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Should You Get A Wedding Loan?

Jun 19, 2019

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You deserve a wedding celebration as incredible as the person you’re tying the knot with – but your big day may come with a high price tag. The average UK couple pays over £32,000 on their marriage and honeymoon vacation. Ideally, some people would use savings to pay for your wedding, but that isn’t always a choice. A wedding loan, however, can be your right alternative- which won’t add insult to injury.


Wedding Loan?

A wedding loan is an unsecured personal loan that couples use to finance their wedding day. The credit works the same way- a personal loan does. The borrower gets the loan and then repays it over time.

Some online lenders view this type of debt as wedding loans, while others designate it as loans used for unique occasions (such as holiday loan to use the funds for their honeymoon).


Wedding loan – Know what to consider?

Applying for a loan is usually simple. You can typically apply online – or, apply in-person at the lender’s office.

However, before you begin the application process, here are some useful points to consider:


How much do I need to borrow?

First thing first, draft up a budget. Estimate the costs of your planned shopping, and get quotes from detailers– these may include the venue, caterer, florist, and outfits. Calculate the number of guests- you plan to call for the big day, as this can have a big impact on cost. Work out the total and how much you’ll need to obtain.


What can you afford to repay?

It’s essential to consider how the repayments will influence you and your partner. After all, you want to enjoy being newlyweds, not worry about financial troubles. Work out what you can conveniently afford to repay. Also, consider the credit repayments according to the loan term, as this can affect your plans for the future.


Who should take out the loan?

If you hold a better credit rating than your prospective spouse, you may get a better deal for the loan. But remember, this implies you’ll be solely liable for paying it back to the lender. However, if both of you don’t have a promising credit record, then some lenders might still grant you bad credit wedding loans.


How much one can borrow as a wedding loan in the UK?

Every lender has their defined policies- for how much they offer on wedding loans. The credit is extended from £1,000 up to £25,000 or more to help couples finance the wedding of their desires, or use the funds for any other financial responsibility.


Advantages of Wedding Loans

Here are some of the reason to choose wedding loans:

  • The credit helps to evade piling up debt on credit cards, which charge a higher rate of interest.
  • Once you have the cash in your bank, you can execute your planned dream wedding, without putting restrictions on your pocket.
  • Paying for a wedding with a wedding loan allows you to budget for the repayments and to choose the desired term.

 

However, before you take out wedding loans or borrow money for any reason, you must always create a plan to evaluate the repayments of your debt so that it doesn’t follow you throughout your wedding.