Congratulations! Your big day is approaching, but if there’s one thing everyone knows about weddings, it’s that they don’t come cheap.
The average wedding takes around 18 months to plan but pulling together enough money to pay for everything at this time is rarely a realistic goal.
In fact, according to money.co.uk, engaged Brits on average currently save only £105 per month towards their wedding– meaning it will take them more than 10 years to save for a typical wedding costing £27,000.
If you’re considering wedding loans to get you down the aisle in time (without having to wait a decade to do it), then finding the best personal wedding loan provider for your individual situation is absolutely essential.
Wedding Loans in the UK – What can Wedding Day Loans be Used for?
- £1,000 to £3,000 for your wedding dress
- £5,000 to £6,000 for the wedding venue
- £7,000 for catering (depending on the number of guests)
- £1,600 for the wedding photographer
- £1,300 for wedding flowers and bridal bouquet
- £1,100 decorations, centrepieces, etc.
- £500 wedding cake
- £900 entertainment and music
- £800 groom and ushers’ attire
- Up to £500 on wedding stationery and invites
- £500 hair and makeup for the bridal party
- £300 registrar fees
- £900 wedding rings
When you consider all the other little things such as bridesmaid dresses, accessories, favours, church hires, and videographers, you can almost double the price on top of those.
From this, it’s easy to see why so many happy couples choose loans for wedding expenses. Whilst the prices may stay the same, wedding loans offer a way for you to spread the cost of your wedding over a chosen timeframe, meaning you’ll pay for your big day in easy-to-manage monthly instalments instead of one (very) large lump sum.
At LoanTube, we still recommend you save as much as you can to pay for your big day, but small wedding loans can still help with the little things you may not have accounted for in your budget. You may choose to borrow money to buy your dream gown or take out wedding ring loans to symbolise your marriage together.
Wedding loans allow you to pay all of the vendors in full and on time prior to your wedding day. Then simply repay your wedding loans over the next year or so; so you and your partner can have the big day you’ve been dreaming of without having to worry about late payment charges or deposits.
LoanTube’s Unsecured Wedding Loans in the UK
We work alongside a large number of wedding loan providers offering wedding finance that is ‘unsecured’. What this means is, whereas a secured loan might require an asset such as your home to be put up as collateral to receive finance, you won’t need to put any of your belongings at risk to get your wedding day loans.
You will still be required to pay back the loan as agreed with your chosen lender. Unsecured wedding loans just mean that you can access the finance you need to start your life with your partner without the risk of losing your home.
How Much do you Need and How Long do you Want to Take the Money for?
When planning your wedding, it’s likely you already have your budget all planned out. Check your savings to see what you can afford to pay for yourself.
Deduct these from your total cost and you will know how much you’ll likely need to borrow.
Of course, if parents or other family members have offered to help towards your wedding day, you may be able to remove a few more items too.
Once you know the amount you’ll need for your wedding loan, you will also need to think about your repayment terms. If you choose to pay your wedding day loan back over a longer period, your monthly repayment amount will drop, but it will increase the total debt you repay overall.
However much you need to borrow, make sure you structure your loan so that the amount you pay back every month is affordable. Be aware that wedding loans that are for 12 months or less have special FCA restrictions to protect your interests.
Wedding Loans for Bad Credit in the UK
With wedding loans, bad credit should not get in the way. We can help couples with unsecured wedding loan for bad credit situations. However, please be aware that no regulated lender is currently offering wedding loans with no credit check.
Why Apply for Wedding Loans Through LoanTube?
LoanTube is different. We try to bring you the cheapest possible rates that are available amongst our partner lenders. Although we cannot guarantee that we will find you a lender, but you really do have better chances of finding a suitable loan with us because we work with multiple lenders.
How does it work? Our clever computer system compares real-time offers made directly by the lenders. This is all done in real-time and, once we have all the quotes, we will display the offers with their terms and conditions to you, as the same will help you take an informed decision.
To start your application for a wedding loan, please click here. Remember that our service comes at no charge to you and that you don’t have to accept any of the quotes we provide you with.
Data Source: money.co.uk, bridebook.co.uk