5 Alternatives to Wedding Loans

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The journey from the engagement ring to the altar is not that simple. A wedding is an expensive affair when speaking financially. These are no longer a private ceremony. Gradually, weddings are turning into social events. The official data infers that the average cost of a UK wedding is £27,000- with venue hire (£4,354), the honeymoon (£3,630), and the catering (£3,353) cost.

Proposal—Planning—Executing, these are the ladder towards a memorable wedding. An organised wedding will not leave you in debt for the coming years. Since, there are a lot of options available today, a wedding won’t cost you a fortune, if you do not wish to have a lavish one.  

Wedding Loans- At a Glance

Despite being referred to as ‘wedding loan’ or a subset of personal loan, taking credit for a wedding isn’t actually fruitful. Apart from the perks, this credit product has certain hindrances. Nobody wants to bury themselves in debt while standing at the altar.

Your special day should be a joyous event. It should be a grand celebration for your family and friends. Whether it’s your own wedding or that of your child’s- a loan is not the only option available.

A wedding loan is an unsecured personal loan. This loan doesn’t require any collateral. One of the reasons why people take out these loans. No collateral means the borrower has nothing to lose. Although, timely repayments are important, for maintaining a good credit score. Couples opt for these loans due to various reasons.

People having bad credit tend to look for loans for financial support. Wedding Loans with Bad Credit are available with various lenders in the UK. You can call these loans a stress buster. If you use them responsibly, these can help you achieve your wedding goals. From arranging the wedding trousseau to bridesmaid’s dresses, the venue to accommodation for the guests at the wedding – a wedding loan will cover each expense.

You can also check out Poor Credit Loans at Oyster Loan to know more.

If you have been seeking some other options, there are a few alternatives which you can opt for:

1. Secured Loans:

These loans can help you arrange funds you may require to plan a wedding. Collateral is necessary for these loans. This is why a bad credit won’t become a hurdle. Make sure to be careful with the repayments. A failure in repayment can affect your credit score, and at the same time, you can lose your assets as well.

2. Taking Help from Family & Friends:

While traditionally the bride’s family would sponsor the wedding, nowadays couples themselves are doing that. As we are aware of the fact that weddings are no less than a festival nowadays. Don’t limit yourself to loans for arranging funds. Asking for help from your family is a less complicated way. Your friends and family will be happier if you take help from them. Hence, saving you from stress, on your big day.

3. 0% Credit Cards:

There are credit cards that charge no interest for an initial period. These can be the perfect source- for arranging funds for the wedding. A 0% credit card is a cost-effective option for nuptials expenses. You have to repay moderately, that too in instalments. It enables you to borrow for free, as long as you repay the excess within the introductory period.

The major drawback is- that not everyone accepts credit cards as a mode of payment. Despite being an instant money transfer, a credit card is not accepted everywhere. Not every vendor provides this mode of financing.

4. Use Your Savings:

Do you ever think, about when is the right time to start saving for your big day? Well, every day is right when you have a wedding to plan ahead. People in the early twenties of their lives start saving for their future. Another alternative for the wedding expenses rather than loans is saving. The money you save each month can hoard you from debt.

  • Do You Know, Choosing the Right Day for Your Wedding can Save a Lot of Money?
Guide for The Bride
Source: https://www.guidesforbrides.co.uk/

Your “wedding date” can help you save some pounds. According to wedding planners in the UK, a date plays a vital role. The price of the venue fluctuates according to the dates. The calendar above can act as a reference to choose a suitable day for a wedding.

The money you will save can further be incorporated. As per the Guide for The Bride, Saturday is the most ideal day for a wedding financially. So plan your wedding accordingly, and save some money.

5. Budget Your Wedding:  

No matter how much money you have, you’ll be needing more funds. The last thing anyone wants on their d-day is anxiety. So before spending a single pound, settle on a figure you’re happy to spend on your wedding.

If you’re thinking about how you can you budget a wedding, don’t worry it’s possible. Start putting aside a part of your income as soon as you get engaged. Saving even 20% of your income will cover the expenses like the wedding dress.

Make a planner, one with all the details about all the expenses. Give time in research and explore various vendors, to crack the best deal. Use your accounting skills by deciding on a budgeting system for all the expenses. Record every transaction, no matter how small the amount is.

Planning & budgeting will yield good results always. As no matter who you are and how much are you earning, wedding expense management is important. List down your requirements and become your own wedding planner.

Alternatively, If you wish to apply for a wedding loan at Oyster Loan UK, click here.

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