There may be ways to the make the most of that special day through wedding advances, but what about those that want to fund their wedding another way? If someone is thinking of using additional sources of funding to pay for their wedding, they could enjoy all of the following things without using their wallet or credit cards:
- Wedding services (singers, caterers, etc.)
- Other package deals for the wedding.
Thankfully, in the age of technology and financial options, there are several ways to fund a wedding.
Whether it be in the form of quick loans, earning some extra cash online or through alternative funding sources, here are 5 ways that a happy couple could fund their wedding out of their pocket!
Although there are plenty of naysayers that advocate against crowdfunding a wedding, there are plenty of websites, companies and other critics who don’t take any issue with it.
No matter how someone may feel about having other people pay for the wedding, crowdfunding is a viable option. But there is plenty of work that must be done in order to have a successful campaign for a crowdfunded wedding!
Marketing, videos, photos, budgeting plans, and other information are the qualities of any great crowdfunding campaign, and those looking to invest in a couple’s happiness love seeing how the funds will be used.
According to Even Financial, about $1.3 million was raised for weddings campaigned on GoFundMe in 2014 alone.
For the happy couple that are knowledgeable about business, social media and marketing, should consider applying those skills to fund that special wedding day!
Not to mention that crowdfunding the honeymoon may also be on the table.
Using a Car as Collateral
Unlike most quick loans that will be discussed, a happy couple should not be afraid to compromise certain things for their wedding day.
In this case, happy couples could use their car as a form of collateral to obtain an auto title loan. With an auto title loan, a person uses the title of their car in order to receive funding based on the value of their vehicle.
If the car qualifies for a title loan, getting quick loans could be an option. Auto title loans are quite common and could net the happy couple a good amount of funding for that wedding day.
Although there are plenty of states that have heavily regulated title loans, they are still a great way of obtaining quick funding as soon as possible. This is especially true for those who may have a new model car in their possession.
Also, auto title loan borrowers could continue using their vehicles while paying off the loan. A typical auto title loan ranges between 12 to 24 months.
These short-term loans may be available either over the phone, online, or in-store!
Of course, if you have a car you are just going to get rid of when you combine your households, you can always just sell the car and not worry about paying anything back.
A credit card may be one of the better ways of making multiple purchases on a budget for that wedding day. Considering that most credit cards reach certain limits, they are great way to fund a wedding because credit cards allow people to pay off the debt every month.
Sure, the wedding day may be in five months, but paying for the reception space and flowers on the first month and paying for the services the following month may be the best way of funding the wedding.
Not only could this be a convenient way for a happy couple to pay for their wedding day, it also acts as another way to get some growth on their credit score. When someone pays off their card debt prior to the upcoming month, their credit rating goes up and that shows up on the credit report. Having a positive credit report proves to lenders that the borrower is capable of repaying debts, and therefore could receive lower rates and better terms in the future.
For a happy couple, this is good news, especially if they are looking to build credit for a new home or car!
Engaged individuals using a credit card to pay for their wedding day should be wary of high interests and dirty fees that some credit cards employ. And they should always be sure to read the fine print before signing up for one!
Personal Line of Credit
Like a credit card, a personal line of credit is a form of unsecured funding via a revolving account with a variable interest rate. A happy couple that uses a personal line of credit could get as much funding as they need out of it, and their funds could be accessed through a phone or computer!
However, unlike credit cards, most personal lines of credit are reserved for those with good credit and an established credit history demonstrating the ability to pay back debts. Although a happy couple that has positive credit reports will have no trouble applying, those with money troubles may want to investigate other quick funding options.
A bank loan may be one of the more traditional ways to fund a wedding day! As old fashioned as they come, a bank loan’s qualities and benefits are tied to what that financial institution offers. However, flexibility, communication, and other amenities are usually no stranger to a bank loan.
As for time and qualifications, those tend to be tricky. Most banks will likely require multiple financial documents, including employment, income, and credit history. Once all of this is addressed, an appointment must be scheduled with the bank to determine if they could provide such a loan.
That approval decision could take a few weeks, but qualified individuals could get enough funding for the entire wedding day.
Depending on the financial plan and amount taken from the bank, a happy couple could have to deal with making payments for a few years, but the struggle could all be worth it!
Consider these 5 ways to fund a wedding and determine whether that wedding day may need some additional funds to take the stress off one’s back!