A wedding is expensive and usually costs several thousand euros. Not every couple can pay the costs out of their own pocket. For this reason, ways must be sought for how the funding can still be regulated. Here a loan for the wedding celebration can be the solution. Such a loan is not offered by the bank. Rather, it is an installment loan that is freely usable and can easily be used to finance the wedding party. The number of installment loans is almost unlimited, as they are offered by almost every bank, whether domiciled or abroad.
The first point of contact for young couples seeking a loan for the wedding is often the house bank. This may or may not be the best solution in every case. Whether this applies in the specific case can be answered by a credit comparison. You do not have to go to all the banks in your immediate or wider environment in person and get there corresponding offers. It is much better and moreover time-saving if you use the internet for a credit comparison.
There are different comparison portals that should allow clients to quickly get an overview of the total loan offer, which in turn provides the basis for customers to make a sound decision about which loan is best for them. A credit comparison is constantly updated, so you can be sure that the offers you are meeting there are currently valid.
To find a suitable loan, you should look specifically for a installment loan. Important is the free usability. Such a loan can be taken out at branch or direct banks, savings banks, Volksbank Raiffeisenbank, foreign banks or private lenders. Depending on which decision you ultimately make, you must fulfill different requirements for a loan application.
If you want to get credit for a wedding reception from a German bank, you must have a fixed income. It would be ideal if both partners apply together, as the income of both partners is added together. This usually results in higher loan amounts being possible than if only one partner applies. This approach is obvious, because after all, both partners also want to organize the wedding ceremony together.
The income must necessarily be above the legal attachment exemption limit. Otherwise, no credit for the wedding celebration is possible. In the event that you are significantly in arrears with the payment of the regular repayment installments for the wedding reception loan, the bank would have no chance of using the income of the borrowers if the income is below the seizure limit. In addition, in addition to paying the loan installments during the term of the loan, there must be enough scope to cover the cost of living. The Bank will set up a revenue and expenditure account and compare the regular and irregular expenditure with the income of the borrower or the borrower.
If you would like to take out a loan with a bank in Germany, it is also a condition that the private credit information has no negative entries. At least no serious negative entries should exist, otherwise a borrowing is completely excluded. If you have the opportunity, it would be strongly recommended to eliminate in advance the reasons that led to one or more negative private credit entries.
There are other requirements for a wedding party loan that comes from a foreign lender or a private lender. Here, the income or the question of whether you have other collateral play a prominent role. The private credit information is not requested. In any case, you should ask yourself critically whether you feel able to pay regular repayments for the wedding party loan over a longer period of time, as the term of the loan may be several years.
Application, authorization and repayment
If you have chosen a lender, you can apply for a loan for the wedding. You can submit this application either at a bank branch or over the Internet. To do this, you must complete an application form in full and submit some documentation to prove your solvency. He will let you know what documents the lender needs before submitting the application. You should have these documents in full, so that there are no unnecessary queries and delays in processing the loan application.
In the vast majority of cases, the bank will ask you for proof of income, the latest bank statements, a copy of the employment contract, and other documents as needed.
If there is nothing against borrowing, the bank will usually approve the loan application within a short period of time. Most of the time only a few hours or days pass. Once the money has arrived on your account, it is completely at your free disposal. The financing of your wedding celebration is now nothing in the way.
The repayment of a loan for the wedding ceremony must be made in monthly installments. How high these rates are depends on different factors. A key role is played by borrowing rates, maturities and monthly loan installments. Most banks in Germany offer installment loans with terms of between 12 and 84 months. With a loan with a longer term, the monthly loan installments can be very low. But you always have to expect higher interest rates relative to another loan. The bank wants to hedge itself in this way, because with a long term there is always a higher default risk than with a shorter term.
The interest on a foreign loan for the wedding is generally slightly higher than the interest on a German bank loan. In the case of a foreign loan, there is no information from private credit. Now the income of borrowers can be used to assess their credit rating.
In principle, private lenders determine how much interest they want to receive from their lenders. There are some big differences here.
If you find it difficult to find suitable credit for your wedding, you can also seek the assistance of a private credit intermediary. If he works reputable and has a good overview of the offers of domestic and foreign lenders, he can often help you in cases that prove to be difficult for the banks.