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Your wedding day should be one of the happiest days of your life (fingers crossed). However, it can also be one of the most expensive. In 2017 the average cost of a wedding rose to it’s highest level yet – a whopping £27,000 according to The Independent. And that’s not all… Unfortunately the tradition of parents acting as the main source of funding for the big day might have run it’s course for many families, with 51% of couples receiving little support and 32% funding the day completely by themselves.
If like most people, you don’t have £27,000 lying around or burning a hole in your back pocket, then chances are you’re probably looking at the various ways you could finance your wedding day and honeymoon. This guide is designed to help you decide if taking out a wedding loan is the right course of action for you, and to help you compare wedding loans from a range of lenders.
When people talk about a wedding loan, they’re often talking about an unsecured personal loan, typically at a fixed rate of interest. Let’s break that down a little. “Unsecured” loans are based on creditworthiness, rather than the use of property or other assets as collateral. With a “Fixed-rate” loan, the interest rate you’re charged will remain level, or “fixed”, for the full term of the loan, and you can calculate beforehand exactly how much the loan will cost you in total.
Here are some of the key features of personal loans:
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
There’s more than one way to finance a wedding. A personal loan is a popular option, but some people might simply “put it on plastic”. Is that a crazy choice? Not necessarily, but there’s advantages and disadvantages to both routes, and which of the two is better for you will depend on your individual circumstances. Here are some of the key considerations (this is not an exhaustive list):
Ultimately if you plan on making numerous non-cash purchases for the wedding as and when it suits you, then a credit card could work out cheaper, however if you’re not disciplined about repayments, and you think you might be tempted to make additional purchases on the card in future, then you could easily end up paying more overall.
Whether you want your big day to be homemade and intimate, or a luxury extravaganza, you’ll need consider the cost of the following products and services. It’s important to have a clear budget set out in advance, and a plan for if you exceed this.
You should only apply for a loan if you’re certain you can meet the repayment terms. Most lenders will then require you to meet additional criteria such as:
If your credit history has had a few bumps in the road, then don’t cancel the wedding just yet. There are specialist lenders who focus on loans for bad credit, and who will look at more than just your credit score when considering your application.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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