Throw your special girl a once-in-a-lifetime celebration.
Where can I get a loan to pay for a quinceañera?
The type of personal loan you qualify for depends on your overall creditworthiness, financial history, requested loan amount and other factors. You may want to look beyond your local bank to compare online lenders, which might have easier eligibility requirements or faster turnaround times.
- Online lenders. The fastest way to get a loan is through an online lender. You can qualify for a number of personal loan options, and depending on your finances, you may be able to borrow up to $50,000. However, interest rates tend to be higher than what you’ll find with banks and credit unions.
- Banks. Banks are one of the most common places people go when looking for a personal loan. Often, they offer the largest loan amounts at decently competitive rates. But if you don’t have good to excellent credit — or you only need a smaller loan amount — a bank may not be your best choice.
- Credit unions. If you have an account with a credit union, it may offer affordable personal loans with flexible repayment terms. It’s similar to loans from banks or online lenders, but they typically come with lower interest rates. Plus, many credit unions offer loans of smaller dollar amounts. So you may be able to borrow less than $2,000, which is most online lenders’ minimum.
Overall, you’ll want to borrow only the amount you need — taking out a loan for the exact amount of your costs can mean lower monthly repayments and less interest paid over the life of the loan.
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How much does a quinceañera cost?
The cost of a quinceañera can quickly add up to $5,000 or more, and fancier affairs can have price tags as high as five figures.
One way to estimate how much a quinceañera will cost is to write out potential expenses. List the basics — your venue, the dress, invitations, a caterer, a DJ and any beauty perks for the girl of the day and her friends. Consider flowers, decorations, party favors and other smaller costs, as well as the cake, transportation to and from the reception and a photographer, if needed.
A quinceañera is a once-in-a-lifetime occasion, but you may not want to break the bank for a party. Plan early and don’t be afraid to barter for services. You can throw a great party on a budget by keeping it simple and classy.
4 tips to save money before the quinceañera
Before you take out a large loan, consider ways to decrease the expenses that come with coming of age. Ask yourself these four questions:
- How can you save on food? Many families have a chef — aspiring or professional — who can help out. A sophisticated potluck could also help you save money.
- Know a photographer? If you have a budding photographer in your family or circle of friends, they could be a solid alternative to hiring a professional. Just be sure to set aside a bit of cash for their services — they’re still working, after all.
- Have a crafty hand? DIY decorations and hair styles can save hundreds of dollars you’d otherwise spend at boutiques and salons. It can also be a great way to bond with others and give the honored girl some control in the looks of her party.
- Any good sales coming up? Save money by hunting down dress sales or borrowing clothing and accessories from a chic friend or relative.
You may also want to consider opening a separate savings account for the quinceañera far ahead of the special day, if possible. Stashing away money early could take off some pressure and maximize your budget enough to avoid a large loan.
Plenty of people have thrown large quinceañeras on a budget. If you’re interested, try searching online forums to plan a spectacular celebration without spending too much.
How else can I pay for a quinceañera?
- Ask for help from loved ones. A quinceañera is a big event for the whole family, and you could find that your family is willing to help with venue cost, the perfect dress or any of the other expenses that come with this celebration.
- Put some costs on a card. While a credit card likely won’t cover the full cost of a quinceañera, putting some of the expenses on a credit card can offset the initial price of smaller items.
- Build up your savings. Quinceañeras don’t come as a surprise. Ask around to find top venues in your area, and get estimates with local services ahead of time. By planning ahead, you can start building toward the amount you need for your honored girl’s big day.
At the end of the day, a quinceañera can cost you thousand of dollars. If you have a large family, want an expensive venue or simply don’t have the savings for the blowout you’re looking for, a personal loan could make your quinceañera preparations affordable.
To find the best rate and terms you’re eligible for, compare multiple lenders before applying. You may want to consider savings tips and letting your family pitch in before taking on a big debt.