The communions cost € 4,000 on average, although they can reach up to € 8,000 in budget according to a report from the UCA-UCE on the expenses of celebrating First Communion. Faced with these high costs are many families who can choose to go to a consumer credit to pay for the celebration . It is important to bear in mind that, before requesting financing, it is advisable to take into account several guidelines to do it responsibly and to pay as little as possible for the financing.
The 3 fundamental aspects before contracting financing
The banquet is the part that takes more budget , € 3.186 on average , the suit (average € 480 for girls and € 270 for children), accessories, photographic report or animation for the celebration are the main expenses in which we spend most of the money. If we are thinking of hiring a consumer credit for communion, we must take into account the following aspects:
1 – Do not finance the total cost so as not to borrow too much
It is always advisable to finance only a part of the expenses derived from a celebration. Thus, in this case we could request a consumer credit to pay, for example, the banquet and the rest do so with our savings. So the amount owed will not be so large and we can settle it as soon as possible.
2 – Find a cheap loan
If they are large expenses, credit cards will not be the solution since their interests are around 24%. If the amount we want to finance exceeds € 3,000, it is best to go to consumer loans to pay for it since their interests are usually around 8% . In addition, we must look for loans that do not have commissions or linked products to avoid other additional expenses. Among the credits for consumption destined to finance celebrations with better conditions at the moment we find the Cofidis Project Credit :
|Project Cofidis Celebrations Credit||€ 4,000 – € 15,000||From 7.5% TIN (8.25% APR)||
As we can see, not only is your APR in the average of personal loans, but it also has no commissions or liabilities and does not require changing banks to access it. The only thing we need will be to present, in addition to our identification documentation, the proof of purpose.
3 – Shorten the term to save on interest
Once we have decided what part of the expenses of the communion we will finance and we have chosen the credit with the best offer, it is time to choose how many installments and how much we will return the credit . It is advisable to shorten the term as much as possible for two reasons. The first is that we can settle the debt before it is not combined with other extra expenses such as holidays or “back to school” and, second, because the shorter the term less interest will be generated. To see it more clearly, let’s imagine that we decided to finance € 4,000 with Cofidis consumer credit during different periods:
|€ 4,000||8%||6||€ 682||€ 4,094|
|€ 4,000||8%||12||€ 348||€ 4,175|
|€ 4,000||8%||24||€ 181||€ 4,342|
As we can see, the shorter the refund, the less we will pay. However, it is important to choose a fee that is commensurate with our level of solvency so that the payment of the credit does not imply an imbalance in our monthly economy.