In every posture of benefits, there is always a tilting towards the other side, and that is why it is commonly said that there is nothing with an upside that does not have its own downside. It is just that most of the time it becomes easy to delve into when the upside of the subject of discussion outweighs its downside. This is the same for taking a credit union personal loan for funding your wedding ceremony, as much as there are a lot of advantages attached to taking this loan, it will be of greater advantage to as well be aware of the disadvantages that come with having to get a credit union personal loan for funding your wedding ceremony as this help prepare your heart in a way that nothing catches you by surprise.
These downsides of taking a loan to fund your wedding ceremony include,
1. Long term payment: Regardless of the terms of the agreement between the parties that are involved in the loan payment structure and strategies, you will definitely be making payments of a specific certain amount monthly until the completion of the agreed date and this will span long even after you have said “I do” and you will still have a huge amount to pay back with interest.
2. Additional money: As we all know a basic loan there’s always an interest to pay on the money borrowed, even though it is smaller when it comes to a credit union personal loan, no matter how small payments still have to be made and this money sometimes can run into hundreds and thousands of dollars depending on the amount you spend on your big day. And the kick downside here is that this payment takes a long time to complete and the celebration is just one day.
3. Increase in Debt Status: Asides from taking a loan for your wedding ceremony there are other things that might show up in the future that may require the urgency of getting a loan to sort out, however, when you get a credit union personal loan to fund your wedding ceremony it increase your overall debt-to-income ratio and this makes it more difficult to get other loans when you need it.
4. Tendency to Over Spend: Since you have access to a huge amount of money to spend for your wedding from the credit union personal loan there’s a tendency to overspend based on what is available at your disposal.