Wedding loans are a useful product for one of life’s most expensive undertakings. Whilst paying for a whole wedding with a loan is never to be encouraged, these loans can help you pay for those little extras. And make your day extra special.
Weddings are happy days for all, but they can also be very expensive. If you lack the funds for your perfect day, you might find yourself sourcing a wedding loan.
This is not surprising. Surveys estimate the average cost of a UK wedding at between £20,000 and £30,000. This is a phenomenal amount for a single day. Even with savings, and family help, you may still struggle with the costs involved.
A personal loan could be one of the simplest methods to fund your big day, especially if you have limited savings.
Although most couples will have some money saved to go towards their nuptials, many will struggle to fund the full amount. Personal loans allow you to borrow up to £5000 on Moolr, with repayment periods up to 5 years. You get the funding now, but get the time to pay off what you owe. Thus you can fit repayments into your personal budget. Payments are fixed, allowing you to budget sensibly.
Repaying your loan within a shorter period of time, if possible, means you will pay less interest overall. A longer period results in a higher total interest bill, but each monthly repayment will be smaller. Find the deal that suits you.
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 always assess your credit score when deciding what interest rate to charge you and how much you can borrow. A poor credit history may deny you the chance to borrow, or lead to higher interest rates.
Only borrow if you have exhausted other avenues and are confident with the repayment total and the schedule too.