A Wedding Loan Option
​Unsecured loans, also called personal loans or signature loans, involve borrowing money without putting up any collateral. LendingTree personal loan offers allow you to shop for the best rates and terms for personal loans up to $35,000.

What Are Wedding Loans?
The cost of the average 2016 wedding was $35,329, according to the XO Group. It’s the highest recorded average, and a heavy price to pay to walk down the aisle. It’s one that most people can’t float even with savings. To finance these costs, many couples turn to wedding loans. Wedding loans aren’t something your financial institution will have on their register of products. Rather, they will issue you a personal loan you can use to finance wedding expenses. When you get a personal loan, you will receive all your money upfront. You can get an unsecured personal loan for your wedding — which means you won’t have to put up any collateral — but you will have to make monthly payments throughout a set term. Personal loans come with either fixed or variable interest rates. Fixed rates tend to look higher when you’re comparing loan options, but because they stay stable throughout the course of your loan term, your loan payments and costs are predictable. Variable rates change with the market, so you may see increased rates after you start paying, making monthly payments less predictable. With good credit and a favorable debt-to-income ratio, you may be able to get a personal loan with an interest rate much lower than a credit card APR, but rates vary widely by lender, loan term, loan amount and application qualifications.

Why get a wedding loan?
Wedding loans can help you avoid potentially undesirable situations like dipping into your savings or using credit cards with high interest rates to cover the costs of the celebration. It can also allow you to avoid asking family for money, but if you’re comfortable with that and can get a 0 percent interest loan from a family member, that may be a good route to take. It would allow you to spread out the costs of the event without incurring interest charges or loan origination fees. However, you may not have family members who are able to loan such a large sum, or you may be wary of the strain such a large loan would place on your relationship. Borrowing money for a wedding could also help you preserve your savings. A solid emergency fund is an important financial tool to have at your disposal, and you may want to keep that money where it is should a catastrophe pop up. Keep in mind that if your savings is allocated to something like a home purchase, though, taking out a large personal loan may affect how much money you can borrow for a mortgage, or even put your approval in jeopardy. Wedding loans may help you afford the day of your dreams, but be careful: You want to be sure you can afford any loan you take out.

The risks of financing your wedding
Financing your wedding may be able to help you afford more in the moment, but it can lead to financial stress down the line. Not only will you have to repay the money you borrowed to afford a great venue or invite more guests, but you’ll also have to repay interest.  Tara Falcone, a certified financial planner  and owner of ReisUP LLC, cautions against financing your big day.
“If you cannot afford a luxurious wedding upfront, you’re still not going to be able afford it with a credit card or personal loan,” she says. Merging finances with your partner “is tricky, anyways,” she says. “The last thing you should do is put a heavy debt burden on the relationship from the get-go.”  Money problems are one of the top three causes for divorce, according to the Institute for Divorce Financial Analysts. (The other two, incompatibility and infidelity). Adding debt to a new marriage could start problems early on. The money you have to allocate toward repaying a wedding loan could make it harder for you to reach other financial goals, like saving up to buy a house, have children or get out of student loan debt.

How to get a personal loan
If you are interested in getting a personal loan to fund your wedding day, the first thing you’ll want to do is some comparison shopping. You can use this tool to see who is offering the best rates and terms for your specific situation.
Here are some of the line items you’ll want to consider:

• Loan amount. How much will the lender let you borrow?
• APR. APR includes both interest rate and any origination fees, and it is the most effective way to compare the costs of financing across a range of lenders and products.
• Term. Your term is the amount of time you will be repaying your loan. Longer loan terms tend to have lower interest rates, but you’ll be paying a lower interest rate over a longer period of time. In many cases, this makes longer loan terms more expensive despite a lower APR.

Once you’ve identified a handful of lenders, fill out the application. Most will allow you to do so online. Be prepared with all of your basic identifying information, including your Social Security number and address, along with documentation to verify your income. Paperwork requirements can vary from lender to lender. Know that you do not have to be married to take out a joint loan for your wedding. You will need to put both partners’ information on your application, and understand that you will both be financially responsible for repayment, regardless of what happens to your marriage or individual employment situations down the line. If one partner has a stronger credit history than the other, it may be more advantageous to have the partner with the better credit apply on his/her own. This is especially true if the partner with the less-desirable credit score has low or no income.

