Which is the best personal loan for marriage?
Nearly half (47%) of newlyweds in marriage debt say money prompted them to consider divorce, compared to only 9% of couples who did not go into debt for their marriage.
Ideally, it is best to avoid going into debt for the wedding. If you decide to take a loan, a secured loan such as a HELOC may be best as it will usually offer the lowest interest rate.
If you don't have collateral to back it, shop around to find an unsecured personal loan that offers the best interest rate and terms.
Improve your credit and keep your financial documents before you apply. Avoid payday loans to avoid extremely high interest.
If you are using a credit card, be careful not to max it out. Credit agencies want you to keep your overall credit utilization rate below 30%.
Your wedding is an important day in your life. You would like to balance the expenses with the wedding of your dreams.
One in four couples said they wish they had spent less on their wedding. Keep a budget and prioritize the costs that matter most to you and your partner.
Keeping your costs reasonable and getting the right kind of personal loan can help you avoid some unpleasant money related fights.
How do personal loans work?