Tuesday, January 26, 2010

Take a Secured Personal Loan for your Wedding

The Ceremony of your Life

Attendant Gifts at The Knot Wedding ShopA wedding is always important, because it is a step that every couple looks to take with the intention of starting a new life. However weddings do not come cheap. They can cost money that is not available to the couple. They may want to spend the money to make this event a memorable one, but the lack of money may hold them back and not allow them to accomplish what they want. This can now be taken care of by a secured personal loan for weddings.

Amount Loaned

We are talking about a secured loan and this means that you will need to offer some collateral against the money that you are looking to fund your wedding with. The amount that you eventually borrow will depend on the collateral that you are able to offer. The actual amount of money loaned can be between $ 5,000 to $ 50,000, and more in some cases. The generosity of the lenders reflects in their offers when they offer more money than the value of the collateral. Every lender has a different policy for such loans and will decide upon the final amount to be loaned on individual basis.

No Usage Restrictions

A wedding can be very expensive even before the event has taken place. Food and beverages, the place for the wedding, decorations and more are all expenses that add up very quickly during a wedding. As the reason for the loan is clear, lenders place no restrictions on the type of expenses that you will use the money on. Lenders do not worry about the exact expenses, as the loan offered is secured by collateral. Lenders will not ask for itemized receipts from you, but this does not in any way mean that you can ignore what you are spending the money on. Keep a close eye on the details and how much you are spending on.

Look for the Best Lender

Since you want to take a secured wedding loan and are offering collateral against it, you will be better off with a bank or credit union. However, you should get a number of quotes with different lenders offline, as well as online. On secured loans for weddings there are a number of lenders in the market who can give you better rates and offers. Their terms and conditions will in no way be different from banks and credit unions. Accepting the collateral that you offer will not be a problem.

Transference of Title

One thing you should know when offering collateral is that the title of this collateral will be transferred to the lender. The property will be in your possession, but the lender will hold the title. Just sticking to the terms and conditions of the agreement will keep this worry away from you. If you end up defaulting on loan payments, you will end up losing the property. Your credit does not have to be good to apply for a secured personal wedding loan. People from all walks of life can make use of this wonderful opportunity and make the event a memorable one due to this criteria.

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