How to get the best rate
Lenders will determine your interest rate based on a number of different factors, including your credit history and income.
For a personal loan, having a DTI below 36 percent is considered good, and a good way to improve it is by paying off your debt.  (When looking at your credit history, one of the determining factors will be your debt-to-income (DTI) ratio. A debt-to-income ratio is calculated by dividing total recurring monthly debt by gross monthly income. For example, if your monthly debts equal $1,000 and your gross monthly income is $4,000, your DTI ratio is $1,000 / $4,000 = 0.25 or 25 percent.
Lenders prefer for borrowers to have a debt-to-income ratio of less than 36 percent, with no more than 28 percent of that debt being paid toward the mortgage. Generally, it’s difficult for a borrower with a DTI ratio greater than 43 percent to be qualified for a loan.)  Paying off revolving debt (e.g. credit cards) will also help you improve your credit utilization rate. This number looks at how much credit you have extended to you, versus how much you are actually using. Using a small amount of your available credit can have a positive effect on your credit score, which can help you qualify for lower interest rates when you are borrowing money. You could also work to improve your DTI and credit utilization by increasing your income and, as a result, pay more toward your debt. Go for that promotion at work. Bring up salary at your annual performance review. Start a side hustle. The more documentable income you bring in, the better. Plus, you can use that extra cash to save for your wedding so you won’t feel like you have to finance it.

Other ways to finance a wedding
If a personal loan doesn’t sound like the right solution for you, there are other options. Falcone, the financial planner, used a credit card with a 12-month, 0-percent APR promo to pay some of her wedding expenses upfront. “We could technically afford our wedding, but we didn’t want to dip into savings,” she says. “We used it for large, upfront expenses. The caterer, for example. We made sure to pay it off in full, chunk by chunk, over the course of six months. We could do that at 0-percent interest with no financing costs.”  Because she paid off her balance in full before the promotional rate expired, she was able to maintain her savings and dodge paying any interest on her wedding expenses. If you have good credit, you may be able to qualify for a credit card with such a financing promotion — with some offers available now, you could get nearly two years of interest-free financing on new purchases. Another option is a home equity line of credit (HELOC), if you’re a homeowner and have equity in your home. When you have a HELOC, you can tap it for specific amounts of money when you need it.

How to use a wedding loan responsibly
If you choose to pursue a personal loan, you’ll need to know how much money you need up front. It’s important to not borrow more than you need. If you do, you’ll end up paying unnecessary interest. On top of not borrowing more than you need to pay your wedding bills, you also want to make sure you keep your wedding budget in a range where you’ll be able to reasonably pay off your debt. Missing loan payments can significantly damage your credit standing, which could hurt your ability to rent a home, get a mortgage or, in some cases, get a job. To avoid these pitfalls, sit down with your partner and figure out how much you can reasonably afford to pay each month. Then, weigh your budget against the personal loan quotes you receive. If your wedding expenses will result in a monthly bill that will exceed your budget, you must lower your wedding expenses.

How to avoid financing a wedding with loans or credit
Falcone passionately warns against the dangers of financing a wedding you can’t currently afford. She also has some tips for keeping your costs down so you won’t have to apply for credit in the first place. First, for her wedding, she kept her guest list as small as possible. The same XO Group study that found the record-setting average wedding expenditures also found that cost per guest had gone up over previous years. Consequently, one of the most effective ways to cut your wedding costs is to limit your guest list. Falcone also looked at the resale market. For example, she wanted a very specific — and very expensive — wedding dress for her big day. She researched what she might be able to sell it for after she and her husband had exchanged vows. “I knew I’d be able to sell it for roughly half of what I paid for it,” she says. “I essentially split the cost with another bride.” Finally, she negotiated and stuck firmly to her budget with each vendor. “Whenever a company or a provider hears the term ‘wedding,’ for whatever reason, instantly the prices jack up,” she says. “If you have a set budget in mind for food, venue, music, a photographer or flowers, make sure you go into the meetings with that number, and don’t budge. A lot of times they’ll be willing to work with you rather than lose your business.” Falcone also notes that while the decision will have to be weighed for each individual couple, waiting to get married in order to save for a more lavish event is another option. If you must have a big, expensive wedding, she recommends this over going into debt.

For the full article and additional financial advice, visit www.lendingtree.com/personal/wedding/#what-are-wedding-loans

Recorded at the Wedding Festival on Saturday, February 4 at the US Cellular Center in Asheville.

