Asteria Lending Inc. 14th Floor, World Center Building, 330 Sen Gil Puyat Ave, Makati, Philippines
We’re Open: Mondays – Fridays
Office Hours: 9:00 am – 7:00 pm
Email: [email protected]
Weddings should be the happiest time of a person’s life. In today’s economy, salaries are stretched further than ever meaning that many people use the option of a personal loan to fund their big day. In the Philippines, wedding loans are a popular way for couples and their families to enjoy the decadence and fun of a five-star ceremony. This is our guide on how to get the most from a wedding loan in the Philippines:
This means everything from catering to transport and the hundreds of miniscule details in between. Here are some things to consider:
Most loan terms are between 6 and 60 months and the length of time you take to pay back what you have borrowed will increase the amount you end up spending overall. If you and your partner can make large regular payments for a short space of time, a shorter term can be a good option. This can be useful for those who are starting new jobs or expecting financial windfalls in the future. Longer terms loans mean smaller repayments, which can be more realistic for some people’s situations.
Consider interest rates, reputation for customer service, credibility amongst the lending industry and the quality of their marketing and communication. All these factors contribute to the overall first impression a loan provider will create. If your options are limited, use interest rates and factors such as penalty fees to determine where to get your wedding loan. Though you may need to choose from between just a few options, there will usually be some significant differences if you look at the small print in the terms and conditions.
Personal loans are not the only option for financing a wedding day and some people prefer to use credit cards to do this. Your circumstances and the cost of the overall day will define which is the best choice for you but there are advantages and disadvantages to both options. Credit cards can have benefits such as 0% interest rates or added cash back perks, which can really help to cut the overall cost in the long term. On the other hand, it can be inconvenient and people with even a fair to good credit score can sometimes struggle to find limits high enough to meet their needs. Loans generally offer the borrower more but can cost a little more. Depending on the number of guests you have and other factors such as the cost of the dress, you could even consider using both options to help you cover every aspect of the day.
A wedding day should be a magical occasion that you remember forever, and personal loans can be a way of helping your dream ceremony meet up to all your expectations. Budgeting and careful planning is the best way to make sure you allocate enough for each aspect of the day. You should also be wary of interest rates, terms and conditions as well as the reputation of the loan provider you are borrowing from. Though it is important to have a perfect day, it is also essential to consider your limits when it comes to repayments. Having an incredible wedding day, followed by a lifetime of unaffordable repayments is something nobody would advise, so always ensure you are realistic and balance your expectations with your current financial situation.