Weddings call for a splurge. Whatever be your credit situation—if I ask you to SAVE and DELAY expenses on your shopping list, you would probably miss the FUN for the lifetime. When it comes to celebrating your Heart’s vows you ought to make it “happy” too!
However as real is the emotional value to the bride’s shopping list as is the financial capacity of the couple. So before you decide to indulge for your D DAY you must gather all the related information pertaining to the available Wedding Loans for Bad credit in the UK.
From small wedding loans up to £500 to decent picks up to £10000 are available for a couple with bad credit rating. The amount, duration and interest rate of the loan depends entirely on your credit profile. You can expect the loan to work like a personal loan for wedding purpose.
How much is safe to borrow for the wedding?
- Pull out your free credit report online. Make a list of outstanding loans and credit bills. Make a note of monthly loan obligations. On another page or column add up all income sources. You can also choose to do a combined account assessment for both of you. This simple exercise would give you a mirror idea for how much you could borrow with your current loan profile.
- Considering your bad credit profile, I hope you have a poor rating and very high debt to income ratio. Anything you borrow would add to your debt burden. You would need a fool proof plan to manage the loan thus.
- Make a list of wedding expenses. Include every single expense in this list. Do not forget to include your honeymoon expenses or you would need to run another search on Holiday loans for bad credit later on.
- Calculate how much you need after viewing your savings and pending credit limit. Also, while evaluating the number of funds, consider the fact that both of you would be out of work for some time. Many couples miss out counting NO INCOME post wedding and run into shambles thereon to manage loans.
- After assessing your loan affordability contact an FCA authorised loan broker to search for low-cost bad credit loans for the wedding. They serve borrowers free of cost. You get the fair choice to make a no obligation decision.
- In case you seek a long-term loan for the wedding you can consider opting for a home equity loan. Despite the mortgage, it will help you avail cheaper loan for a large amount. Homeowner loans are also approved faster than unsecured loans. A broker would share available options with you and you can choose the one according to your requirements.
- By including loan broker, you can target flexible loan terms. Whether you need monthly instalments or wish to begin delayed instalments, a broker can help you pitch in the exact loan terms. They are great negotiators and you can use their expertise to set the right priorities for your future.