LoanTube

Wedding Loans for Destination Weddings

Imagine a picture-perfect wedding,
Make it happen with destination wedding loans.

Loans up to £35,000

Borrow for 12-84 months

Collateral-free wedding loans

Say your vows in an exquisite setting in a faraway land.

What is a destination wedding loan?

Destination weddings are a new trend wherein many couples are seeking a retreat from the usual and mundane. Many resorts offer additional-stay luxury honeymoon packages to couples who plan their ceremony with such resorts and hotels. Plus, since the guest list is trimmed down to include only your loved ones, a destination wedding may even turn out to be cheaper!

But, most venues require people to make wedding reservations in advance, and that means you might have to have a lump sum handy to make the bookings. Whether it’s for reserving your wedding venue, booking flights and accommodations, or paying for catering, a destination wedding loan from LoanTube can be your ideal financial aid. 

Destination wedding loans are essentially unsecured personal loans that help you finance your wedding expenses when you’re planning your ceremony in a different city or country. These loans enable you to split the cost of your wedding expense into affordable monthly instalments, allowing you to pay for reservations upfront. You can borrow wedding loans from £1,000 to £35,000 over 12-84 months.

How do wedding loans for destination weddings work?

Wedding loans for destinations weddings are pretty straightforward. Since these loans are unsecured, you won’t have to pledge your assets to secure one. However, the success of your application heavily depends on your credit score and income stability. 

Credit scores give lenders an insight into your credit history and repayment ability. A higher credit score implies a cleaner credit history and better repayment ability. Thus, the higher your credit score, the lower will be the lender’s risk proposition, and the lower will be the interest on your loan. 

After a hard credit check, you must complete some contractual formalities. You need to read your agreement thoroughly to check for any additional fees the lender may have imposed. Once approved, the lender transfers the lump sum directly into your bank account, which you can use to fund your wedding expenses. 

It is crucial to understand the default implications associated with unsecured wedding loans. Missing repayments on your loan could gravely impact your credit score. Moreover, if you default, you may land a County Court Judgment (CCJ), which can stay on your credit file for six years. CCJs can make it challenging for you to secure credit.  

What kind of expenses might I incur in a destination wedding? 

When planning a destination wedding, you might incur the following expenses:

  • Flights and transfers
  • Accommodation for your guests and family 
  • Car rentals (if required)
  • Meals for the guests
  • Catering for the wedding day
  • Entertainment before or after the wedding – casinos, movies, etc. 
  • Travel agent’s fee
  • Destination photographers 

The list may vary depending on your guest list and wedding budget. It would be best to make space for miscellaneous expenses or indulgences in your budget.

 When should I use a wedding loan to finance your destination wedding with a wedding loan?

Here’s when it makes sense to use a wedding loan to finance your destination wedding:

  • You have a stellar credit history and seek a credit option with fixed, low-interest rates.
  • You want small and affordable instalments over an extended term.  
  • It would help if you had a lump sum to pay for destination wedding expenses instead of a credit line – flights, accommodation, venue, catering, etc. 
  • You want to maintain your peace of mind with an unsecured loan and prefer not to risk your assets. 
  • You’ve created a budget and know exactly how much money you will need to borrow. 

Are there other ways to finance my destination wedding?

Loans for Destination Wedding

Use Your Savings

Interest-Free Credit Cards

Collateral-free personal loans to help you finance destination wedding expenses effortlessly. Pay for all your expenses up front with a wedding loan. 

You and your partner can collectively set aside some savings into a savings pot intended to finance your destination wedding expenses. 

High-cost credit cards with a zero-interest promotional period. However, you may need a stellar credit score to qualify for these cards. 

Personalised loan terms offer greater flexibility and more breathing room with affordable repayments. You can avail of a low-interest loan with a good credit score.

Reaching your targeted savings goal can take a while. So you may have to set your wedding date accordingly. 

Limited interest-free period (usually 6-18 months). 

Small and affordable monthly repayments and low-interest loans. 

Using your hard-earned money to pay upfront wedding expenses may not be wise. Exhausting your savings could shake up your finances right before your wedding. 

High-interest rates after the expiry of the interest-free period

Repayment failure could severely damage your credit score. 

You will have to align your wedding with the budget that you’ve set. 

If you fail to repay the balance on time, you may accrue a huge interest on the credit card along with credit score damage. 

 Are destination weddings more expensive?

Destination weddings can seem intimidating at first – you need to think about accommodation and food for an entire guest list, along with flight tickets. But if you follow a strict budget and a selective guest list, a destination wedding can save you a few extra pounds. Here’s what you can do:

  • Only invite your close friends and family. 
  • Try to choose a destination accessible by road or trains to save travel costs. 
  • Pre-book as per your RSVPs to save money.
  • Try to wrap up your wedding within two days to avoid extended bookings. 
  • Stay back for a ceremonial mini-moon and push your honeymoon for when you have significant savings. 
  • Negotiate a ‘bulk booking’ discount with the accommodation.

