5 impression ways when you take a personal loan for weddings

Posted on Posted in General Article

Want to get married but not enough spending money to cover the cost of your wedding? This is one of the problems faced by youth today. Because like wedding ceremony, wedding ceremony cost becomes higher.

However, the rising cost of living is also a few cost weddings are becoming more expensive. Therefore, there is a couple who had to take a personal loan from the bank solely to finance their wedding. Although installments every month seems low, it will change their financial status for a long period of time.

Here are the effects that will happen to you when to take personal loans just to cover the cost of your wedding.

Commitment

long-term installment loans for people with bad credit -Personal loans are a tool that ‘kill’ and ruin your finances without you realize. This is because the installment payments which are considered low also cause your life will be burdened for a long period of time which is 5 to 10 years.

As early after the wedding, you may not have had to pay back to the bank because the commitment is still low. However, if you already have a baby, go traveling or buy new furniture, installment payments that were previously considered less likely to be a burden to your life.

If you fail to pay back to the bank, your name will be blacklisted. Such cases often happen in our country and the borrower can’t apply for the facility provided by the bank.

The situation worsened when the borrower is already blacklisted by the banks had started to use the name of another person to obtain or apply for bank facilities like home or car loans.

No Savings

In addition to installment payments that cause your pocket ‘leak’ of each month, you may also be no savings because it was burdened with the personal loan. One of the main reasons why brides take a personal loan is for not having enough savings.

Such problems have no savings will continue after the wedding ceremony on the following factors:

  1. Had to put the debt-to-deposit
  2. Do not have the habit of first saving
  3. Do not know the importance of having savings

To this day, many still do not have enough savings and cause them to make the decision to take personal loans or credit cards as their financial assistance.

Difficult To Buy A Home

Once married, a necessity of life that you have there is a shelter like home. You can probably get by just renting shelter. However, the family institution which is growing with new members present may cause you had to own their own home.

Installment personal loan is a commitment that makes it harder to get loans from the bank unless you have a high salary. The higher your commitments such as personal loans, car loans, and credit card debt, the harder you get a mortgage.

Why should you get the loan first? So you have assets and shelter. As we know, the rent you have to pay is often in excess of installment payments to the bank. Therefore, it is better if you get home because every payment you make is for your own assets.

No Investments

When not being able to make deposits every month, you may be more difficult to make the investment. In good financial concepts, before you make any investment, make sure you have adequate savings.

Why? As we all know that in every investment has risks that we have to face. In Shariah compliant investment, for example, there are no guarantees in any investment. Therefore, you must provide enough savings as a ‘back up’ if something happens to your investment.

Do you know?

Many people get rich quick scheme using personal loans because they have financial problems and want a fast solution.

No ‘Honeymoon’

If you want to go ‘honeymoon’ or a vacation with your spouse after the wedding, you again need the high cost of even just a holiday in the country. Want to take a personal loan again? Never add debt for purposes that do not benefit.

Every couple dreams of an interesting but necessary costs they incur are also very expensive. If you do not take personal loans for your wedding, you might not have had to go on vacation with your partner because you do not have any monthly commitment with the bank.

Therefore, make sure you are careful to take a personal loan before your wedding. If the situation, you may be able to grab the loan amount that you can afford and do not burden your life.