Right from the engagement ring and venue to the flowers and that beautiful wedding dress, weddings can be frightfully expensive.
According to Wedded Wonderland, the average cost of weddings in Australia has significantly increased over the past couple of years to reach as much as $53,168 in 2019; a 3.75% jump from 2018. Of the 500 people surveyed 22.5% did not even get to go on a honeymoon because the median cost of that blissful, romantic getaway is as high as $10,145.
Once you’ve drawn up the plans for your special day, it’s quite an eye-opening experience to see how fast the expenses add up. Sure, you prioritise and save the best you can. However, most often than not, and probably because there is an array of factors to be taken into consideration, putting aside a little nest egg every month might not be sufficient. This is why banks and lenders provide various financing options.
As convenient as they may seem and often easy to get, using credit cards to pay for wedding expenses is not the most practical solution. Most financial advisers warn against using a credit card because it is quite difficult keeping track of expenses with plastic money.
On the one hand, credit cards have certain advantages such as earning you points for hotel stays and flights, and ensuring your money (or rather the bank’s money) is safe from fraud and theft. But on the flip side, there are a host of disadvantages if you mismanage the credit, including high-interest rates, fees, and penalties that can spiral into mounting debt.
Wedding loans are personal loans that are taken out with the sole purpose of meeting the expenses of the big day. They are unsecured debt that you borrow for a specific time period. The interest rates on personal loans are either fixed or variable; you have to pay monthly instalments to meet the principle and interest payments.
Now, personal loans are a better form of debt when compared to credit cards because you can exercise better control over a loan and monitor how much is being spent. However, loans are essentially cash you don’t have. And more importantly, unlike a line of credit, you have to pay interest on the entire amount.
Line of credit:
A line of credit is a pre-established amount of money that a financial institution will lend you if you are eligible. And as and when you require the funds, you can withdraw up to the maximum amount. But you only pay interest on the amount you borrow. If you meet the minimum monthly payments, you can keep withdrawing from your account as and when you need the funds and as long as you don’t reach the threshold, also called the Credit Level.
Why a Line of Credit from &Solved is the ideal solution
&Solved is an experienced and trusted lender in Australia. With custom interest rates and borrowing limits, &Solved will assess your application to ensure you get the best offer. Among the several benefits of taking out a line of credit with &Solved are:
- Ready accessible cash as and when you need to pay your wedding bills
- Pay interest only on the amount withdrawn
- Typically unsecured debt, so chances are you won’t need to provide any collateral
- No application or cash advance/finalisation fees
- No early repayments
- Repay only the amount withdrawn
- If you don’t owe any money, your account fee is zero
&Solved specialises in providing transparent and easy-to-manage lines of credit. Right from the application stage to when the payments are complete, everything is handled online. This equates to a huge saving of precious time, especially when you have a million things on your plate to see to in the lead-up to your big day.
Plus, you don’t have to worry about getting another loan should the need arise for something else. Since you already have an open &Solved account, you can dip into it. It’s that simple and straightforward!
So, get in touch with &Solved today, ease the burden of worries off your shoulders, and experience an exciting and hassle-free run-up to your special day.