Many couples fund their wedding on their own. With the availability of wedding loans in the UK, any self-employed or salaried individual can avail loans to cover their wedding as well as engagement expenses.
However, the issue arises when you have a bad credit score and you need instant loans for your wedding ceremony. But you need not lose heart as several loan brokers can help you successfully avail affordable wedding loans in the UK.
Things to look for when you seek wedding loans in the UK
1. How much you need?
Before you apply for a loan, it is important to know how much you need to draw. You need to clearly know whether you seek a loan to cover only a day’s festivities or seek a loan for both wedding and engagement function. Many couples fund their wedding and engagement rings from the loan. With the bad score, it is also necessary to plan for adequate funds for your honeymoon. You need to know clearly if you would be applying for Holiday loans bad credit later on. All in all, the amount for wedding loan should be decided prior meeting a broker.
2. Instant cash advance or instalment loan
Another point in consideration is if you would like to opt for a cash advance or instalment loan. If your wedding date is approaching and you lack time to arrange for planned loans or credit solutions, you may prefer payday loans. However as swift would be the access to loan money as would be the repayment if you apply for wedding payday loans.
With bad credit score and a shortage of funds, it is unlikely to arrange for loan repayment within a few days, especially when you are on a wedding holiday. It is thus better to apply for instalment loans. You should apply for affordable loan instalment and add to ease of repayment. The broker would guide you on loan amount, duration and interest rate accessing your repayment capacity.
3. Apply for unsecured loans
With bad credit situation, you should apply for unsecured wedding loans. As the name suggests, no security or collateral is required to back an unsecured loan. This also means, on non-repayment of the loan, no asset or security would be claimed by the lender.
4. Ensure soft credit check
As low credit history and low score make your loan application less attractive, it is advisable to apply for soft credit check loans. Soft loan enquiries do not impact your credit report. Generally, brokers raise soft credit check when they search for loans.
5. Credit improvement
While bad credit lowers your creditworthiness, you can use short term loans bad credit to restore your credit situation.
If you seek the loan after considering the above-discussed points, chances are high to plan the repayments and improve the credit situation gradually with time.