How much can I borrow for my wedding day?
Weddings are notoriously pricey: the dress, the rings, the venue and that’s just the basics! According to Brides Magazine, the average UK wedding can cost as much as £30k!
The amount of money you can borrow will be dependent on your circumstances and the lender you apply with. Unsecured loans range from £100 to £25,000. If you secure the loan against an asset such as home you may be able access larger amounts. It’s key to remember that borrowing more than you can afford is not a good idea and you should keep to a wedding budget to make sure you’re not overspending and putting yourself under financial strain.
How does a wedding loan work?
A wedding loan works the same as any other personal loan, in the fact that you will have to make an application with a lender. They will review your application and based on a number of factors will decide whether or not to lend to you. If approved the money will be deposited into your account and can be used to help fund parts of your wedding. You will then have to repay the amount you borrowed, with interest in the fixed monthly repayments you agreed with the lender prior to signing the contract.
What happens if my wedding is cancelled?
If your wedding is cancelled and you have received your loan you will still have to meet your monthly repayments and repay what you’ve borrowed. If you do decide to repay the loan early you may also be subject to an early repayment fee - so check the paperwork before committing anything.
If you are getting married it’s worth looking at wedding insurance as this will cover you in the case that you or your suppliers have to cancel. Each policy will differ, so again be sure to check the paperwork.
How can Choose Wisely help my get my wedding loan
Choose Wisely works with a wide range of lenders in the aim to provide solutions for all customers regardless of their circumstances and credit history. By filing one simple form we will submit your application to a panel of lenders who will return you a decision in principle, we will then present all your results in a comparison table for you to compare options. Using Choose Wisely is completely free and won’t impact your credit file.
Can I get a wedding loan with bad credit?
If you have bad credit you do have loan options when it comes to borrowing money to pay for your wedding. If you go down the route of a personal loan, the rates you can obtain will likely be more expensive than the top rates offered by the banks and supermarkets that you see advertised on the high street.
If you can get a friend or family member to be your guarantor then your chances of acceptance will increase. If this is not possible, you could look at other options to secure your repayments. Securing a loan against your property comes with the obvious risks, but in return you can obtain larger amounts at a lower interest rate. If you do miss payments your house will be at risk.
Always remember that although planning your wedding can be a hugely exciting experience, you don’t need to spend thousands for the perfect day.
How to get married on a budget
You can find plenty of tips and tricks online on how to cut down the costs of your wedding and it’s important to remember the day will be special no matter what your budget is.
We’ve included a couple of tips below:
REMEMBER - Late repayments can land you in serious financial difficulty. Contact the Money Advice Service for free financial advice.
Wedding Loan FAQ's
When you apply for a loan the lender will look at a number of factors before deciding whether or not lending to you is a safe, responsible and viable thing to do. This will include your personal circumstances and credit history along with your income and expenditure. It’s for this reason that approval can never be guaranteed.