A wedding is much more than a commitment between two people; it is a celebration and the coming together of two families. But more than that, it is a very public declaration of betrothal and love. If you are planning your own wedding, or that of a child, you will already know just how expensive it can be. Once all of the various expenses have been added up, you could be left with a bill you simply can’t afford. However, peer-to-peer borrowing could be the answer to your wedding prayers.
What are Peer-to-Peer Loans?
You probably associate applying for a loan with a lengthy and complex process that involves a major bank. And, until recently, that was the case. But peer-to-peer platforms cut out major financial institutions and bring individual lenders and borrowers together. Savers, or lenders, who are struggling to find a good rate of return from high street savings accounts get to make better use of their capital, and people in search of affordable loans get the funds they need cheaply and with the minimum of fuss. Put simply, this type of loan offers more flexibility for borrowers than standard bank loans and personal finance.
What Can You Use Your Loan For?
Although you may be required to submit a reason for your loan during the application process, exactly what it is spent on will usually be up to you. You can use it to buy a wedding dress, or you can pay for a dream honeymoon. Whatever you need the money for, it can be in your bank account within 48-72 hours of your initial application.
What Are the Advantages of Paying for a Wedding with a Peer-to-Peer Loan?
Your wedding day should be a joyous occasion, but worrying about how to fund it can interfere with your plans unless your finances are in place. If you have a good credit history, and you can prove your ability to keep up with the monthly repayments, you should be able to secure a very competitive interest rate – often lower than those being offered by high street banks.
There is no doubt that your wedding should be an occasion you remember for a lifetime, but it is also important that you get the early stages of your marriage off to the best possible start. You obviously don’t want to start married life saddled with high-interest debt. Most peer-to-peer loans do not impose early repayment fees, which is great if you’re planning to rid yourself of debt as early as you can. You will need to commit to a minimum monthly repayment, but there is absolutely nothing stopping you from making overpayments and clearing your debt more quickly, saving on interest payments in the process.
Whether you are planning a last-minute wedding or you simply underestimated the total cost of your big day, you may need funds in a hurry. It is usually possible to apply for your peer-to-peer loan in a matter of minutes, and the funds could be available for you to spend within three working days of your approval.
It is only natural that you want your wedding day – or that of a relative – to be special, but saddling yourself with credit card debt or loans secured on your property could be a very expensive way of paying for it. Peer-to-peer loans, however, allow you to stay in control of your finances whilst planning a wedding day that will never be forgotten.