June 14, 2016

Planning a wedding is so much fun that it can be easy to get in over your head. You splurge here, spend a little extra there, and before you know it, you have committed to a wedding that is beyond your means. With deposits placed, and final payments looming, this can be a very scary situation for the bride or her parents to find themselves in. Find out what steps you can take to save your wedding when you run out of money.

It is really, really easy to end up planning a wedding that costs too much, especially because the planning can be spread out over many months. When you are only paying one-third to one-half of what things actually cost, it can be easy to lose track of the grand total. For some families, it is not until they get close to the wedding day and they start adding up all the final payments which are due that they realize they can’t cover their bills. This is a horrible situation for any family. What do you? Cancel the wedding? Stiff your vendors? Charge admission to the reception? No, no, and no.

What you should do first and foremost is have a frank conversation with your wedding venue and vendors. Explain your situation, and ask them how you can work it out. Be clear with them that it is important to them that their bills get paid so nobody thinks you are trying to weasel out paying what you owe them. Maybe the florist would be willing to downsize the centerpieces to trim costs. Or she could skip the expensive extras, such as the crystals in the bouquets to match your crystal bridal jewelry. The photographer might allow you to cut back to a smaller package or to have him come for the ceremony and through the cake cutting only, instead of taking pictures from pre-ceremony until the last dance. As long as the vendors have not actually spent money on supplies for your wedding, they might be willing to re-negotiate your contract.

As for your reception venue, call the event manager at once and make an appointment. Figure out your finances before the meeting so you have a clear idea of the difference between what you owe and what you can actually pay. If the gap is not insurmountably wide, it might be possible to get creative with the wedding menu to get your balance down (again, this would have to be before anything has been ordered for your reception). Choose less costly entrees and appetizers, substitute sparkling wine for imported French Champagne, or change from a full open bar to wine and beer only. In some cases, this will be enough to get your balance down to what you can afford.

If you still cannot afford what you owe the venue, you will have to consider more dramatic measures. Could they change the time of your reception from an evening wedding to a brunch? You could save …

It might seem ludicrous that people with bad credit can access significant sums of money fast, but in a world of financial opportunities, this is exactly what can be done. It depends greatly on the lender, of course, but there are $50,000 unsecured personal loans for bad credit borrowers available. It is simply a matter of meeting the criteria and getting the application in order.

How that is done, of course, is where the challenge lies. For people with very low credit ratings, it can mean several months – perhaps even a year – of careful preparation. What is more, getting unsecured loans approved for those with poor credit does not have to be a drawn out process either. It can be achieved fast.

Naturally, it makes little sense to most of us that lenders would approve a $50,000 personal loan without security in less than 24 hours. But there are logical reasons is why.

Reasons Applications are Rejected

The best place to start is to look at the reasons why an application is usually rejected. Needless to say, employment and income are both very important and failure to have them will ensure the application fails. After all, how is a $50,000 unsecured personal loan for bad credit borrowers supposed to be repaid otherwise?

Even with a steady job, the size of your income needs to be sufficient to cover the monthly repayments. Getting a large unsecured loan approved, for those with poor credit especially, can be next to impossible if there is not enough being earned.

Finally, a lack of clear purpose can be enough to turn the lenders off. This is because lenders are not interested in financing a lifestyle. They want to know that their loan is being used responsibly. A $50,000 personal loan with poor credit without security can be used constructively in many ways, not least in consolidating existing debts.

Getting A Cosigner

The difficulties in getting unsecured loans is that the lender has only the income of the applicant, and their word, to rely on. This can be insufficient in the case of a $50,000 unsecured personal loan for bad credit borrowers, where loan size and applicant reputation are both concerns.

By getting a cosigner to effectively guarantee the loan, this problem can be by-passed. A cosigner is legally committed to make repayments when the borrower is unable to. Safe in this knowledge, the lender is more confident of the chances of getting their money back. So, it is easier to get the unsecured loan approved for those with poor credit.

However, be warned that the cosigner for a $50,000 personal loan without security will need to have an impeccable record, with a high credit rating and an income large enough to ensure that payments can be made.

Fast Approval

Perhaps the most puzzling aspect however, is in getting fast approval on such a large sum of money. Normally, a $50,000 unsecured personal loan for bad credit borrowers would have to be carefully considered …