Loan for marriage: Social Institute or personal?

To organize one of the best days of your life you could ask for a wedding loan, but how can you do it? First of all, however, it is necessary to decide whether to apply for a specific loan ‘for weddings’ as can happen for Government Agency ones, or to use a personal loan.

The choice may have limits in the case of the Government Agency wedding loan, due to the belonging to the public sector and the contribution to the Unitary Fund for credit and social management. On the other hand, for personal loans you have to find a compromise especially if you are without a paycheck and without other personally demonstrable income.

Loan for marriage or personal loan?

Loan for marriage or personal loan?

Opening the web there are many proposals by famous financial as Agos, online banks like Across Lender and Spin Lender ( see here the useful contacts ), a loan for marriage. 
However, very often these are personal loans, which by their very nature can be used for any type of purpose, from marriage to a holiday, from buying a car to spending on health and beauty, etc.

A real wedding loan should instead be finalized. A loan therefore requestable and usable only to support the expenses related to the ceremony (for example the floral decoration, the clothes, etc.) or for the part of the restaurant (catering or restaurant, entertainment, etc.). The difference between the two types is very clear:

  • a personal loan can be used as a loan for the wedding but it is not necessary to indicate the motivation or even prove it (with invoices, receipts, quotes, etc.);
  • a finalized marriage loan must be proven.

It is a rather rare type. In addition to the Government Agency one, there are few other possibilities, which may be temporary, such as the one that Poste Italiane had proposed for a period of time).

Government Agency wedding loan

Inpdap wedding loan

The Government Agency marriage loan can be requested by the Member from the Unitary Fund for himself or for a child. It is one of the five-year multi-year loans, which provides the following conditions:

  • the maximum amount payable is $ 23,000.00 (this limit cannot be overcome, even if two are entitled to apply for the same marriage);
  • the application is telematic with the appropriate forms.

To this request must be attached:

  • self-certification of the marriage which took place (provided that more than a year has not passed) or a substitutive declaration of valid publications;
  • self-certification of the family status or self-certification on the relationship if the child is not in the family status.

Since this is a multi-year Government Agency loan, the repayment will take place with a deduction upstream of the amount of the installment, for the entire duration of the repayment, which may be a maximum of 60 months.

Personal loans

Personal loans

If you are looking for a personal loan for your wedding, and you are without a paycheck, you must find a guarantor who has a sufficient income capacity, or a co-obligation. Different the speech of a transfer of the fifth that, we remember, is however accessible only to employees or retirees.

Some estimates must be made, which can also be requested online (for example on the Agos or Spin Lender website) or make some requests to your bank or to some other credit institution.

In all cases, a sustainable installment must be chosen, for the entire duration of the chosen amortization plan. The maximum sum of the marriage loan will depend on the bank or financial institution chosen, the amount and the duration.

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