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Wedding Loans

Oct 30, 2019

 

Are you considering getting a personal loan to fund your wedding day?

 

Your wedding is one of the most amazing days of your life and of course, you want it to be unforgettable for all the right reasons. However, anyone who has recently been involved with the planning of a wedding will tell you how expensive they can be. The average wedding today costs anywhere from £20,000 to £30,000, so it is understandable if you want to up your funds, even if you may be receiving help from family, or if you have savings put aside.  Bear in mind that wedding loans aren’t always the best option for everybody and there are alternatives. To help find out what option is most suitable for you, see below some pros and cons.

 

The upside of wedding loans

 

  • It allows you to stop worrying about finances and continue happily planning for the big day.

  • Those with good credit tend to get offers on the best interest rates, making repayments more manageable in the long term. If you are unsure of your credit score, visit https://www.creditknowledge.co.uk which gives you access to your own personal credit report.

  • The monthly repayments are fixed meaning that borrowers can budget accordingly. With the ability to choose your own repayment term, you are able to spread the cost suitably to your own personal circumstances.  Alternatively, you could reduce the monthly payments by extending the repayment time period. This will mean you pay more overall in total but it will be cheaper monthly.

 

The downside of wedding loans

 

  • Those with less than perfect credit, are likely to be offered higher interest rates or possibly refused credit entirely.

  • In a similar way to any other loan, you may be charged a prepayment penalty if you want to pay it off earlier than you agreed with the lender.

  • While taking out the loan, it may seem affordable to help you short term but, the long term effects could put you in a difficult position further down the line, so make sure you can definitely afford it.

 

Should I get a loan to fund my celebration?

 

It could definitely be the solution for you and your betrothed but it’s very important to carefully compare all of your options and consider any risks that may come with them. If you think you have found the perfect loan offer, then go for it! After all it is your day…

 

If you’re interested in applying for a loan today, please click here >>>

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