. You pay a limited amount to the lender every month after signing the credit. Of course you have to take into account that you pay an interest before the marriage loan. Borrowing money for a marriage therefore involves costs.