Hello I'm Eleanor Campbell with Events for You. I’ve been a wedding planner in Asheville for over 23 years.  I've worked most of the venues in the area and have encountered all kinds of situations, good and bad, and worked with every type of wedding from a small budget to a large budget. I am here to answer your questions – anything to do with weddings. No question is too dumb! Who’s got a question for me??
 
Q: Where do I start?
Answer: Great question! The first thing to start with is the venue, because a lot of venues book up quickly. Asheville is a very popular destination for weddings right now, and certain times of the year – spring and fall – are also very popular. So, first look at venues. There are some great ones here today. Then take a look at your budget. Now, both of these require knowing how many people are coming. So, next, work on your guest list. Once you know how many people, and how much you have to spend, that will help you narrow down the venue.
 
Q. Speaking of budget, how do I set a budget? What is a reasonable budget?
A. Another great question! I’ve worked with budgets anywhere from 5000 to 25,000. In this area, I'd say the average is about 10-15,000. Can you do a wedding for 100 bucks? Maybe. Can you do it for thousand? Yes! How can you do that? Get married at a church and have a small reception in the reception hall with cake and punch and that’s it. It goes up from there as you add more things. So how do you create a budget? Look at what you and your fiancé want to spend -- how much cash do you have? Do you want to take out a credit card or a loan to add to that? No? Then talk to both sets of parents -- see what they're willing to contribute. Grandparents, maybe? After that, that's your budget. Budget still tight? The best way to stay within that budget is to limit the size of your guest list.

Next question?
Q. I have a niece who is nine years old -- should she be a flower girl or is she a junior bridesmaid? What is the age cut off?
A. Generally flower girls are ages 4 to 8 and junior bridesmaids 8-14, so she's right in the middle. A lot of it depends on her age and maturity level. So if she is a shy nine-year-old she might do better as a junior bridesmaid -- that way she's just walking in the line with the other girls. If she is a real ham and loves to be the center of attention -- flower girl. (Speaking of which, she might steal the show from you – so think about if that would bother you beforehand!) The flower girl’s job is to spread flower petals for the bride to walk on. No need to make it too complicated. Anyone over six, you can ask them if they would like to be a flower girl or a bridesmaid and they can probably tell you. If they say yes, great, go with it. But if they say no, you've got to accept their answer  --  bugging them about it every time you see them or having their mom force them to do it just because you think you have to have a ring bearer never works. Lots of tears. What are ring bearers anyway? Why do we have ring bearers? You know, in the old days, it was a custom to have little boys carry the train of the bride. They walked behind her, carrying her train. They were “train bearers”. As trains got shorter, they came up with the idea of having them carry the rings. I don't know how many of you would trust your five year old nephew with your wedding rings, right? [Laughter] So the ring bearer thing is kind of going away. What I see more now is a young man carrying a sign that says “here comes the bride” -- again – no need to make it too complicated.  What about doggy ringbearers? Anyone thinking of having their dog as a ringbearer? [show of hands] That is a great idea, too.  Just remember, with dogs, as with young children, they are a little hard to control – so they may get to that date and they may not want to walk down the aisle. Always have a backup plan  -- whether it’s their mom or a bridesmaid or a groomsman stepping in to take their hand.
 
OK next question
Q. Someone asked about day of coordinators. What do day of coordinators do?
A. In the old days we were called wedding planners. That was the first person you called after you got engaged. They would guide you through the process of selecting vendors and venues and flowers et cetera, et cetera. In the ‘80s, people like Martha Stewart starting putting out books and magazines about wedding planning, and then came the internet, so most people now have all the tools and resources they needed to plan their own weddings. Thanks, Martha, you just about put us out of business! [laughter] So, you may not need a planner anymore, but you still need someone to help you that day. Because the venue is only focused on their part of things, the caterer is only focused on the food, the photographer only cares about the photos, et cetera, et cetera, so who is looking out for you? Because, after all, that day you should be off getting ready and hanging with your friends -- it's really hard for you to do your own set up and make up at the same time! And it's really not fair to ask your mom or your aunt to do it, because they need to get ready for the wedding, too. A day of coordinator is concerned with making sure things go right -- making sure your vendors get set up in the right place, making sure your decorations get put in the right place, making sure the first dance and cake cutting happen at the right time. The day-of takes your place that day and directs things and keep things running smoothly. A lot of the venues are now requiring a day of coordinator. Because people are bringing in more decorations and games and corn hole and giant guestbook boards et cetera et cetera, and that is way more than their staff can set up and still get all their stuff set up. The day of coordinator also handles any emergencies, and I can tell you that comes up a lot! Your Aunt Betty may be a great organizer, but can she handle it if the flowers don't show up -- can she run to the grocery store and makes some quickie flower arrangements for you? What if the musicians get lost? Does she have a violinist on speed dial? There’s all kinds of things that come up. What if the heat or air conditioning goes out at the venue? That's not something you want to be worrying about when you're out there dancing!
 
