How do get a wedding loan

In Spain, we spend an average of €20,000 to €30,000 to organize a wedding, so here we'll explain how you can obtain financing for this amount.

Wedding loans are very commonplace. A wedding ceremony is a unique and unrepeatable event, but full of small — and large — details that can raise the cost to infinity and beyond. This means that when organizing a wedding it is important to be aware of all of the elements and costs that the budget must include. There are couples who do not want to skimp on anything or overlook the slightest detail on their big day. For couples like this there are specific loans that will help them with the difficult task of organizing a wedding.

When planning a wedding, the bride and groom may encounter multiple expenses that they had overlooked, which push the initial budget and result in unexpected overspending. Having to pay this extra money can put a damper on the happiness and bliss that should be experienced by those taking this major step in life. Instead, the wedding can end up creating problems and headaches that could diminish anyone's enthusiasm for saying “I do”. That is why there are wedding loans.

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What elements must be included in the budget for a wedding?

The first thing to do for any couple who are starting to plan their wedding is to prepare two different funds. One is for the general costs and the second is for any unforeseen expenses that could arise. Although this may seem like an excess of caution, an event of this size always comes with some last-minute surprises. Just to give an example, if the reception is held outdoors there is a chance that it could rain... and renting a tent at the last minute is not cheap. These are the kind of costs that the fund for unexpected expenses will cover as well. Any wedding, whether civil or religious, can produce some unexpected administrative costs.

If there turns out to be no additional expense, we can use the money we have received for planned expenditure. And if these are already covered, then congratulations! A little extra money is never a bad thing.

As for general expenses fund, this includes many different elements including the following:

  • Catering: the wedding banquet usually represents the largest cost within the final budget. It is calculated that Spaniards spend around €15,000 on food and drinks for an average of 100 guests.
  • Invitations: these may seem somewhat trivial, but the invitations are like the letter of introduction for the wedding, and they must reflect the style of the bride and groom as well as the style of the ceremony. Will it be a wedding with strict etiquette observed, or something elegant but casual, or at the beach, etc. The best approach is to hire a professional, and that costs money.
  • Photos and video: ensuring that you will have a professional-quality reminder of that magic day will not be inexpensive. There are many wedding photographers available on the market, and it is a good idea to take some time to shop around in order to choose the most suitable photographer at the right price.
  • The wedding dress and suit: These days wedding dresses have become “democratized”, and there are now several brands that have launched more affordable lines. Nevertheless, a wedding dress has never been known as an inexpensive item. The suit worn by the groom can also represents a significant expense, although usually to a lesser extent.
  • Music and other extras: everyone will appreciate special music during the ceremony and dancing for the guests afterwards, or a good DJ during the banquet.

How can you get a loan to finance a wedding?

Although recent studies show that wedding budgets are on the decrease, it is still difficult to get all the money together at once. If this is the case, then relax. Financial institutions have two mechanisms available for addressing this problem.

The first solution is represented by what are known as “wedding accounts”. In reality these are just checking accounts or savings accounts, but where guests can deposit money in order to help cover the wedding budget for the couple getting married. If the idea is to keep the money in the bank for a while, the smartest approach would be to use a savings account.

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The second solution mechanism is to apply for a wedding loan. BBVA has a “weddings” section within its loan simulator. This simulator is very easy to use; you just need to select the amount of the loan (from €3,000 to €75,000) and the amount of time you will need to repay it. You can also use this online simulator to view the terms and conditions for the loan, without any type of commitment. As far as eligibility for applying for this type of loan, it should be sufficient for the couple to demonstrate the solvency required in order to repay the amount borrowed, plus the agreed-upon interest.

If you have any additional queries, you can always contact BBVA through any of its channels, and we can help you with any issues concerning the application and the terms of a wedding loan.

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