If you want to enjoy every moment of your wedding day and have the wedding you’ve always dreamed of, getting a loan can help you.
- Simple, easy application
- We search lenders to get you the best deal
- 5-star customer service
- No impact on your credit score
- No upfront fees or hidden charges
Are you a homeowner or a tenant?
Borrow money and enjoy the wedding of your dreams
If you want to enjoy every moment of your wedding day and have the wedding you’ve always dreamed of, getting a loan can help you. Believe Money is a UK broker specialising in finding clients like you the right wedding loan.
With no upfront fees and a dedicated support team, you can finally say I do your way.
What is a wedding loan?
Weddings are supposed to be joyous occasions where two people cement their love for one another in front of their closest friends and family. However, weddings can become stressful and expensive.
According to Hitched, the average wedding cost £18,400 in 2022, which includes the venue, suppliers, hire, dresses, suits and everything else required for the big day. Let’s not forget you also have to factor in the honeymoon costs and consider living arrangements for when you return.
People shouldn’t have to cut corners, and everyone deserves their perfect wedding. Loans can help you pay for your wedding and repay the borrowed amount by contributing a monthly amount.
Most wedding loans are a type of personal loan, also known as an unsecured loan. Applicants apply for a certain amount (usually up to £25,000 but could be more), and lenders will check whether they meet the eligibility criteria.
How does a wedding loan work?
Once you agree on an amount, your lender will factor in interest rates and the loan term. You are responsible for making payments on time until you have no more outstanding.
Unsecured loans don’t require any collateral, so anyone can apply – as long as they have a good credit score and a regular income. Lenders will judge your case on whether you meet the eligibility criteria, but some specialist providers judge individually.
Your loan amount isn’t guaranteed because a lender will look at your individual circumstances, so it’s important to remember that you might receive less than expected.
However, some providers will also accept a guarantor, which gives you access to more money and reduces the need for an excellent credit score.
Paying back the loan
Lenders offer people a wedding loan with the idea that they’ll make monthly repayments for the outstanding amount and pay interest.
In most cases, these loans can last a few months to years, but it depends on your loan amount and which terms your lender is willing to offer.
If you want to pay off the loan early, your lender might have an early settlement clause, which requires you to pay the interest for the entire term, and some loan providers also have an extra fee.
The advantages of a personal loan for your wedding
A wedding loan can help you enjoy every moment of your day and make memories that will last a lifetime, but any form of borrowing is still a big decision. Here are the main benefits of wedding loans.
Loans are easy to manage
Many elements go into a successful wedding, including buying the clothing, paying suppliers and travel expenses. Trying to manage paying back each of these purchases is no easy feat, and getting into more debt is expected.
When you take out a loan, you can pay off various purchases from the wedding and then contribute one monthly payment by direct debit. Doing this ensures you can manage your debt effectively and will know what’s happening with your finances.
You don’t need to be a property owner
Personal loans usually don’t offer the same amount as secured loans, but they’re ideal if you don’t have collateral to offer. Lenders expect people to have good credit scores and demonstrate responsibility, but a personal loan is more accessible than a secured loan.
With secured loans, there’s always a risk of property repossession, but personal wedding loans don’t require the same degree of collateral.
Also, secured loans last for years, whereas personal loans can last a few months to five years, depending on your chosen lender. You can also choose between different loan amounts if you need to top up your wedding fund, but secured loans are usually reserved for people who want to borrow more money.
Things to consider before getting a wedding loan
Of course, there are also some disadvantages of wedding loans – especially if you’re unaware of what you’re getting into. Before applying for a loan, you should consider the following factors.
Do you have bad credit?
Lenders prefer to avoid offering money to people with a poor credit history because they want to know you’re a responsible borrower. If your credit rating isn’t excellent, you could still get a wedding loan, but the lender might introduce higher interest rates.
Can you afford the monthly repayments?
You’ll have to make monthly payments towards your loan until it’s fully settled, which is a financial commitment. Before taking out a wedding loan, it’s best to check whether you can afford it, and factor in changing interest rates.
How to get a wedding loan
If you’re interested in getting a loan for your wedding, you’ll need to check if you meet the general eligibility requirements. They are as follows:
All applicants must be at least 18 years old.
You must have an available income or savings.
Most lenders will only offer a loan if you’re a UK resident.
Applicants will need to pass a credit check or supply a guarantor.
What are the alternatives to a personal wedding loan?
If you’re unsure about personal loans, some alternatives are available. However, they depend on numerous details, including your finances and if you’ll pass a credit check.
Use your credit card
Credit cards are a go-to financing solution for wedding plans, and if you have a good deal already, then using your card could be beneficial. However, with the average wedding costing over £18,000, you might be unable to spread the cost over one card.
Also, credit cards come with high-interest rates, and you could get into severe debt if your personal circumstances change.
Get supplier/store credit
Most wedding suppliers offer customers credit, like a store card, but these financing solutions often come with strings attached. For example, the goods might be a fair price, but the store could introduce much higher rates if you pay in instalments.
You should always check the small print; loans might be better because you pay the loan back over time and know the interest rate.
Use your overdraft
You could use your current account overdraft if you’ve already saved up most of the money for your wedding. However, most people have a small overdraft, so it’s only a good idea if you’re up to £500 short.
With the current cost of living issues, banks are less likely to offer significant overdraft increases. If you don’t pay it back immediately, you’ll end up living in your overdraft.
Believe Loans can help you enjoy the wedding of your dreams
If you’re looking for a loan with favourable terms, our specialist brokers can help. We partner with specialist lenders across the UK and act as the middleman, ensuring each client finds the best solution for their needs.
Here’s how our professional team can help you.
Get access to a vast database of lenders
It’s challenging to get a loan when you don’t meet the eligibility criteria that mainstream lenders often use, but our brokers have access to specialist lenders who judge on your personal circumstances alone.
There’s a higher chance of finding a suitable provider without all of the red tape. We’re your point of entry to better loans and more favourable terms.
Find out your chances before the application
We run soft checks on all our clients, but these won’t affect your credit score. Doing this allows us to determine which lenders will be best for you without running numerous hard checks, which protects your file.
Support from an award-winning broker
We’re proud of our service and have awards to prove our professionalism. When you work with us, you can rest assured that we’ll leave no stone unturned in finding you the best loan for your needs.
All prospective clients get a free consultation from a specialist broker, where we’ll discuss whether you’re in paid employment and see your current financial circumstances. There’s no obligation to use Believe Money; just an opportunity for you to see how we can help you.
If you decide to take out a loan through our service, we’ll add our fees to the loan itself, so you won’t pay any arrangement fee outright.
Apply for a loan today
If your wedding costs are stressing you out, we’re here to help you finance the wedding of your dreams and enjoy the big day without worrying about being in unmanageable debt. Once we find a suitable lender for your needs, we’ll help you apply online.
Our brokers work quickly; you could have the money in your account in just a few days. Most importantly, we go out of our way to make wedding loans work for you and will always try to help, regardless of your credit history and financial state.
Please feel free to contact us today for a free consultation. Let’s get the ball rolling on your wedding loan.
How It works
Simple, easy application
We search our panel of lenders to find the deal that’s right for you
When you confirm your chosen deal, we get your application moving
The money lands in your bank
account – usually within two weeks
We compare loans from our panel of the UK’s top lenders to get you the best deal.
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