Should You Start Your Life Together With A Wedding Loan?
The short answer is an emphatic no While as a married couple you will incur a host of joint financial liabilities you will probably buy a house together, cars, perhaps acquire student loans, and find a host of other high ticket items that require prolonged financing the way to the altar should not be paved with them. However, they cannot always be avoiding in many cases and if you are going to take one out, be sure you do so with the best of intentions.
Generally speaking, a wedding loan is a personal loan that is low enough to be easily obtained from a financial institution. Referring to it as a wedding loan is nothing more than an effective marketing tool sometimes these loans are called holiday loans, Christmas loans, or vacation loans. The rational is the same a small amount of ready cash is allotted to you that you may use any way you see fit, usually to purchase a service rather than a good. Thus, there is nothing securing the loan other than your signature.
While the promise of ready cash is Siren song that many have fallen for, the reality catches up after the big event you are indebted and...
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