Are you gearing up for the wedding of your child? You would naturally want to go all out on this special day with the very best venue, lip smacking food and impeccable arrangements. However, in spite of creating a good wedding fund, many parents run short of the final blueprint in terms of costs required. Here are some ways you can raise money quickly to take care of wedding expenses.
- Personal Loans- These loans are easier to get as compared to other loans and you do not have to offer any collateral/security for this purpose. Personal loans have relatively higher interest rates since these are unsecured loans and the rates range between 14-24% annually. However, your monthly income, present financial situation, monthly outgo, existing debt and credit report will be analyzed by the financial institution before granting you the loan.
- Loan Against Property- You can always pledge your commercial/residential property or even your land at the market value for getting loans from financial institutions. If all documents are suitably in place, you will get fast approval for a loan and the interest rates are also quite reasonable. This is a quick way to raise funding for your child’s wedding.
- Wedding Loans- There are several personal loans which are specially tailored for covering costs of weddings. These are available at various financial institutions and are sanctioned on the basis of eligibility criteria including monthly income, nature of employment, credit history, repayment ability and existing debt. The tenor options are quite flexible although the rates of interest are a little high. Pre-payment facilities can be availed later on to repay the outstanding loan amount.
- Loan Against Securities- You can apply for a loan against securities like term deposits, share/stock investments, savings certificates and life insurance policies. The amount will be sanctioned on the basis of the value of the collateral that you are submitting and rates of interest are reasonable enough. There is minimal documentation required as well.
- Peer-to-Peer Lending- Peer-to-Peer Lending is a good option for those who have a lower credit score and find it hard to raise money for meeting wedding costs. There are online lending platforms which help you raise funds quickly from investors at competitive interest rates based on your overall creditworthiness. The process is fast and there is minimal documentation involved.
- Crowdfunding- If you wish to try something new and have a little time in hand, crowdfunding could help you. There are several crowdfunding platforms where you can create a nice page and targeted amount and share it with all your friends, neighbors, family members and colleagues among other people. There may be handsome contributions for the wedding fund coming in through crowdfunding.
- Borrowing money from relatives/family members- In case none of the options work, you may consider borrowing money from family members and close relatives. Make sure that you have a solid plan for repayment in the near future before you take money from your near and dear ones. Loans from family members will definitely be free from interest and come with flexible repayment terms and conditions. You can provide promisory notes stating your assurance to repay the money by a particular date or time period.