What to consider before borrowing a destination wedding loan?

A destination wedding is a big decision, so it is imperative to have a thorough discussion with your partner before opting for a wedding loan. Here are some questions to help you get started:

  • Is this a suitable loan amount for me?

Crunch some numbers to evaluate how much you can afford to spend on your wedding. It’ll help you determine a loan amount suitable for your wedding expenses. However, you should only borrow an amount that you will eventually repay. 

  • Will I be able to commit to the loan term?

An extended loan term requires a lot of commitment and discipline. If you take out a long-term loan, your monthly payments may be lower, but you may accrue a greater interest on the loan. Determine a loan term that aligns with your present and foreseeable financial situation.

  • What happens if I miss a repayment?

A missed payment could cost you up to 150 points from your credit score. If you miss payments consistently and default on the loan, not only would you lose a high 350 points off your credit, but the lender may hand you a County Court Judgment (CCJ). CCJs affect your credit file for up to 6 years, hampering your chances of securing credit in the future. 

  • Do I need a contingency plan?

A contingency plan is pivotal in ensuring timely payments, regardless of your financial circumstances. Make an informed decision before borrowing a wedding loan for your destination wedding. 

How much can I borrow to finance a destination wedding?

Crunching numbers was never this easy – check your affordability at the click of a button. Secure your future by making an informed financial decision.

Destination wedding loan calculator

What is the purpose of your loan ?
How much do you wish to borrow?
What repayment term would you like to choose ?

Representative Example

Loan Amount

£2,600

Loan Term

3 Years

Total repayment

£4,559.66

Monthly repayment

£126.66

RAPR

49.7%

Interest

41% p.a (fixed)

*The rate you get will depend on your individual, financial circumstances. Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.

Apply for a destination wedding loan with LoanTube

Step 1

Tell us your desired loan amount and term.

Step 2

Let us get to know you better.

Step 3

Compare real rate offers to find your ideal wedding loan.

Why choose LoanTube?

You can’t put a price on happiness, but it doesn’t have to burn a hole in your pocket.

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FAQ'S

What is the average cost of a destination wedding?

The average cost of domestic nuptials in the UK usually starts from £27,161. Meanwhile, you can wrap up a budget-friendly destination wedding for about £7,500 – £15,000, depending on how flexible your budget is. Fewer guests, natural decorations, group discounts, and an inclusive mini-moon can quickly help you save a few thousand pounds.

What are the pros and cons of a destination wedding loan?

Weigh the pros and cons of wedding loans before opting for one.

Pros

  • Wedding loans are an excellent option for those looking for a large credit sum with a convenient repayment period.
  • Budgeting becomes much easier with small and affordable monthly payments.
  • Credit cards typically have higher APRs than wedding loans.
  • Unlike credit cards, wedding loans have fixed interest rates throughout the term, depending on the type of loan you choose.
  • You do not have to put up any collateral to qualify for unsecured wedding loans.

Cons

  • You will need a decent credit score to qualify for a wedding loan with low interest.
  • The longer the term of a wedding loan, the more interest you may end up paying.
  • If you miss a repayment, your credit score will suffer a significant drop. 
How can I save money on a destination wedding?

Following are some tips to help you save money on your destination wedding:

  • Ask your guests for confirmed RSVPs so that you don’t overbook. 
  • Avoid making last-minute bookings as they sometimes cost more than double the original amount.  
  • All-inclusive deals can fetch you higher discounts. 
  • Find destination wedding deals that include honeymoon extras in the package. 
  • An off-season wedding could help you cut down on the overall wedding cost. 
  • Reward points, credit card points, and flight miles can help you save on flight tickets. 
  • Chuck out the ‘no gifts’ policy and let your friends and family help you through presents. 
Is it a good idea to borrow a joint wedding loan for my destination wedding?

These days, joint wedding loans are becoming increasingly common – couples try to split the burden of wedding expenses by borrowing jointly. When you borrow a joint loan, you partake in the loan’s obligations along with your partner.

Before making their decision, lenders typically examine the credit profiles of both partners. Also, your credit file might be linked to your partner’s when you apply for joint loans. So, both your credit files will dictate the success of your application.

The responsibility of repaying your joint loan falls on both partners. If one bails out, the onus of repayments might fall on the other. If you and your partner have a fallout, you may need to stay in touch to ensure that they hold up to their end of the contribution.

A joint loan is a big decision and thus requires deep, thoughtful consideration, not impulsive action. Before you make a decision, look at the pros and cons. 

What is the maximum amount that I can borrow through LoanTube?

You can borrow up to £35,000 over 12-84 months with LoanTube. 

Does LoanTube charge an arrangement fee on wedding loans?

Our mission is to help you find the right loan – we do not charge an upfront fee from our users.

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