Q. What does a day of Coordinator cost?
A. You know, the price varies depending on how many hours they're going to be there and how big your wedding is. If you’re having a big wedding, they're going to need more than one person there. It also depends whether they do any planning with you ahead of time. I would say in this town it's anywhere from $500-$1500.

Q. Do we need wedding insurance?
A. That's a great question. Wedding insurance is a little bit different from your car or renters insurance. That’s insuring property if something bad happens. But wedding insurance is insuring you if something bad happens. But that is a good place to start. Ask your current agent, or have your parents ask theirs if they are throwing the wedding, are we covered if something happens? What if there’s an accident at the wedding or after the wedding because of alcohol? Now, wedding insurance covers that and more - We had a situation recently where a very popular wedding venue burned down – we got those clients relocated, but we still don't know if they're going to get their deposits back –  so wedding insurance covers things like that. You lose your rings, your little sister plays dress up in the mud in your wedding dress, there’s a hurricane in Florida and your honeymoon city gets evacuated…It's very easy to get online. It costs between 100 and 200 dollars and it's well worth it.
 
Q. We’re doing our own food and bar and the venue says we need a licensed bartender, where do I find one?
A. Yes, even if they didn’t require it, you need a professional bartender for the same reasons we talked about with insurance. What if something happens? There's not really a bartending license but there are tests they can take that show that they know the alcohol laws. You want someone with experience. You really don't want to put your friend in a situation of having to tell someone that they've had too much to drink. But what you really do want to do is protect yourself. We’ve had situations where someone was overserved at a wedding and later had an accident -- the hosts are getting sued, the couple is getting sued, the caterer is getting sued -- so you really don't want to put yourself in that situation. Look for an event staffing service – there are a couple here – or a mobile bartending service. Perfect Mix Mobile Bartending is here at the show – go see Dave over there and ask him about it. Professional bartenders can also tell you how many bartenders to have, help you figure out how much alcohol to order, help you create some really cool signature cocktails – all kinds of things. They can make the party fun while still keeping things safe.
 
So I think that is about all the time we have for now, Please feel free to come by and see me in booth 303, Events for You, if you have any more questions. And enjoy the rest of the show! 

If you are on a budget and need to save some money, here are five things you can do without, no matter what the magazines, websites and/or your Aunt say.

1. Save the dates - Just send an email, create an FB page, tweet an engagement photo, or Instagram a photo of a mock save the date. You don't need to mail out a fancy piece of paper to tell people you're getting hitched in this day of social media. Save it for the invitations.

2. Favors - Favors have been done to death. Most of your guests have loads of these trinkets by now. And if they are traveling, they may not have a way to get them home. Even the "donation in lieu of" misses the point. You've given them a lovely evening and a great meal; you don't need to give them anything else. The point of a favor is to thank each guest for coming. Be sure to take the time to thank each guest in person at the event, and again in your thank you notes. 

3. Fancy shoes. Except for that one photo in your album, no one is going to see your shoes. You'll probably want to kick them off when the dancing starts anyway. And by the end of the night they're usually trashed. Buy the plain white satin ones from Payless  -- and save yourself a couple hundred $$. (p.s. The same might be said for veils.)

4. Appetizers. I've seen people spend so much on food before dinner, that no one is hungry at dinner. Still, you do need to provide some nibbles, especially if people are drinking. Don't be afraid to stick with the old fruit and cheese tray, and some pretzels, popcorn, or nuts. You might ask the caterer if you can pick these up at Sam's to save some $$ and put a little extra into dinner itself.

5. Pew markers. These are the flowers, bows, or lanterns that line your ceremony aisle. They provide a brief wow as your guests arrive, make an appearance in a couple of photos, and 30 minutes later they're gone. You might think they're worth it because you'll reuse them at the reception. But, honestly, by the time the guests have left and your coordinator has packed them up and moved them, the guests are already at the reception. (And moving those hot candles can be perilous). Better to spend a little more on reception flowers and keep the ceremony decor as simple as possible. 

Thanks for reading. If you have some other good "do withouts", post a comment so I can share it with other brides on a budget.