You and your future spouse want nothing more than to make your commitment official and begin your lifetime journey together. Unfortunately, you might find a few obstacles between the engagement and saying your "I Dos." Chief among them that weddings are expensive. One option is to finance your wedding with the help of a personal loan.

Average Wedding Costs

Even the simplest wedding can be costly. Every bride wants a beautiful wedding dress, and then there is the attire for the groom and the wedding party. Add in the venue, food, flowers, entertainment, photos, and the requisite bachelor and bachelorette parties, and it begins to add up quickly. This is before we've even thought about the honeymoon. Ugh!

According to The Knot, the average American couple spends $32,641. If you live in a city like Chicago, expect that average to nearly double to more than $61,000, while residents of New York will pay upwards of $82,00 for an average wedding. The Knot reports that the average reception hall alone costs $14,788 and couples spend as much as $2,300 on flowers and other wedding decorations.

While cutting back on some areas might be possible, the fact remains that weddings are still expensive and a cost that is out of reach for some couples. Financing your wedding with a personal loan might be an excellent alternative in these situations. Remember, this is one of the most important days of your life, so you want it to be special.

Personal Loans for Weddings

Personal loans for a wedding might also be called "wedding loans" by some lenders. If you see this term, it's important to understand that this is all marketing. These are all unsecured personal loans that you can use to pay for your engagement, wedding, and honeymoon expenses. When you shop for a personal loan, using a reputable lender such as a local bank should be a priority. It's a simple task to find a predatory lender that is ready to persuade you to take out a high-interest personal loan for more than you need. A better plan is to approach a local lender that has a commitment to serving its community.

Anyone can apply for a personal loan, but you should understand how these loans work so you can decide whether you, your future spouse, or both of you should apply together. Approval for a loan is based on your credit score, credit history, and debt-to-income ratio. These factors will also help determine your loan terms, such as your interest rate and the length of your loan.

Many couples choose to finance their wedding with credit cards, which have several disadvantages. Credit card use not only tempts overspending, but the interest rates on the cards can be outrageous, making repayment take longer and cost more over time. With a fixed amount from a personal loan, couples are more likely to stick to a budget and have a set of known monthly payments to repay the loan over two to five years. While no one likes to think of starting a marriage with a loan balance, an unsecured personal loan is an affordable and low-risk way to cover wedding costs while minimizing your financial stress.