Congratulations! You’ve just got engaged and you’re now planning your wedding. Most weddings are planned on average 18 months to 2 years ahead of the big day. One of the reasons for this level of preparation is that wedding venues and photographers are often booked well in advance.
However, as much as you might want to get married tomorrow, the fact there’s a delay is good news. You now have the chance to start saving and one thing that everyone will tell you when you announce your engagement is that weddings cost a lot of money.
According to money.co.uk, engaged British couples currently save only £105 per month towards their wedding. The typical wedding costs around £27,000. This means that it will take more than 10 years to save up just to pay for the wedding.
Help is at hand though if you’re considering taking out a wedding loan to pay for part of your dream day. Oyster Loan is available to help you find the best personal wedding loans provider for your individual situation.
Wedding loans the UK – what a wedding day loan can be used for.
Although the average total cost of a wedding in 2017 was £27,000, this price continues to go up every year. There are so many aspects of your big day to consider that it is not surprising costs can soar and that can take the cost to well over £30,000. £30,000 – that’s the deposit on a house!!!
So let’s have a look at some of the costs involved in creating your dream day.
- £1,600 is the average price of a wedding photographer
- £900 for two wedding rings is not unrealistic
- A modest wedding cake could cost £500
- A wedding dress can cost between £1,000 and £3,000
- Around £500 could be spent on hair and make-up for the bridal party, again depending upon how many bridesmaids there are
- Entertainment and music could cost around £900
- Flowers, decorations, and centre pieces could total £1,100
- £300 for the registrars’ fees
- The groom and ushers’ attire well set you back £800
- The wedding venue could cost anywhere up to £6,000 plus £7,000 for catering depending upon the number of guests
- Up to £500 could be spent on wedding stationery and invites
Further costs will be incurred for other things such as bridesmaid dresses, accessories, church/venue hire, videographer, and transport to and from the venues for the bridal party, the happy couple, and the guests.
It’s easy to see why many couples choose a loan for their wedding expenses. While the price you pay for the big day remains the same, wedding loans offer a way for you to spread the cost of your wedding. This means that you pay for your big day in easy to manage monthly instalments instead of one big lump sum.
The vast majority of wedding vendors require a deposit to secure their services. Therefore, a significant amount of money will be paid prior to the big day. Some couples choose to pay the deposits from their own savings and then borrow using a wedding day loan to repay the balance for the big day. This is a sensible strategy if it will fit within your timeframe and the repayments are affordable.
By using a wedding day loan in this way, you can repay the debt over the next year or more allowing you and your partner to have the big day you’ve been dreaming of.
Unsecured wedding loans in the UK-how does it work?
Most wedding loans taken out in the UK are unsecured meaning that you do not have to secure the loan against an asset such as your home.
You’re still required to pay back the loan as agreed with your chosen lender but, because the loan is unsecured, you can access the finance you need without the risk of losing your home.
How much do you need and how long do you want to take the money for?
Once you have estimated the costs and decided how much you can afford to save towards the big day, then you can work out how much you will need to borrow. Don’t forget to include any financial contributions from parents or other family members who may have offered to help towards your wedding day.
Once you have decided on how much you need for your wedding loan, you will also need to think about your repayment terms. If you choose to pay your wedding day loan back over a longer period, your monthly repayment will drop but this will increase the total debt you repay overall.
Wedding loans for bad credit- UK.
Bad credit should not get in the way of you securing a wedding loan. We have helped many couples with unsecured wedding loans.
However, you need to be aware that no regulated lender is currently offering wedding loans without a credit check.
Why apply for a wedding loan through Oyster Loan?
At Oyster Loan, we like to go that extra mile and do more than just compare wedding loans providers for you.
We’ve assembled a panel of Financial Conduct Authority-licensed lenders happy to lend couples the money they need to create the perfect wedding day. Here’s how it works – fill in the application form on our site and let us know a few personal and financial details about yourself.
We’ll then take all that information you’ve given us and compare it with what each of our lenders has told us that they look for in a borrower. We’ll then send your details to the lenders who want to work with people in your situation. Within seconds, we come back with the best offer we’ve found for you.
It’s then up to you whether you wish to proceed or not. If you do, simply sign the online paperwork and, within a short time frame, your lender will transfer your loan to your nominated bank account. If not, that’s no problem. Either way, we never charge you anything and you’re never under any obligation.