Planning to fund your wedding expenses with the help of a Personal loan for wedding in the UK? LoanTube can help. ⭐Read facts ⭐Apply online ⭐Compare
For most of us, the memories of our wedding day will be etched into the circuity of our memory and our souls much like the etching on an engraving on a trophy. It’s an apt analogy because when we find someone who we want to spend the rest of our lives with, we have truly won the game of life. It’s far easy to face life and all of its many difficult challenges in the company and in the arms of a soul mate – a partner with whom we are inexorably connected and to whom we turn for fun, comfort, and brand new happy memories.
In this article, the LoanTube team looks at:
- why people take out loans to pay for their wedding
- how to decide on a wedding budget
- how to work out how much of the wedding you can pay for now
- how to use LoanTube to finance the shortfall between what your wedding is going to cost and how much cash you can raise now.
Why Do People Take Out Loans for Wedding Days?
These figures, from research, carried out by respected online wedding planning site Weddingday, show how much weddings and honeymoons cost British couples:
|The Wedding Service||£520|
|Entertainment for the day||£850|
|Decorations and Balloons||£460|
|Hair and Beauty Expenses||£170|
|Clothing for Attendants||£575|
|Wedding and Reception Transport||£480|
|Hen Nights and Stag Nights||£280|
|First Night Hotel and Honeymoon||£3,400|
That sounds like a great wedding day – and this one would cost you £18,500. That’s slightly over the British average of £17,913 (source: Independent). But is that actually the average? It’s very hard to get figures on this so much so that Hitched, another highly-regarded wedding site, state that they believe the average cost of a wedding in 2018 was £32,273. Who’s right? It’s difficult to tell.
One thing is for certain though – your wedding day will likely be the second biggest cost in your life behind the deposit you put down on your forever home. For most couples, there are little opportunities to raise the cash needed for that perfect wedding day other than to look for credit.
First Thing’s First, Decide on a Budget
Ultimately, it’s up to you and your other half to decide what you want for your special day. The best thing to do is to start working out exactly how much all of your ideas cost by getting quotes from trusted and reliable suppliers. This will give you an idea of whether the plan is affordable or not.
When all of your quotes have come in, sit down with a piece of paper and divide it into two columns – the left column with what it is you’re thinking about and the cost in the right-hand column. Add everything together and then you’ll know how much your dream wedding would cost.
If you’re happy with this amount, great. If you think that the amount is far too expensive, start crossing off the items that you and your other half believe that you could do without. Every time you cross off an item, make sure you also deduct the cost of that item from the grand total you came up with.
Then, Work Out Exactly What You Can Pay for Yourself
Now that you know how much a wedding day that would make you happy would cost, it’s time to figure out how much you can contribute towards the wedding yourself. How much do you and your partner have in savings right now? How much will you be able to save up between now and the big day?
How much slack is left on your bank overdraft and on your credit cards? How much of that slack would you feel comfortable using towards the cost of the wedding? Don’t forget to include on your calculations the amounts of money you might be receiving from friends and family – that could make a big difference.
What’s the difference between how much it costs and how much you can raise? Now the next step.
Finally, Make Sure You Can Make Repayments on a Wedding Loan
LoanTube is an online loan comparison website. So, we would always ask you to make sure that, whatever debt you take out to pay for the wedding and for the honeymoon, please make sure that you and your partner will be able to comfortably afford all repayments in full and on time so that paying for your wedding day doesn’t turn into a long-term nightmare.
Now you know the difference between how much your wedding costs and how much you can raise from savings, from family, and from your current debt facilities, you’ll have a firm figure in mind of the remaining amount of money you need to raise to make your big day happen.
Here’s where LoanTube can help.
Loans for Weddings – How LoanTube Can Help
The chances are that your wedding day will be the best and most memorable day of your life, even rivalling the day you have your children. You’re surrounded by people who love you and your partner and who wish you both the very best for the future.
It’s no surprise that you and your partner want your wedding day to be perfect but, as we’ve seen, the costs can spiral so it’s really important that you agree on a budget and that you do everything you can to stick rigidly to that budget.
But what if the budget you’ve decided is higher than the amount of money that you and your partner have saved up and, if you’re lucky, your parents and your partner’s parents? You can apply to borrow the difference with a wedding loan from LoanTube, regardless of whether you have bad credit or not.
The application process is simple and straightforward – you should get your answer together with an offer back within seconds. When we receive your details, we match them and the details on your credit report to our lenders’ “borrowers’ profile”, only proposing your loan to the lenders most likely to be happy to do business with you.
All of the lenders on our panel are Financial Conduct Authority approved (as is LoanTube). You don’t pay a penny for our service, our loans cost exactly the same as if you’d approached the lenders directly yourself, and there’s no obligation on you to accept the loan or loans we offer you.
To get started, please click here.
To know about wedding loans in detail, click here.