Filipinos love to plan there wedding in advance and consider it as a once in a lifetime importan event in there life. It can also be one of the most expensive, running P300,000 on average, according to some estimates. For those who don’t have that much, here is a great negosyo idea that created a new company out of Norwell, Mass., that could help: Wedding Payment Plan will finance your wedding.
Scott Almeida, 35, says he got the idea from watching a family friend succeed at financing orthodontia and Lasik eye and cosmetic surgery. “My first thought wasn’t weddings; it was funerals,” he laughs. “But weddings are a lot more fun.” He wrote up a business plan as a nighttime MBA student at Babson College and began raising money from family and friends. He also tapped $100,000 from an account that he and nine former classmates had set up to back whoever came up with the best startup idea.
Photo by weddingpaymentplan.com
That’s a good thing for those who are dead set on having a glamorous wedding they can’t afford. However, it seems to encourage couples to go in debt just to have an expensive wedding, when it would be much wiser not to start the married life in debt.
That is a wonderful idea – but how are you going to collect from Philipinos? unfortunately we are known as bad payers. What collateral can be required to protect the lender?