Taking out a wedding loan is one of the biggest financial mistakes a couple can make.With the wedding season upon us, brides and grooms are going to be shelling out big money to get married. U.S. couples spend on average more than $28,000 for a wedding, with the average wedding in bigger cities costing as much as $50,000.
These numbers don't even include the honeymoon, engagement ring, bridal consultant or wedding planner, all of which can add tens of thousands more to the cost of a wedding.
In the past, families of the bride and groom typically helped out with wedding expenses, but with the prices of weddings so high and people waiting until later in life to get married, it's becoming more common for the bride and groom to pay for part or all of these expenses.
This is fueling the growing trend of couples getting wedding loans.
Both secured and unsecured wedding loans are available, and loan amounts can vary greatly, from as little as $1,000 all the way to the high five-figures.
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