Getting a payday loan for a wedding can be very useful and can provide you with the cash you need, when you need it to make your special day even more special. However, there is no doubt that weddings can be extremely expensive, leaving many needing payday loans to pay for some of the costs. From the music to the venue, and everything in-between, there are many different layers to a wedding and therefore many different things that need to be paid for.
It can be hard to pay for all of your wedding in one go, especially when you need to make multiple big payments at the same time, sometimes for deposits and sometimes for the services themselves.
If you have found yourself in a bad financial situation and you are struggling to pay for your wedding then you may have thought whether or not you are able to borrow money now online, in order to help you fix some, if not all, of the costs for your wedding.
Payday loans could be a good option, getting cash fast such as borrowing $1000 may help you pay the service you need today to help you have the day of your dreams with your partner.
It is important to understand that you may be starting your married life together in debt if you decide to get a payday loan to help you pay for the wedding, but if you know you will have the money to repay then a payday loan can help you build credit as a couple early in your married life.
This guide takes you through whether you can pay for a wedding with a payday loan, the pros and cons to using a payday loan for a wedding as well as some ways you can make your wedding cheaper and more affordable.
What Is a Payday Loan?
Firstly, let’s briefly explain what a payday loan is so you can get a better idea of how these can be used to pay for a wedding. A payday loan is an unsecured loan, meaning it requires no collateral, and is a loan you begin repaying on your next payday. Payday loans are a great option for those that need money fast, yet don’t have the current funds or have yet to receive their next paycheck.
Payday loans are becoming increasingly popular across the US, and their uses vary depending on your personal and financial needs. For instance, payday loans can be used for any financial emergencies like fixing a broken boiler, vehicle or for even paying any unexpected smaller medical bills you may have.
Alternatively, a payday loan can be used for more personal reasons – such as a wedding! It is important, nonetheless, to remember that a payday loan being used for a wedding will still need to be repaid and will accrue interest.
Can You Pay for a Wedding with a Payday Loan?
In short, yes, you can pay for a wedding with a payday loan. A payday loan is a short term and an unsecured loan, which means you will not have any collateral attached to the loan, which you can use for any legal reason, such as paying for your wedding or that of a child or relative.
Although payday loans do not normally allow you to borrow large amounts so you may not be able to pay the full expense of your wedding with a payday loan it might hep you cover some of the important costs to make sure your day happen as planned. It may simply be that you need to borrow $500 in order to pay for a small portion of the wedding and so, you may seek payday loans for this purpose.
The loan will be able to be paid back in installments and you can even access a payday loan if you have bad credit. A payday loan can be in your bank account within 1 working day from submitting your application.
What Are the Benefits of Using a Payday Loan for Your Wedding?
There are many benefits to using a payday loan in order to help fund some or all of your wedding. It may also be the case that as a parent, you need to pay for all or a portion of the wedding of a child, which can become very expensive, leaving you needing some extra money to pay for the wedding.
Here are some of the benefits of using a payday loan:
- It could have a lower interest rate than a credit card
- You can have the funds within 1 working day to help you pay what you need as soon as possible
- Once you make sure you have the money to repay you can build credit as a couple as you repay the loan
- You can get a payday loan even within bad credit to help you pay for your wedding
What Are the Disadvantages of Using a Payday Loan to Pay for Your Wedding?
It is important to be aware that there are also disadvantages to using payday loans to pay for your wedding. Whether you need a $1000 loan or even more, you should always assess whether or not a wedding loan or simply a payday loan for wedding costs is for you and your financial circumstances. Remember, just because a payday loan may be suitable for example to pay for your mortgage payments one month, does not mean they are necessarily suitable to pay for wedding costs.
Potential downsides to using a payday loan for a wedding include:
- Payday loans can be expensive because they have high interest rates and therefore you will end up spending more money then if you borrowed money from family and friends
- You are starting your life together in debt which may not appeal to some newly-wed couples
- You will have to factor in paying back your payday loan into the overall budget of your wedding so that you can make sure you have the money you need to repay your loan when it is due
- Having a loan may add to the pressure on your wedding day or that of a loved one
Ways to Make Your Wedding Cheaper
If you are struggling financially to pay for your wedding then it may be worth thinking about ways that you could make your wedding cheaper to help you deal with the costs. Here are some top tips to helping make your wedding cheaper:
- Find an affordable venue – Venues can be the most expensive part of the wedding and finding a more affordable venue could be a great way to help you deal with the financials of the day.
- Do a buffet – Buffets are significantly cheaper than having a seated dinner and this could be a great way to save money and still have your guests enjoy their night.
- Have guests take photos – Use polaroid camera or disposables at the dinner instead of hiring a photographer for a whole night and see some more candid and fun photos come through.
- Have less guests – Although you may want to invite everyone you know, having a small and quaint evening might just make your day extra special (and affordable).
