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Layaway weddings are becoming a trend, but how does it work?
Weddings, no matter the budget, can really pinch your wallet. So brides and grooms are taking a new route. They're putting their wedding on layaway. FOX 5 I-Team's Dana Fowle explained how the new trend works.
ATLANTA - Weddings. No matter your budget, they really can pinch your wallet. So brides and their grooms are taking a new route by putting their wedding on layaway or "wed now, pay later."
New payment options are updating to keep up with the cost of a wedding. According to The Knot an all-things-wedding online platform and magazine, it writes that the average wedding costs $28,000. Georgia hits close to that national average at $27,000. That is so much money when you are starting out as a couple.
Traditionally, that’s been paid for in a variety of ways — by parents, savings, loans or credit cards. But there’s been a refresh in tradition. Couples have turned to the "buy now, pay later" trend, a bit like layaway where you agree to installment payments.
They’re using a site called "Maroo," which says you "book, now and pay later."
Here’s what you do. You pick a participating vendor. Maroo runs a soft credit check, which means it won’t affect your credit score then you can pick a payment plan which can be three, six, or 12 months. When approved, Maroo pays the vendor in full. You are basically then paying off a short-term loan, but it’s interest free even if you default. But, if you don’t pay, it will go to a collection agency.
There is no sign-up fee. Maroo makes money through the vendors.
There are other emerging similar platforms, so, if you are planning a wedding, do your research for options.