9 Tips On Taking Out a Loan For Consolidation and Wedding
I'm about to share with you some tips for taking out a loan.
Debt consolidation loan can serve different purposes. You can clear your credit card bills, medical bills, and make other outstanding payments. Besides these, the money drawn from the loan can be used to invest in business, make home improvements, plan out a vacation or - WEDDING. How's that?!
Weddings like most of the things come with a price tag. If the cost tends to eclipse your wedding plans, wedding loans can help you meet wedding expenses.
The cost of average wedding, per year is $34,000 and is continuously rising since the last five years. Taking out wedding loans is easy as long as you know how much you need and how much you can afford. When planning on wedding loans concentrate on making expenses on things that are important. Wedding photography, wedding dress, rings, bridal gown videos hotel reception and honeymoon – wedding loans can finance for all these expenses.
There is no better way to commence pre marital money talk than wedding loans. Make wedding loans an opportunity to know about your partner’s spending habits. Few people realize how important financial compatibility is for their wedding.
The tradition of parents paying for the wedding is loosing its ground. Thus, more and more couples are paying for their own wedding. Usually people can’t single handedly pay for the cost of the entire wedding. Wedding loans undoubtedly helps the one to expand its wedding cost thereby helping you plan a memorable wedding. However, parents who want to finance for the wedding of their children can also apply for wedding loans. Wedding loans exist in two forms – secured and unsecured wedding loans.
Wedding loans are a great way to borrow money by placing a security. The guarantee can be anything, you home, your car. Depending on loan amount you can also further alternative forms of security like stocks and bonds. Unsecured wedding loans require no security. Thus, tenants can apply for the unsecured wedding loans. With wedding loans you can borrow anywhere from $10,000-50,000. Employed, self employed, part time employed, unemployed – all have a choice with wedding loans.
A one page online form and there you are applying for wedding loans. The decision for wedding loans is made fast, within 24 hrs. Wedding loans are also possible for those who suffer from bad credit. People with bad credit should first get their credit report and then apply for wedding loans. There are loan lenders who will comprehend your situation and will offer you wedding loans accordingly.
Wedding loans according to your requirements and financial affordability are doable. In fact you first need to understand affordability with respect to your circumstances. Planning for repayment of wedding loans along with your wedding is a smart idea. Remember this as a rule – you should not borrow more than you can repay in three year.
Interest rates for wedding loans are reasonable. Usually wedding loans do not have any fee or pre payment penalties. With research you will be able to find better terms and rates. Don’t forget to compare loans cost online. It is important to look beyond monthly repayments while settling on wedding loans. Look out for total loan cost, terms and be sure to read the fine print. Read the terms carefully and make sure you understand the wedding loans contract before you make the final decision.
I was promising to share with you tips for taking out a loan, right?
These nine tips will help your loan process be as hitch-free as possible:
1. Compare options like refinancing and other loan options to determine if a wedding loan is the best choice.
2. Make sure you can tell lender what the purpose of the loan is. Your answer will help determine whether or not you are approved.
3. Check your credit report for errors and get your FICO scores because lenders will review your FICO score to determine your loan rates. Check "How to Improve Your Credit Score" for more information on cleaning up your credit.
4. Compare several wedding loan options. Discuss the loan programs with your lender and find the best loan for your situation. Getting a good interest rates isn't a bad idea either.
5. When applying for a loan, you will get a checklist from your lender containing the list of paperwork you need to close the loan, including:
• Copy of deed to property.
• Recent tax appraisal.
• Last two years' W-2's, tax returns and current pay stub, or two years' tax returns if self-employed. Be sure to include all schedules.
• Proof of income from alimony, child support, disability payments, lawsuit settlement, inheritance or other income source.
• Copies of your last 3-6 bank statements.
• List of all open credit accounts (account numbers, payment amounts, and balances).
6. Faxing documentation from the checklist will expedite the loan process more than mailing it.
7. Fill out your loan application thoroughly, or it may delay approval and loan closing.
8. Beware of bad loans. The Federal Trade Commission (FTC) warns that you may be signing into trouble if the lender encourages you to falsify your application to get the loan, urges you to borrow more than you need, pushes you into unrealistic payment terms, shows up at closing with a different loan product than you agreed to, asks you to sign blank forms, or denies you copies of documents you signed.
9. Has your wedding loan application been rejected by a lender? Ask why it was rejected to find out what you need to do to secure wedding loan approval in the future. Sometimes paying down some credit cards can increase your credit score just enough to qualify.
