Are you in the midst of planning your honeymoon?
Couples spend an average of $4,500 on their honeymoons, and for good reason: now is the time to truly celebrate your recent marriage!
But it can be tough planning for a honeymoon if you’re tight on cash. While it is possible to plan a budget-friendly celebration of your love, it can be hard to sacrifice that beach vacation for a five-day road trip.
Luckily, there are solutions for couples looking for ways to finance their honeymoons.
In this post, we’ll discuss how you can use payday loans with no credit check to pay for the honeymoon of your dreams!
Read on for insight.
What is a Payday Loan?
Payday loans are a type of personal loan available to individuals in need of fast cash. Sometimes it can be tough making it from paycheck to paycheck, especially if you encounter an unexpected cost.
Medical bills, for example, can deplete paycheck income. Wedding costs or vacations can also make life difficult between paychecks. The same goes for planning a honeymoon!
Payday loans are called “payday loans” from the fact that they are designed to smooth the transition between paychecks. Yet they aren’t just for people who are struggling between direct deposits.
Payday loans are often easier to acquire than other personal loans. In many cases, they don’t even require a credit check to apply. This can be particularly valuable if you have poor or nonexistent credit.
Payday loans do have to be paid back within a shorter window of time. Sometimes this window is as short as a month or two weeks. They may also require frequent repayments, often once or twice a month.
Lastly, payday loans will require borrowers to pay interest on the sum they have borrowed. These APRs will depend on the lender itself, the loan’s terms, and the sum requested.
It is possible to secure a payday loan online or via an in-person lender. However, most payday loan lenders use online platforms.
Finance Your Honeymoon With Payday Loans
So how do you get a payday loan? Most importantly, how do you get a payday loan without a credit check?
You’ve probably already Googled “payday loans with no credit check”, but there are a few more things to keep in mind before you click on any of the search results that appear.
1. Identify Your Financial Needs
First things first. You need to know how much money your honeymoon requires before you go about requesting cash!
Sit down with your soon-to-be-spouse and craft a realistic budget for your honeymoon. Identify your destination and ideal length of trip. Most couples anticipate honeymooning for at least a week.
Next, get a good approximate cost for the following: airfare and transportation, hotels, food, excursions, alcohol, and entertainment. These values will naturally depend on the time of year you are traveling (and where you are traveling to).
Be sure to keep these price fluctuations in mind as you plan. Nail down actual hotel and airfare prices and quotes ahead of time.
Once you have this approximate cost, identify how much you currently have to front towards this cost.
Perhaps your betrothed has some savings left over, for example. Maybe your parents aim to chip in a little to your honeymoon fund. You may also have another paycheck coming in from work sometime soon.
Subtract this number from your approximate cost, and then round the result up to the nearest $100. This encompasses your financial need.
2. Research Lenders
Now is the time to research payday loan lenders. Before you do so, get a quick glimpse of your credit report so you understand what your creditworthiness might be for a payday loan.
This isn’t strictly necessary: payday loans with no credit check won’t require this knowledge for approval. Still, it’s wise to understand your credit score!
Look for lenders who are reputable and well-established in the industry. This is particularly important for online lenders.
Reputable lenders are also likely to be transparent about their terms. Look for lenders who offer pre-approval without a credit check, and those who specify APRs and loan repayment terms before approval.
Avoid any lenders who are vague about their terms or who designate high APRs (sometimes in the 400 or 500% range).
3. Compare Rates & Understand Terms
Request quotes from the lenders you’ve compiled on your list. Make sure you get full quotes from lenders that detail the loan’s APR, repayment terms, and installment information.
Keep in mind that the quotes with the highest APRs may not be the worst quotes. Other loans may require you to make payments twice a week, something you don’t want to be doing on your honeymoon!
If you are unclear on any terms, have a conversation with that lender. It’s vital that you understand all of the terms before you sign on any dotted line.
Overall, opt for the loan with the best rate, but also opt for the loan with the most feasible repayment schedule. Make sure you can meet this repayment schedule even after being away from work on your honeymoon (and away from a paycheck).
Ideally, the best payday loan for your honeymoon will enable you to start repayment once you’ve returned from your trip. What’s more, these repayments shouldn’t set you back from future bills and debt obligations.
4. Pay Back Your Loan Diligently
After you’ve received your loan and celebrated your marriage, pay your loan back diligently. Payday loans may have steep requirements, and defaulting on these may hurt your credit and incur fees.
Once again, make sure you have the capacity to pay back your loan diligently before you request a loan itself.
PayDay Loans With No Credit Check
It is possible to have the honeymoon of your dreams, even if it costs a pretty penny! Payday loans with no credit check can enable you to quickly finance your wedding trip.
Be sure to identify your financial need for a honeymoon before you request a payday loan. Then, spend some time researching lenders and comparing rates. Remember that the best loan should have a repayment schedule that suits you and your spouse’s needs.
If you’re looking for payday loans with no credit check, look no further than Bonsai Finance. Start a conversation now to learn more!