The marriage loan allows young couples to be able to fulfill their dream of life together in a more organized and serene way.
Especially now, in this bad moment of crisis, many couples decided to get married trying to postpone as much as possible the happy event, given the huge expenses that must be addressed. When it comes to marriage, in fact, it is necessary to remember that the established budget does not only concern the wedding dress, but we must add the photo album, the ceremony, the wedding rings and many other things related to it. Often, the budget set at the beginning is not sufficient and, therefore, several problems can arise, including the need to give up something important.
In order to ensure that everything proceeds in the best possible way and without renunciation, couples can rely on funding. The marriage loan allows you to receive a pre-established amount based on needs, stipulated by credit agencies or banks, which can be repaid in monthly installments according to the agreements made. It can be mainly of two forms, ie the purpose loan and the non-finalized personal loan.
The loan is finalized to cover the expenses of the marriage
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The finalized loan is made through an agreement between the seller and the bank or the credit agency associated with it and basically concerns goods, services or products sold. The pre-established amount is paid directly to the seller, who becomes the customer’s creditor; the applicant, therefore, will take care to pay the monthly installments. It must be said that when it comes to marriage, the goods and services that you need are varied, so they are not all bought in the same store. Furthermore, it also happens that the finalized loan is not available or that the applicant needs an additional sum of cash. In this case, one must rely on another form of financing which is the non-finalized personal loan.
Marriage and expenses: the use of non-finalized personal loans
This type of personal loan is defined as “not finalized” precisely because, even if the purpose of the loan is known a priori, the applicant is paid a sum on his current account without restrictions on the way in which he will use the sum and without having to submit further documents that specify the use or justify the reason.
In addition, the personal or non-finalized personal loan allows you to put all your expenses together in one debt and saves you on the fees for the preliminary investigation.
How to get a loan for the wedding
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The marriage loan is granted to users who have a paycheck or a demonstrable income so as to guarantee the expenses for the regular return of the requested sum. The loan can also be granted to fixed-term workers, provided that the amortization plan does not exceed the duration of the worker’s contract in terms of months. This type of loan can also be granted to non-EU citizens, provided that all the documents that are requested have also attached a valid document of residence permit.
The documents required to apply for the marriage loan are as follows:
– Valid identity document
– Last paycheck
– Certificate of marriage
– Residence permit for non-EU citizens
In the event that the applicant is a pensioner, the document requested is the pension or the OBIS model.
To apply for a marriage loan , however, there is no need for large guarantees to be presented, even if, in some cases, to avoid risks, the lender requests to change the installments. Or it can happen, as often happens, that the signature of a guarantor is requested in order to make the resolution of the debt secure.
What happens if you do not pay an installment or if you are late?
Failure to pay an installment may result in the unilateral termination of the contract by the debtor, which will oblige the customer to pay all taxes and bank charges, as well as for a late payment, in order to recover the costs.
If, on the other hand, the applicant interrupts the payment of the installments, the credit institute is obliged to increase the interest and to make him also pay a serious delay.
Or, even worse, it may happen that the credit institution inserts the customer into a register of debtors or laggards, which will be shared with all banks and banks: in this way, the customer will no longer be able or will not have so much ease in requesting another loan in the future.
On the customer side, however, there is the possibility of extinguishing the loan in advance of the pre-established amortization plan with a penalty which, by law, can not be greater than 1% of the amount to be paid and which is generally communicated earlier.
If, on the other hand, the penalty has not been referred in due time, the sum of the loan amount must be understood as the total sum to be paid without surcharges.
How much can you request?
A marriage loan gives the possibility to request different amounts according to the different needs of the applicant. The maximum amount that can be requested also varies according to the economic conditions of the person up to a maximum ceiling of about 60 thousand euros compensable in 120 months, or 10 years. The loan repayment time is generally referred to as the settlement plan. With regard to the latter, various possibilities of plans can be found which depend on the lending institution which grants the loan. There may be various types of loans for marriage , with small sums to be repaid in a short time, or others that have a very long settlement plan and then the monthly installments become negligible.
What can the marriage loan be used for?
The loan for marriage , being an unfinalized personal loan, can be used freely for the purchase or payment of any good or service that concerns the marriage itself. If you are in possession of the estimate of the sum of all the expenses, this can be a good personal method for the management of the liquid sum requested. It should be remembered that, as previously stated, the use of this sum should not be justified. The non-finalized personal loan can also be used for the purchase of the wedding dress, the honeymoon, the ceremony, whether religious or lay, with the appropriate set-ups and, finally, the receipt with the necessary wedding favors.