How To Renegotiate A Loan When Your Credit Improves
If you've improved your credit score, you may be able to renegotiate your loan rate and terms with your lender. Find out how to renegotiate your loan.
Your wedding day is possibly one of the most important and special days of your life and we think that you should have everything you want. If you feel as though you’re coming up short when it comes to the financial side of your wedding then you need to look into applying for a wedding loan. This type of loan can help you cover the cost of any part of your wedding, from the venue to your honeymoon whatever you need help with.
A wedding loan is a small short term personal loan that you use to pay for your dream wedding. Personal loans come in a wide range of forms for a wide range of borrowers, meaning that you should be able to find something perfect for your current financial needs. Better still, personal loans can be either secured or unsecured using collateral. This means that you can use one of your assets as collateral to secure a loan, typically secured loans and unsecured loans have slightly different terms and requirements so you can choose whichever options best suits your needs.
Weddings are expensive, there’s no doubt about that so when it comes to getting the money you need to make your big day the best it can be you need to weigh your options and choose the best one for you. When it comes to the costs associated with weddings sometimes sacrifices need to be made, in some cases, this might mean that you need to cut back on certain details, in other cases, it might mean that you need to postpone your wedding altogether. But in the end, if a big wedding with all your friends and family in attendance is really what you want then apply for a wedding loan is the best option for you and a decision you won’t regret making.
Choosing a small personal loan that you can pay back in affordable installments over a few months will allow you to not only afford the wedding you’ve always wanted but won’t force you to break the bank or rack up high-interest credit card debt.
Getting a loan to cover some or all the cost of your wedding is a personal choice that can only be made by you and your future spouse. Everyone’s budget is different and everyone’s dreams are different so figure out what you can afford to spend, decide if your parents or any family members will be contributing any money and then create your budget. If your wedding fund isn’t quite cutting it then you might want to consider applying for a wedding loan. Here are a few things you should consider while weighing your options:
Crowdfund using your friends and family: Though it may be hard for some, asking to borrow money from your close friends and family is one way of getting the money you need without having to take on a loan. Moreover, you can save on interest when you pay them back, as it is unlikely they will ask for interest.
Save up: In most cases, you have a year or two before your actual wedding day. This will give you enough time to save money to pay for all or at least part of the wedding. That way, you won’t have to take out a loan for the entire cost of the wedding.
Think outside the box: It may be hard to imagine, but there are ways you can save money without having to give up on quality. For example, rather than hiring a makeup artist, you can ask a friend or family member who is great at hair and makeup.
Cut Costs: You can lower the amount of money you’ll need to borrow by cutting your wedding costs in inconsequential areas. For example, rather than having an open bar with high-end alcohol, you can opt for a limited time bar that offers more regular alcohol. Your guests won’t know the difference and in general, won’t remember the specifics but the overall feeling of the day.
Because the cost of a wedding is so high we definitely recommend that you do some research and find a lender that’s right for you before you make any final decisions. Get as much information from your lender as possible and ask lots of questions. If you’re not sure about something ask for clarification. Make sure you have a budget planned out and know how much you need to borrow. That way when you get in contact with your lender you’ll also be able to provide them with all the information they need.
Rating of 5/5 based on 2 votes.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.
If you've improved your credit score, you may be able to renegotiate your loan rate and terms with your lender. Find out how to renegotiate your loan.
Almost $500 in commission-free trades. Code “50TRADESFREE”. Conditions apply.
Earn an average 5%¹ cash back at thousands of partners and at least 1%² cashback guaranteed.
Build credit while spending money with the Refresh Financial VISA card.
With KOHO’s prepaid card you can build a better credit score for just $7/month.
Check out our interview with addy; a platform that allows Canadians to invest in different properties across Canada with as little as $1.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.