Weddings can be a joyous occasion until the bills start coming in. The KNOT recently conducted a survey that looked at the rising costs of weddings. It found that Manhattan is the most expensive place to get married where the average wedding costs $78,464.
Outside of Manhattan, the average cost for a wedding is $35,329, according to that same survey.
Most brides will all agree that unexpected costs always arise. Bridal Guide Magazine put together a list of the 30 most popular unexpected expenses that brides forget to budget.
For example, many brides need a last-minute seamstress for final adjustments on their dresses. This is a cost that is rarely factored into the final budget.
So what happens when your wedding planning exceeds your budget? Or maybe you need a last-minute deposit on a party you weren’t expecting? Collateral loans can be a quick alternative to cover these unexpected expenses.
Keep in mind this is not a wedding loan, but a small cash loan of no more than $10,000. The purpose should be to help you cover short-term expenses.
Wedding Alternatives for Short-Term Loans
Unfortunately, most short-term loans can be costly with an annual percentage rate that exceeds 700 percent in some cases.
The cost for a short-term loan will vary by lender and state, but generally, short-term lenders charge fees based on the total amount borrowed. For example, consumers should expect fees ranging from $15 to $30 for every $100 borrowed, according to industry standards.
Provident Loan Society of New York is a non-profit organization that is typically half the cost of most commercial pawn shops. It charges an interest rate of roughly 26 percent, and with lower fees.
Provident Loan Society offers cash loans up to $100,000 for gold, jewelry fine, watches and silverware that is placed as collateral.
If brides-to-be find themselves in need of short-term cash, they should look for collateral items that they won’t need or want in the short-term. It’s obviously not a good idea to pawn your wedding engagement ring. Instead, brides should look for items like that forgotten silverware hidden in the back of the kitchen cabin. Or jewelry, maybe from the ex-boyfriend. These precious metals, gems, and silverware can help you cover those unexpected wedding costs.
If you need last-minute cash for an unexpected wedding cost, brides and grooms can bring their ID and their item to one of the five Provident Loan Society locations in New York City. Their appraiser will review your item and tell you how much money you can borrow against the item.
About the Author
Aestraëlyse Chapman is studying International Business in The Netherlands. She currently lives in Manhattan.