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Credit & Debt

Why Apply for a Loan When Getting Married?

Getting married is one of the most important and memorable moments of your life, as well as one of the most expensive. The average cost of a wedding in Canada is over $30, 000, which is higher than many young couples’ yearly income.

This doesn’t even account for the bridal shower and honeymoon!

The rising cost of weddings across Canada often cause younger couples to put off their big wedding day indefinitely. So, what can be done to help mitigate these costs?

One option is seeking the help of friends and family, which can be embarrassing depending on your situation. However, even with your savings and the help of others, you may still find yourself needing extra financial aid in the form of a fast online cash advance.

This article will explore why you might apply for a payday loan when getting married.

 

Wedding costs that lead people to apply for a loan

You may be wondering to yourself: “How do weddings become so expensive?”

There are a number of factors to account for when planning a wedding including:

  • The venue that hosts your event
  • Rehearsal dinner costs
  • Food and drink services
  • Music (DJ or a band)
  • Photographer

Considering that the expenses listed above are only the major ones (other costs like wedding dress and tuxedo need to be factored in), you can see how your wedding can quickly amount to the average cost mentioned at the beginning of this article. Because of the sheer number of costs involved, many people decide to apply for a wedding loan.

Should you apply for a loan for your wedding?

Let’s take a look at some of the options you have for financial help in covering the costs of your wedding, including applying for a personal loan.

Personal online loans service

A fast online loans service such as the one offered at Friendly Lender allows you to securely fill out an online form and receive a number of loan offers that you qualify for. You will usually receive your desired loan within 24 hours, making it a quick and easy choice for many.

Additionally, this type of loan service does not require a credit inquiry, which can negatively impact your credit rating. Applying for a loan online can provide a certain level of convenience and comfort that a traditional bank cannot offer.

Traditional Bank Loan

Another option is to apply for a traditional bank loan. This option can potentially work well for you but it’s important to remember that approval is much more restrictive and they will perform a hard check into your credit history, lowering your credit score in the process.

Home Equity Line of Credit

A home equity line of credit involves putting your home up as collateral for the repayment of a loan. This is not only risky but also means that, for younger couples that aren’t homeowners, usually the parents must take on the burden.

Put the Wedding on Hold

Sometimes, covering the costs of your wedding just doesn’t sit well within your budget. For this reason, many couples will extend their engagement for an indefinite period of time in order to save money.

In Summary

When taking all options into consideration, many soon-to-be-newlyweds find the accommodating nature of online loan services to be preferable to the alternatives. Even if only to provide a slight financial boost, the quickness and ease of approval make using an online loan application service a feasible option.

If you need a loan without credit check or have any questions, don’t hesitate to contact the team at FriendlyLender today!

Applying for an Online Loan is easy as 1-2-3

How it works?

Categories
Credit & Debt

Why Get a Micro-Business Loan Without Credit Check?

Small home-based business owners often struggle to find the financing needed to keep their start-ups afloat. Qualifying for a traditional small business loan can be difficult when the economy isn’t performing well and most bank loans end up being more than you require for your specific needs.

Applying for a payday loan with no credit check can be a viable alternative more suited to your small business. Here are some of the reasons you might want to consider this type of loan to meet the demands of your business.

A loan without credit check is fast

Running a home business can take up a significant amount of your free time, leaving you with very little to spare to take care of other responsibilities. If saving time is important to you, a micro-business loan without credit check will allow you to get the extra cash you need without spending long hours haggling with the bank.

When you opt for a fast online cash advance, you generally receive your loan within one day of your initial request. This allows you to keep your focus on your business rather than losing half a day or more going through a lengthy bank process.

No credit check, less restrictions

In today’s digital world, more and more people prefer to get a loan online instead of going through the traditional system. Two of the biggest reasons for this are limited restrictions in place and the fact that no credit checks are required.

Were you aware that getting a loan from a bank can hurt your credit rating?

You read that right, when you go to a bank for a loan, they perform what is known as a hard credit inquiry into your credit history. This can actually have a negative impact on your overall rating.

With an online cash advance, you can skip the loan credit check while avoiding the many restrictions put in place at your local bank. This means you can spend your loan on your home business however you please without worrying about a potentially damaging credit inquiry.

Serve your needs only

Oftentimes, when running a micro-business, you will only need a low influx of cash between a couple hundred and slightly over a thousand. Online loans generally range from $100 to $1500, which is more suited to better serve the needs of your home business.

Most financial institutions don’t find it worthwhile to offer loans in such small amounts. If you want to avoid having to take out more than you need, a loan without credit check is the way to go.

Summing up

Finding the right loan for a micro-business can be overwhelming when going through your local financial institution. Bank take much more of your spare time to acquire a loan and can negatively impact your credit rating by performing a hard credit check.

In addition to this, the amount most people need for the operation of a micro-business falls short of what the bank is willing to lend you.

If you have any questions or would like to apply for a Friendly Lender loan without credit check, don’t hesitate to contact our team!

Applying for an Online Loan is easy as 1-2-3

How it works?