Getting married in the country has changed over the years. Demands among Americans for help has given rise to personal loans marketed solely for those who want to get married.
The Guam Daily says that online lenders are now offering wedding loans for couples who want to tab for their weddings. Several companies have now tapped into the growing needs of couples who wish to finance their wedding. Some are even promoting wedding loans with at least 30 percent interest rates. Couples can use the funds for spending on custom calligraphy or extravagant venues worthy of Instagram.
Instagram-worthy weddings and its host of problems
In the age of technology and social media, a few weddings have become fake PR stunts for company, encouraging people to spend more to have their Instagram-worthy venue. The result of it is even more debts for couples who want to tie the knot.
Quartz says that many couples are willing to spend a lot on a wedding defer instead of spending it on their future. Some even try to get loans to finance their weddings.
Growing demand for wedding loans
The demand for wedding loans has become four times bigger in the past twelve months. On average, soon-to-be-married couples borrow $16,000, which they need to pay off in 36 months. Most people get drawn to these types of loans because of its interest rate that ranges from 7% to 18% percent, making it a much affordable option than most credit cards.
The average cost of a wedding continues to rise. At the same time, student loan debt is growing more than ever. Thus, making it difficult for Americans with a student loan to save on their wedding and spend more on their necessities.
It used to be the father of the bride that’s assigned to pay for the wedding. But the role has changed. Now, couples would want to help their parents by chipping in on their marriage. Borrowing itself is not a new perspective. Family members and credit cards have funded most weddings. The only difference is that online loans are taking it a step further by offering financial assistance meant solely for weddings.
Weddings are becoming more expensive
Weddings used to be simpler back then. Now, couples must worry about videographers and photo booths, among other things. Couples before only had to pay for the flowers, photographer, and therustic wedding venues in MN.
Financial advisers have also seen a rise in clients who are considering taking out loans to pay for the wedding costs. But they believe that it’s better to stick to less expensive options. Some even advise their clients to put off the reception momentarily while they try to save money.
Experts believe that couples must put everything in context, especially when it comes to a wedding. Although the loans that these online lenders offer sound great, they might have regrets about it in the future.
It’s still unclear if the search for the Instagram-worthy wedding will continue to rise. But looking at weddings on social media, the union between two people won’t be getting cheaper anytime soon.