2017 - Should I get a personal loan for my wedding?
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Yes, you may. Considering there is no such thing as a wedding loan, you may get yourself a personal loan for the purpose of wedding.
However, you must take into account that a personal loan is an unsecured loan (no collateral required) to help you meet your financial needs for any personal purpose, be it a wedding, or buying a car or a house, it can be any personal expense.
Now, getting a personal unsecured loan depends entirely on your financial standing. The major considerations being,
- stable income for 2 years or more
- attractive credit history, i.e., a high credit score and few mishaps
- low debt-to-income ratio as the less debt you have the better it is
- a valid long term residential status in the U.S.
- whether you have a collateral or a cosigner to back it up
Depending on your standing on the above points, you may be offered a loan at a certain rate of interest. So, it's entirely up to you to decide if the loan is affordable or expensive, and whether it's worth it or not (considering wedding is a one time special event).
Hope that helps!
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