Wedding loan – consolidate debt after wedding

 

It is now quite common to take out a loan for hosting the wedding. Who wants to celebrate not only in the smallest circle, but traditionally with hen’s eve and tens of guests, sees himself quickly compared to a five-figure sum.

Record credit for wedding

Wedding loan

Already a wedding dress beats with four-digit amounts range to book. If one then adds the cost of the honeymoon, which should also be something special, the borrowing is understandable.

The differences between providers are not just interest rates. Since each borrower sets different priorities, it is interesting to know the differences. What is special about a wedding loan?

On this page we provide you with a non-binding wedding loan comparison and inform you in our guide.

Wedding credit comparison

Compare loans for the wedding without obligation and for free. Our loan calculator is strong brand-tested and the comparison result is available to you in a matter of seconds.

Wedding credit with special repayment

Wedding credit with special repayment

The providers in comparison offer wedding loans with free special repayment.

Guides and experiences

A wedding loan is a loan like any other installment loan too. Unlike car loans or civil servant loans, there is no special wedding credit. Not just workers, even self-employed marry. However, not every bank or savings bank gives out a wedding loan to freelancers and tradespeople.

Interest rates

Interest rates

First of all, of course, interest rates are set within limits. Almost every loan has its peculiarities in detail, but as a first benchmark, most consumers are paying interest. Anyone who has opted for a wedding loan, is best advised with a credit comparison calculator. A look at the two-thirds interest rate gives an approximate idea of ​​how high the interest rate you will probably pay. The two-thirds interest rate according to Article 6a of the German Price Listing Regulation (PAngV) indicates the maximum interest rate to be paid by at least two thirds of the customers. This information applies to loans with credit-rating-dependent interest.

The repayment term

The terms are also quite different. Apart from the duration of the repayment phase, selection is also important. Some banks and savings banks allow only a gradation in twelve-month increments. Other institutions allow their customers to choose a continuous maturity, such as 37 or 53 months. Of course, the term also depends in most cases on the amount of the loan and what is acceptable to the borrower. It is best if the bank allows it to name the monthly request rate and determines the duration of the repayment phase.

The repayment phase

The repayment phase

It is well worth taking a look at the repayment modalities before concluding the wedding loan. There are two reasons for this:

  • The borrower comes into the situation that he can terminate the wedding loan prematurely in whole or in part.
  • The borrower can not raise a rate or has to lower the rate.

In the first case, it is important to know whether the bank accepts early repayment, even partially, without prepayment penalty. If not, costs will be borne by the borrower in this case. If the loan has a residual term of more than one year, this amounts to one percent of the remaining debt, with a shorter remaining term of 0.5 percent.

In addition to this encouraging development for the borrower but can also occur the opposite. Unexpected offspring can cause the household budget to lose the current rate for the wedding loan. In this case, an individual agreement with the bank is necessary. Some institutes also grant their customers contractually guaranteed installment breaks. Depending on the bank, this can be a one-time option, but it can also be a variant that can be used once a year.

The application process

One may not think it possible, but banks’ application processes for a wedding loan are worlds apart. While there are institutions that only allow the request for quotation online and then send the proceeds by mail, other banks provide a fully electronic application, including VideoIdent procedures, electronic signing and digital submission of the necessary documents.

Bride and grooms can now apply for their wedding loan in most cases using mobile devices. But not every bank provides an optimized page.

The documents

There are also differences in the documents to be submitted. Some banks require not only the last three pay slips but also the account statements of the last two or three months. Others are satisfied with the bank statements of the last four weeks. Alternatively, the first banks offer to access the applicant’s account once online to gain insight. In any case, it is important that the borrower can present a valid identity card or passport with a residence confirmation. Otherwise, the wedding loan would not be approved.

About the Author

Leave a Reply

Your email address will not be published.