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Wedding Loans

  • Some lenders may allow repayment holidays
  • You can add the honeymoon cost
  • You can borrow months in advance of the big day

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender

Our comparison service is free for you to use. Yes it’s free!!

Are you thinking how we make money then? – We receive a fee or commission from lenders whenever you obtain a loan through LoanTube.

3 Things to Know About Wedding Loans

With weddings costing so much, you might be feeling concerned about taking out that much money from a lender.It’s natural – after all, we’d all rather have the money up front. However, that’s only true for a handful of us so, if you are considering taking a wedding loan out, what three things does LoanTube think will be important for you to know?

One, you may feel tempted to apply for a loan to cover the entire cost of your wedding. That’s absolutely fine and we’d love to have the chance to work with you on finding the right loan from the right lender. However, you can reduce the amount of money you take out and the interest that’s payable on your loan by using any available savings you have.

Two, this is a competitive market.. Each wedding loan provider in the UK has their own “profile” which clearly denotes the type of customer they would like to work with. The closer you are to a lender’s profile, your chances of loan approval increases. Brokers like LoanTube understand the profiles that each of the lenders on our panel consider.

Three, there’s nothing wrong with approaching a lender directly. Be careful though. Because if you choose a lender whose profile you don’t fit, you might be turned down or get a loan offer you don’t find attractive. If you keep applying to multiple lenders, they’ll run a credit search every time. The more credit searches you have against your name, the less likely you are to get the wedding loan you want.

Loan

When should you Take Wedding Loans?

  • To meet emergency expenses that usually comes up during a wedding
  • When you can easily repay the loan amount*
  • If the funding received by your friends and family is not sufficient
  • When your job is permanent and stable

When should you not Take Wedding Loans?

  • To cover an expense that is extravagant
  • If you have some savings left, use it rather than opting for a loan
  • If you have debts and other loans on your name already
  • If you don’t have full time employment or good income sources

FAQs on Wedding Loans

Can you accept applications from people under the age of 18?

No. Our lenders lend only to customers who are aged 18 or above.

Do I need to have a job?

Yes – our lenders will need you to be in a full-time, permanent, employed role. If you are unemployed, you may not be able to pass the lender’s affordability assessments. The exception is if you have other good sources of incomes like rental income and you can convince lenders that you can afford to pay the loan with those other incomes.

Can I make a joint application with my spouse/civil partner-to-be?

Sorry, but that’s not possible at the moment. However, there is nothing to stop both of you taking individual wedding loans if needed. You will have to make two separate applications to do this.

Can you work with people who have been declared bankrupt, who are in an Individual Voluntary Arrangement, or who are on a debt management arrangement?

We’re really sorry, we can’t help you at this moment. People on IVA, Debt Management Plan and on Bankruptcy are considered as negative customers by lenders. It is a sign that you can’t really manage your finances. Due to this, we are very sure we won’t be able to find you a loan if you are on IVA or Debt Management Plan or have filed a bankruptcy in past.

What information will I need to provide you for my wedding loan?

There are some personal details (like date of birth and where you’ve lived for the last few years) but most of the information we’ll need is financial, for example, who you work for, how much you earn, your monthly earnings & spendings, etc.

Do I need to find someone else who will pay off my loan if I can’t do so?

No. LoanTube only deals in No Guarantor Loans.

Will you give me an answer as quickly as my other half when I popped the question?

We don’t know how quickly they said “yes” to your proposal! However, your spouse-to-be or your civil partner-to-be will have to have said “yes” fast to beat LoanTube’s speed at giving you an answer.
If we have all the information we and our lenders need, a “yes” or “no” answer from lenders who are willing to lend you with their APRs/quotes will be displayed on your screen on a real-time basis.

Does LoanTube lend me the money?

No – we are a credit broker. We’re licensed by the Financial Conduct Authority to match borrowers with lenders. We arrange your loan but we don’t transfer you the money and you don’t pay the money back to us – you do that for your lender. And to ensure the highest levels of industry practice across the board, we only work with lenders who have been inspected and given their licence by the Financial Conduct Authority.

Can you tell me about how you actually match a lender with me?

When we become partners with a lender, one of the first things they do is to send us a list of the types of borrowers they would like to work with. You might be just the type of borrower one lender is looking for but another might not consider you. Our job is to pair you with the right lenders based on the information you give us.

How much does the LoanTube service cost me?

Zero. LoanTube’s mission is to bring down the cost of borrowing by trying to find the cheapest rates for you. All of our hard work would be undone if we found you a great loan and then slapped a fee on top for our service. You never pay us a penny.

How does LoanTube make money?

We get paid with a commission by a lender when our customer agrees to take a loan from one of our lenders we showed them and when the loan amount has been transferred to the customer’s bank account.

Do you offer wedding loans with no credit check?

No, sorry, we don’t. We’re licensed by the Financial Conduct Authority and so are the lenders on our panel. Part of getting our license was a promise to protect borrowers from taking out loans they could not afford. To do that, we need to perform a credit check. Please note we conduct a soft credit check on our customers which does not affect your borrowing capacity.

Am I obliged to take any offer your lenders make to me?

No. You can always say no if you feel like.

Why Trust 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, 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.

Taking out Loan and Change of Mind

It is up to you if you want to go ahead and take out of the loan. Please read the terms, conditions, and costs (including APRs and other fees/costs) of the loan to decide whether its right for you. If you accept, a loan agreement will be made between you and the lender but if you change your mind, you can cancel it within 14 days.

Your Quote

In the vast majority of the cases, the quote you see on our offer screen is the quote you get. Occasionally, a lender may need to ask additional questions and do additional checks on your application. Depending on the information you give or they obtain from their sources if that makes your application a significantly riskier, they may change the APRs/quotes of the loan, which could make it more expensive, but you are free to reject such offers. They may also withdraw the offer of a loan.

Our Service is Free

LoanTube’s service is free regardless of whether you find a loan or not, and whether you decide to take up the offer. Under no circumstances, you will pay anything for our services. We receive payment from the lender in the form of a commission whenever a loan is taken out by a customer using our service.

How to Apply

You can apply for an unsecured personal loan with us anytime. It will not take much time to complete our loan application form. To start, click here.

Representative APR example

We compare loans that can be paid back over terms of between 1 month and 25 years. The APR interest rate you will be charged depends on your personal circumstances, and will be between 3% and 299%.

This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3%, APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22.

Caveats:

*Credit subject to status & affordability assessment.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK