Should You Take Out a Wedding Loan?

Should You Get a Wedding Loan?

Weddings can be expensive! Between venues, vendors, decor, and so much more, it can quickly add up. In the past, it was customary for the bride’s father to pay for the wedding, but that is not always the expectation anymore. Weddings are getting more expensive, student loan debt is rising, and wedding-specific loans are getting easier to obtain. While this route may not appeal to all couples, it is an available option. Just make sure to do your research!

Wedding Loan Resources

Financial companies like Prosper, Upstart, and Earnest make the claim that it’s easy to obtain a loan for your wedding. However, the interest rates for these loans can be up to 30 percent. So proceed with caution. These companies use online ads to target newly-engaged couples on social media, financial planning sites, and wedding planning sites. Often, a loan can be obtained in just a few minutes, without ever even speaking with a representative of the company. WARNING: If it sounds too good to be true, it probably is!

These financial companies make it easy to obtain the money to fund an “Instagram-worthy” wedding. Their goal is to make you feel comfortable about taking out a loan to afford your wedding, and they have been successful at this. According to reports, online lenders are issuing four times as many wedding loans as they did a year ago.

Think Long Term

Before taking out a loan for more than you can afford, it is important to think long-term. The interest rates on these wedding-specific loans are often very high. This means it may take years to pay off loans for a one-day celebration. Financial planners encourage newly-engaged couples to consider their long-term plans before taking out a loan, and thus committing years to repaying it. Do you want to add more debt onto an already growing bill?

Save Money on Your Wedding

When planning your wedding on a budget, there are many ways to save money without taking our loans. Some ways to save include: 

• Cutting the guest list
• Choosing an off-season wedding date
• Limiting your stationary
• Bundling services like photography and videography

The most important thing is to stick to your budget. Prior to any wedding planning, communicate with everyone involved to determine your budget. Splurge on the categories that are important to you, and be more conservative in other areas. A beautiful wedding is possible, even without taking out a “wedding-loan.” 

Bundle & Save With Mike Staff Productions

It can be a huge saving to bundle multiple services with a single company.  Simplify where you can! Select centerpieces, flowers and ceremony decorations with one florist.  Invitations, wedding programs, and personalized stationery with one printer. Get your DJ, photography and videography team at one place (hint, hint)! A win for everyone.

WHY BUNDLE WITH MIKE STAFF PRODUCTIONS?

• Get the “Team Approach”– One team, one coordinated vision, training and certification
• Save Time – One phone call, one meeting, three services checked off the list!
• Save Money
  • Bundle any two services and save $200.
  • Bundle three services together and save $500!
• Peace of Mind – Trusted by thousands and thousands of brides.
• Military Discount – It’s our obligation! Mike Staff Productions knows what it means to serve, and we appreciate the heroes that protect our freedom. We offer discounts for active duty and military veterans. It’s our privilege to serve you.

At Mike Staff Productions, we’ve built our whole business around reclaiming the fun in your wedding planning. Ready to start?