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When it comes to your big day, saving up is still the best way to fund everything. However, this is not always something that couples are able to do. One option that they can consider signing up for is to take out a wedding loan.  

Financial Assistance To Help You On Your Big Day

While not an actual type of loan, wedding loans are generally personal loans that are then used by the borrower mainly for the purpose of funding the costs involved in a wedding. Just like any type of loan, the APR is generally based on the credit score of the borrower, how much they want to borrow, and whether they’d prefer to borrow with security or without it.

Over the years, more and more lenders have made it easier for the borrowing public to access personal loans. Many are even offering a streamlined process for faster approval and release of funds. Still, it should not be the first thing that couples should consider when looking for funding options. If anything, it is best to look at it as a last and final resort.

Drawbacks of wedding loans

If you are to take out a loan without any collateral, expect that it will have a high APR attached to it. It is somehow not very ideal to just start a new life with something as financially burdensome as debt. Taking out a loan to start a new beginning sure makes everything seem like a rocky start. But if you have explored all your options, and this is the only thing left for you, just see to it that you borrow something you can affordably pay.

Upsides of wedding loans

A wedding loan is effective at helping you bypass your empty savings account. You’ll have enough money to cover for the costs so as not to burden both you and your spouse’s family to have to ship in for the costs. If you have a good credit score and have maintained a good credit history, these loans can have better APRs. It would work even better to your favour if you can show proof that the amount you’re taking out is something you can comfortably afford to pay back. Just make sure to find the right lender. 

Every couple wants to eventually make that walk down the aisle at some point. However, it is a fact too that weddings can be quite expensive. If you want the whole nine yards involved in tying the knot, you’d have to prepare a huge sum to cover it all. Often, a huge sum is something that you do not have. These days, however, wedding loans are available for the unfortunate couples that are having a hard time funding their dream wedding.

Wedding loans explained

Wedding loans are personal loans that you can take out for the purpose of paying for the costs involved in your wedding. These loans are generally unsecured and could have a fixed or variable interest. If you have a good credit score and can prove that the amount you’re borrowing is something you shouldn’t have any difficulty paying back, a wedding loan may be an option you’ll want to consider.

Things to consider before taking out a loan

Start by assessing how much you really need. You’ll want to be wise in terms of the loan amount. You do not want to borrow more than what you can afford to pay back. It is always best to save up as much as you can for your big day. This way, if you do need to supplement the funds with borrowing, you won’t need as much.

Your credit score can pay a huge role in the decision you are about to make. How much you’ll be allowed to borrow and how much the interest rates will be dependent on how good or bad our credit score is. When your credit is good, approval for bigger sums with better rates will be easy. If your credit is bad, expect a harder time to get approved and expect that the borrowing rates will be more expensive too.

What’s very important though is for you to only borrow what you need. You must only borrow what you can afford to. The last thing you want is to get yourself into some financial trouble when your married life is just starting.

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Apply to Borrow £1000 to £25,000*

 

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