Wedding loans

Compare wedding loans

With the average UK wedding costing more than £20,000, if you’re getting married, you might be considering a loan to help you cover costs. Our guide helps you choose the best option available.

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SECURED LOANS: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE, LOAN OR ANY OTHER DEBT SECURED ON IT. 

We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%

This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22

Wedding loans guide

Weddings are joyful occasions, but they can also be very expensive. And if you don’t have the funds for your dream day readily available, you might find yourself considering a loan.

The average cost of a UK wedding is between £20,000 and £30,000, so even if you and your partner have savings, or are receiving help from family, there’s still a chance that you might want a loan to top up the funds you already have.

A low-interest personal wedding loan could be one of the easiest and most convenient ways to fund your big day, especially if you have limited savings. The most popular age to take out a loan for your wedding is 26.

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But taking out a wedding loan isn’t a decision to be made lightly. To help you work out whether it’s right for you, read our guide on the pros and cons of using a loan to pay for a wedding, as well as some tips on finding the best deal and alternative suggestions.

Advantages of a wedding loan

Although most couples will have some money saved to go towards their nuptials, many will struggle to fund the full amount. A popular way to make up this shortfall is to take out a personal loan, where you could borrow up to £15,000 over five years, for example.

You can currently borrow between £7,500 and £15,000 at an interest rate of around 4%. This is a relatively cheap way to help you fund your wedding, but you should think about your options carefully before deciding.

MoneySuperMarket data taken between January 2016 and January 2018 shows the average couple will spend the first four years of married life paying off their wedding.

A telematics policy is on average £201.64 cheaper for 17-21 year old drivers

Another benefit of taking out a personal loan is that the payments are fixed, allowing you to budget accordingly. You generally choose to repay your loan over a timeframe of between one and five years. MoneySuperMarket data states that average time spent paying off a wedding loan is 50 months.

A telematics policy is on average £201.64 cheaper for 17-21 year old drivers

Repaying your loan within a shorter timeframe (if you can afford to) means you will pay less interest overall. A longer timeframe means a higher total interest bill, but each monthly repayment will be smaller (there will just be more of them).

What’s more, it’s sometimes possible to take a payment holiday of say two or three months at the start of the agreement, giving you a bit of financial breathing space as you settle into your new life of married bliss.

Disadvantages of a wedding loan

A wedding loan with an interest rate of around 4% might be a very attractive proposition. However, if you are looking to borrow less than £7,500 or more than £15,000 the rates of interest will generally tend to be higher.

Lenders take your credit score into account when deciding what interest rate to charge you and how much you can borrow. If you have a poor credit history, this might mean you are unable to borrow at the market leading rates.

Only people with high credit scores will be accepted for the best deals, while those with lower scores will be offered a higher interest rate or refused credit altogether. Find out more about your credit score.

If you are unsure about your credit score, our Eligibility Checker will help you to see the loans you’re most likely to be accepted for without damaging your credit score. It’s a good idea to use this before applying for a wedding loan as rejected applications will further damage your file.

Alternatives to a wedding loan

Many of the top credit cards available today offer interest-free deals on purchases for a number of months (up to two years in some cases). Depending on the amount you need and whether you are financially disciplined enough, you might be able to borrow the money to pay for at least some of your wedding completely free of charge.

This is particularly a good option for anyone looking to borrow a smaller amount – especially given the higher interest rates on personal loans of under £7,500.

However, it’s important to remember that borrowing on an interest-free credit card can prove very costly if you get it wrong. You’ll need to make sure you pay off your balance in full before the interest-free deal ends, otherwise you’ll start being charged.

And because the minimum monthly repayment is often set very low, it can take a long time to clear your balance. It’s best to pay off more than the minimum if you can and set up a direct debit to help you remember to pay on time each month.

Compare wedding loans

A lot of people will not be able to pay for a wedding and buy a home at the same time – so what are people opting to prioritise? See our marriage vs mortgage guide to find out.

Whatever type of loan you choose, shopping around for the cheapest deal is the best way to pay as little as possible for credit.

You can do this quickly and easily by using the MoneySupermarket Eligibility Checker to compare hundreds of different loans from a wide range of lenders. Using the Eligibility Checker means all you have to do is enter a few details such as your name, your annual income and the amount you want to borrow, and you’ll be able to browse a range of deals to find the right one for your big day and the one you’re most likely to be accepted for.

Moneysupermarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.

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