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Taking Out A Loan For A Wedding. By taking out a loan for your wedding, you will be paying interest on the loan for years. On the other hand, if a couple is uniting two average incomes, the burden of paying back a large loan may bring unnecessary stress to a new marriage.
By taking out a loan for your wedding, you will be paying interest on the loan for years. In order to save $10,000 between now and your planned wedding date, divide that $10,000 by the number of months until your target wedding date. Personal loans are typically given out as one lump sum.
What's a Wedding Loan, and Is It Ever a Good Idea to Take
Taking out a wedding loan could help you keep saving toward other goals. I wouldn't recommend taking out a loan for a wedding, says financial gym founder shannon mclay. Regardless of the specifics outlined in your loan agreement , you’ll be making monthly payments on your wedding long after you say “i do,” which could leave you strapped for cash once your honeymoon (literally and figuratively) ends. — with even more debt.