Should You Take Out A Loan to Fund Your Fairytale Honeymoon?

Your wedding day is one of the most important days of your life, so you are sure to want to plan every detail to ensure it is as magical as possible.

Once you have planned and budgeted your wedding day, you can start to consider your honeymoon options.

If you want to keep the magic flowing, you will want to choose a fairytale destination, whether that includes a secluded beach, an ancient castle, or a luxury resort.

Seeing as your honeymoon is a once-in-a-lifetime event, it can be more than worth splashing the cash for the perfect post-wedding vacation.

But with so much money spent on the wedding day, you could struggle to find enough funds to attain the fairytale honeymoon you are after.

If that is the case, you can always consider taking out a loan to fund your dream getaway.

Loan Options

If you do not have enough ready cash yourself to fund your honeymoon, you should consider taking out a loan.

You have two main options. Firstly, you could borrow money from loved ones. But if that is not a possibility, you can go with the second option: take out a personal loan.

Typically, you can borrow several thousands of dollars. You would then pay the loan back, with interest, over time.

The good news is that there are personal loans available that have low rates and no fees.

For instance, if you take out a personal loan of between $5,000 and $100,000 with SoFi, you can get a fixed rate as low as 7.99% APR.

So, it could be a good idea to borrow from a private lender to obtain a personal loan that can pay for your dream honeymoon.

Furthermore, many personal loans are quick to obtain, so you can start planning your fairytale honeymoon as soon as you qualify for a loan.

Benefits of Taking Out a Loan

In addition to being able to access the cash that you need to spend time in paradise with your new spouse and being able to obtain funds quickly, taking out a personal loan for your honeymoon has other benefits.

For instance, a loan enables you to go away straight after the wedding, as is traditional. No one wants to have to wait to go on a honeymoon, but without a loan, you may be forced to wait until you can afford it.

Furthermore, when you take out a loan and pay the amounts back on time, you can improve your credit score. In turn, that means you can be in a better financial situation in the long term for your future as a married couple.

Drawbacks of Taking Out a Loan

You will need to spend time determining whether getting a loan for your honeymoon is the right option for you, as you should never enter into a loan without ensuring you can pay it back.

And that is one of the key drawbacks: you do not get the loan money for free. It will probably take a few years to pay it back, so you must ensure you can afford it in the long run.

Starting married life in debt could put a damper on things from the very start of your marriage.

Furthermore, if your marriage should fail while you are still paying back the loan, settling the debt could become a bone of contention.

But as long as you know you can afford to take on the temporary debt and you know your love is forever, it can be more than worthwhile taking out a loan so that you can have the type of unforgettable honeymoon that you have always dreamed of.