Create an unforgettable wedding celebration with a wedding loan from MAXDA

You are planning the most beautiful day of your life and want exactly the wedding celebration you have always imagined? Do you also want the honeymoon to be dreamy and unique? It's no secret that finances play an important role. But with a suitable wedding loan from MAXDA, financing becomes child's play. You can conveniently apply for it online and benefit from attractive conditions. Low interest rates and tailored features are extremely important for an installment loan for the wedding celebration. What else you should consider is shown in this guide.\

What does a wedding cost

As with any financing plan, it's important to first determine how much money you need for a wedding. But what does a wedding celebration according to your wishes actually cost? This question cannot be answered universally because it always depends on your personal taste and wishes as a couple. Fortunately, experience allows a certain cost framework to be derived.

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The individual items of wedding costs at a glance

A successful dream wedding brings everything you as bride and groom could wish for. We have summarized the most important cost items with their respective price ranges in the following table:

Figure 1: Overview of the possible costs of a wedding celebration

In addition, you should also plan money for the honeymoon, which in many cases starts right after the celebration. The travel destination largely determines the costs for the honeymoon.

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What determines the costs of a wedding celebration?

The cost range for weddings is very wide, mainly due to the many choices available. According to a survey published on Statista, 64% of Germans in 2017 saw wedding costs between 1,000 and 10,000 euros. But what determines the expenses in each individual case?

The most important influencing factors at a glance:

• Number of guests: The number of guests plays an important role, especially for food & drink costs. Of course, the number of guests also broadly determines the choice of location because enough space must be available. 
   
• Luxury and comfort: Even more decisive than the number of guests is the level of luxury and comfort you want for your wedding. The large price range for the location, for example, results from the many possible alternatives. It makes a big difference whether you rent a small party room in a restaurant or a ballroom in a luxury hotel. This applies to many cost items and clearly shows how individual wedding costs ultimately turn out to be.

Once you know your guest list and have planned your wedding accordingly, you will also know how much money is needed.

Wedding loan – yes or no?

Your own wedding is definitely one of the moments you will never forget in your life. Nevertheless, many couples worry about taking out a loan to finance the wedding celebration. After all, it is often argued that it's only one day while the loan amount then has to be repaid over years. 
Fortunately, this is not the case if you choose a loan with the option of extra repayments when looking for a wedding loan. In that case, you can use the monetary gifts typically given at the celebration to partially or fully repay the loan. This keeps your loan costs low because you pay interest over a significantly shorter period. With a wedding loan from MAXDA, this option is available to you because extra repayments are possible at any time free of charge.

What to consider with a wedding loan

Are you interested in a wedding loan to pre-finance your wedding expenses? In that case, you should consider some aspects to keep the total costs low and obtain a tailored financing solution.

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Compare rates and use a low-cost wedding loan

The annual percentage rate (APR) is also a very important factor for a wedding loan because it determines the costs over the term. In the following example calculation we show you what differences in interest can mean for you as a borrower:

Figure 2: Example of potential savings through a loan comparison

As you can see, comparing loans can pay off, because that's how truly inexpensive offers can be found. The MAXDA experts compare offers from many banks when searching for a suitable wedding loan so your interest costs are kept as low as possible. 

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Extra repayments – especially important for a wedding loan

Extra repayments are an interesting option for any loan. But if you want to take out a wedding loan, free extra repayments should definitely be part of the package. They allow you to make additional repayments during the term in addition to the agreed instalments. This is especially useful if you expect special income during the loan term. 
A wedding celebration today almost always offers this opportunity. As couples usually already have a shared household at the time of their marriage, guests typically give monetary gifts. Typical amounts range depending on how close the guest is to the couple from €30 to €150 per guest. The example calculation using the inexpensive loan above illustrates the effect on the loan:
A wedding with 70 guests costs the couple €10,000. Guests gave monetary gifts averaging €90 per person, which are to be paid as an extra repayment one day after the celebration (3 months after taking out the loan). This results in the following effect on costs:

Figure 3: Example of the potential savings from using free extra repayments with the monetary gifts from your own wedding

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As you can see, you can save another €384.20 through the extra repayment and obtain the entire wedding loan for interest costs of only €123.38. You would also be debt-free after 13 months instead of 3 years. Use the wedding loan from MAXDA and benefit from free extra repayments!

Tip: Always pay attention to the effective annual interest rate when comparing loans, as it also includes any incidental costs for brokerage or account management. The nominal interest rate only describes the pure interest costs.

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Other interesting features for a wedding loan

As with any installment loan, there are other features for a wedding loan that may be of interest depending on your personal situation. These include:

• Payment holiday: Life can sometimes take unexpected turns and cause financial bottlenecks. A payment holiday helps you get back on your feet financially and then continue with the repayments. Some banks offer the option of a payment holiday free of charge if payments are otherwise always made on time. For a wedding loan this aspect is usually less important because large extra repayments quickly reduce the term and the remaining debt.
   
• Grace period: Some banks initially offer a repayment-free period of several months for their loans. You therefore start repaying, for example, only after a few months have passed. This can be interesting for a wedding loan if you are currently experiencing a small financial bottleneck. However, keep in mind that interest is usually charged during the grace period.
   
• Fully digital application: If you need the money for the wedding very quickly, a fully digital application is interesting. Here you apply for your loan online and upload all required documents online as well. As the loan agreement can also be signed digitally, you save the postal route and may receive the money within 24-48 hours in the best case. Speed is often not the main problem for a wedding loan, but it can be decisive in individual cases.

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What requirements must I meet for a wedding loan?

Since a wedding loan is a conventional installment loan, the same basic requirements apply as for any loan:
1. Sufficient financial means
Before you can take out a loan, the bank first checks your financial creditworthiness. This is mainly about whether you have sufficient income to properly repay the loan instalments. For this reason, banks always require proof of income before granting a loan. Income serves as security so that the lender could satisfy its claim by garnishment in the event of default. 
Of course, monthly expenses also play an important role for disposable income. For this purpose, banks use standard models and calculate average costs which they compare with income.
2. Clean SCHUFA report
The bank also checks your past payment behaviour. This is done via a SCHUFA report or corresponding credit reports from other agencies. Negative entries such as payment orders, garnishments or affidavits significantly worsen the chances of getting a wedding loan.

Wedding loan without Schufa – no problem at MAXDA!

If you have a negative SCHUFA entry, it is still very difficult to obtain a loan today. For many banks, the entry is practically a knockout criterion. In such cases, a loan without SCHUFA can sometimes help, where the SCHUFA report is omitted or at least does not play a role in the lending decision. If you are interested in a wedding loan without SCHUFA, MAXDA is the right place for you. We also work with lenders who specialize in SCHUFA-free loans and can therefore offer you attractive conditions.

Get started and save now with a wedding loan from MAXDA!

In many cases, a wedding is a once-in-a-lifetime experience. Take this opportunity and create a dream wedding that will remain a beautiful memory forever. Although financial considerations naturally play a role, potential costs should not stop you from realizing your wishes and dreams within a reasonable framework. With a wedding loan, you can use affordable pre-financing and quickly repay it through guests' monetary gifts or at least repay a large part. Take advantage of the options a wedding loan from MAXDA offers and benefit from free extra repayments, tailored features and low interest rates!

Also use our Loan calculator.