Should you consider financing a wedding through personal wedding loans?

personal wedding loans

We cannot deny that weddings are expensive yet one of the most memorable days in any person’s life. It is a new beginning in one’s life. Maybe your parents might have saved funds to finance your wedding, or you may have done it for yourself. An average wedding in the UK costs around 31,000 pounds and this is indeed a considerable amount. Sometimes you may find it challenging to manage this amount of money to enjoy your wedding.

Wedding loans come to your rescue and help you to get through the dream day. But this sounds so easy, is it really? Let’s find out.

An introduction to Wedding Loans

It is a personal loan that can be borrowed to meet the wedding expenses. You can repay the amount in fixed monthly instalments which will be decided by your lender. You will obviously have to pay the interest rate with the loan you have borrowed. Do you know a wedding loan is a collateral-free loan? It means that your interest rate will be much higher than secured loans.

If you fail to repay the money, then your lender cannot repossess any asset that you own but can send you a legal notice. You can also be issued with County Court Judgement (CCJ) which will affect your credit score and report for six years.

What are the advantages of a wedding loan?

If you have considered lending some funds for your wedding, it has certain benefits which you should know of. The first one is that it is easy to apply. You just need to visit the website and file an online application. You can also get flexibility on deciding the terms to allow you a budget for the payment schedule.

If you can pay the loan on short notice, then you can get less interest rate. But, a higher interest rate means shorter monthly instalments. A personal loan can also help rebuild your credit score.

Wedding loan with bad credit

To solve your problem, you can get a loan with a bad credit score. But you need to keep in mind that you will not get the best loan deals. You will get a higher interest rate than the average rate.

How to apply for a wedding loan?

You can easily apply online through the website and provide details such as income, age, credit score, etc. They will want to know your employment status to know if you can pay back the loan amount or not. After assessing your application, you will hear back from your lender within 24 hours.

What details must you know about?

Wedding loans range between 2500 pounds to 25000 pounds for two years to five years. You get 3.5% APR and fixed monthly instalments. There are no hidden charges and arrangement fees. You need to keep in mind how you will repay the amount in the given term. The maximum APR you can get is 34.9%.

What to do if your wedding is cancelled?

First, we recommend you is to get wedding insurance before taking any loan. The reason behind it is that you will have to pay the loan in the full amount and there is no refund. If you have used the money to pay for some part of your wedding, then you can claim it back through wedding insurance.

Are there any alternatives to a wedding loan?

If you don’t want to borrow a personal loan, then you can opt for some other options.

The first option is to get a 0% credit card, which is one of the affordable ways to pay for your wedding. Many credit cards offer a 0% interest rate for mid-sized purchases. But you should keep in mind that an interest-free credit card can be costly. Make sure to pay back the full amount before the interest-free days’ end; otherwise, you will be charged.

Another option is cashback or rewards credit cards. This way, you can get a percentage of what you have spent in the form of cash or vouchers. This is not an excellent way to save money, but still, you can get some of the money back from what you spent. You need to take care of the repayment period as your interest rate can be increased than the value or reward you are getting than the card.

You can also get small loans for small instant expenses ranging between 50 pounds to 1000 pounds. It is only for some urgent expenses which can cause you sleepless nights. You can get small loans in Ireland and any of its part such as Limerick, Dublin, or Northern Ireland.

When you don’t have any funds to finance your wedding, then a personal wedding loan can help live your dream day. You just need to take care of the high-interest rate and monthly instalments before deciding to borrow money. Plan ahead and smartly.