Can you take out a loan for a wedding?

Are you looking to expand your wedding day budget? Find out if a wedding loan is right for you. (iStock)

Planning the wedding of your dreams can be a lot of fun. But it can also be expensive. According to a study by The Knot, the average couple spends an estimated $33,000 on wedding expenses. To put that in perspective, you could buy a new car for that same price.

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When you consider the cost of a wedding location, wedding dress, tuxedo rentals, flowers, food, travel, photographers, bridesmaid dresses, invitations, and the honeymoon, it’s easy to see how the expenses can add up quickly.

If you don’t have $30,000 set aside for your wedding, you’re not alone. There’s an entire loan sector dedicated to helping happy couples afford the wedding of their dreams.

EVERYTHING YOU NEED TO KNOW ABOUT PERSONAL LOANS

A wedding loan can help you finance your big day

Funding a wedding celebration is expensive, which is why some lenders offer personal loans specifically designed to help finance your special day. The benefit of opting for a personal loan to fund your wedding is that you’ll likely save a lot of money on interest than you would if you paid for your wedding on a credit card.

A wedding loan is a type of personal loan. These loans are generally unsecured (which means you don’t have to offer any collateral to qualify). The loan may be categorized for special events or just as a general personal loan, depending on your lender.

How to avoid borrowing loans to pay for a wedding

Starting your marriage off in debt may not be an option for you and your significant other. Other than using a credit card, using a personal loan to pay for your wedding is the most expensive way to go.

FICO SCORE VS. CREDIT SCORE: WHAT'S THE DIFFERENCE? There are plenty of ways you can save money to make your day special. A few ways you can raise cash or cut expenses include:

  • Starting a Go Fund Me for your wedding and encourage friends to donate to your wedding costs instead of purchasing a gift.
  • Hold your wedding on a Friday or Sunday to save a few thousand dollars on booking fees (Saturday’s are the most expensive days for most wedding and reception locations).
  • Keep your invitation simple. You don’t need the most expensive paper, envelope liners, and fancy inserts. You could save a few hundred dollars by choosing a look you love without the extra frills.
  • Address the envelopes yourself. Skip the extra fees for stuffing and mailing your invites by recruiting a few friends and doing it yourself.
  • Buy flowers in bulk to save money on your flower arrangements.
  • Choose an up-and-coming photographer. There are plenty of talented photographers that provide quality services at a fraction of the cost of working with a major studio.
  • Rent your dress and/or jewelry. It’s not the most romantic idea, but you could save hundreds or thousands by renting a designer dress instead of splurging on the purchase you’ll only use for a day or two.
  • Host your wedding and reception at the same place to save on rental and transportation fees.
  • Skip a large dinner in favor of something more casual. And just say no to an open bar.
  • Postpone your wedding until you can afford to pay cash for your celebration.

Remember, you’re about to marry the most important person in your life. If the budget is causing stress, it might be time to take a break, cuddle up, and remind yourself that the most crucial part of your big day, is the person with whom you’re choosing to spend the rest of your life.