Administrator • May 13, 2016
Did your partner propose to you during a romantic Valentine’s Day dinner or a picturesque spring walk in a park?
Congratulations! Spring is a popular time for engagements and weddings, and an exciting time for brides and grooms.
If you’re like most modern couples, you celebrated for a few days, called all your friends and family, and then turned to the Web to begin planning your big day.
Planning a wedding can be incredibly fun, but it can also be incredibly overwhelming. From finding a venue with your dream date available to planning all the perfect details from food to photographers to flowers, it’s normal if you feel like your head is spinning.
It goes without saying (and sorry to kill the romantic mood), but weddings are expensive! Did you know that the average wedding in Canada costs over $31,000?
It all adds up quickly:
The rings cost almost $2,500 on average. The engagement ring often much, much more
Brides spend an average of $1,847 on their dress, and another $497 on the bridesmaids’ dresses
The average venue and catering cost is over $9,000
And the average honeymoon costs almost $5,500
The worst part? Only 28% of Canadians who plan on getting married have a plan to cover the costs through savings or investments.
Surprised by how much everything adds up to? What’s most shocking was how few people have a plan to pay for their wedding – which means they will be borrowing money – possibly from the bank of mom and dad, but more often on their credit card.
That’s a lot of cake (pun intended!) and many young couples are unfortunately turning to credit cards to pay for their big day. The problem is that credit cards charge 20% interest on unpaid balances, so if you’re wedding doesn’t get paid off immediately, you’re in for a nasty surprise.
This is NOT the way to begin your marriage and not the best foundation for your joint financial future. That amount of high interest debt puts a lot of stress on a young family, and challenges even the strongest personal relationships.
If only there were a wedding loan – a loan designed for financing weddings – that give Canadians with good credit a fair rate and a fast and friendly application process.
Luckily there is! Many newly engaged couples have discovered Borrowell, an online lending platform that offer fast, fair and friendly personal loans, with a wedding loan designed specifically for financing your big day
Borrowell has a lightning fast application process. You go to their site, fill out a simple form, and get an instant loan offer with a customized interest rate based on your credit profile. Unlike credit cards, the better your credit, the lower your rate.
Unlike bank branches, that require you to visit multiple times and fill out reams of paperwork, the Borrowell application takes 60 seconds, to fill out. Once you’ve been qualified and after a few final steps, you can have the money in your account within 48 hours.
And at Borrowell, banking is friendly. If you have any questions or need any assistance with your application, their loan specialists will work closely with you and help you through the process.
Sounds like a breath of fresh air, doesn’t it?
So as you begin to plan your big day, know that you have options on how to pay for your wedding. Don’t ring up credit card debt to pay for your wedding.
Start your marriage on the right financial foot with a fast, fair and friendly low-interest wedding loan from Borrowell.
Checking your rate is free and only takes a minute. Plus, it doesn’t affect your credit score! Visit Borrowell.com/personal-loans
In this Borrowing 101, we’ll give you an overview of credit cards. You can also see other introductions to personal loans, lines of credit, and mortgages to help you understand how they work, when to use them, and what to be careful of.
The Borrowell Team
Apr 27, 2020
It's always good to know what you can do to improve your credit score, no matter where you are on your financial journey. Whether you’re looking to rebuild your profile or planning a big purchase in the future, increasing your score can mean more attractive interest rates and offers on things like credit cards, loans, mortgages and lines of credit.
The Borrowell Team
Mar 01, 2020
Borrowell® is a registered trademark of Borrowell Inc. All Rights Reserved. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to determine your credit profile. The score provided to you for educational use is the Equifax Risk Score.
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