A wedding is a happy occasion. But expenditures can skyrocket in the process. For people who are not sure of their financial standing, there are customised loans to meet these expenses.
There are several ways through which people can avail wedding loans. If a person wants something cheaper in terms of interest rates, secured wedding loan would be the perfect one to take. Here, one needs to put up collateral as security to avail the amount. The money one can borrow with wedding loans is a significant amount – typically a maximum of £75,000. This figure can go higher if the collateral furnished is of greater value. The repayment period can be as long as 30 years.
Secured wedding loans do not cater to a fixed clientele. In other words, people having adverse credit – arrears, defaults, CCJ’s etc – can also take this loan by simply furnishing collateral. However, the borrower should be careful with collateral in place. If the amount is not repaid on time, there is a chance that the lender may repossess it.
If people are looking for a smaller amount, they can avail it without putting collateral at stake. Still, with the lack of collateral comes a price. The interest rates with unsecured wedding loans tend to be higher, as the lender looks at cushioning a potential repayment default. Also, the repayment duration is lesser than what one gets for a secured wedding loan.
Wedding loans can be procured from various sources, ranging from traditional institutions like banks and building societies, to more customer-oriented avenues like private lenders and the Internet.
Before applying for loans of this type, the borrower should research the options thoroughly, look for hidden charges that may possibly be, make comparisons and then avail. This way, one can circle impending pitfalls that come in the form of fraud lenders.
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2 comments:
I quote from your original post above
Before applying for loans of this type, the borrower should research the options thoroughly, look for hidden charges that may possibly be, make comparisons and then avail.
This is so important. With most of the lenders and banks moving their services online, it's pretty easy to do a little research before applying for loans. Go for the best option and keep your credit history clean! It goes a long way indeed.
I really like your article and would love it if you could post the same on our website bad credit loans with your due credits!
Ya, that's very true. Many people fell into this because they needed the money instantly. And the only solution they can take up is loan. Quite sad... that many of us are money slaves
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