Weddings all over the world are known to be as grand communal celebrations. We all want this once-in-a-lifetime event to be the perfect one so that we will cherish this for the rest of our life. But arranging such a grand ceremony can be expensive. Latest data revealed that the overall cost of a wedding has increased significantly in recent years and has reached a staggering £32,000 in 2018. Most of the couples who want a grand event to tie the knots either have a strong financial plan or they consider taking out a personal loan for a wedding to fulfil their dreams. 62% of couples save up for their wedding expenses, while 44% of couples seek financial assistance from their family and relatives. Another 38% of couples use their disposable income while 14% use their credit cards to manage the cost of the expenses. 4% of couples opt for a bank loan to fund their wedding expenses. Amidst all these, Wedding Loans in the UK have remained a popular choice of couples who are planning their grand day.
Wedding loans are nothing but a type of personal loans that can be borrowed for a period of 12 to 84 months. This gives the borrower enough time to repay the loan easily without much hassle. Moreover, a borrower can borrow an amount without using any of their valuable assets as collateral. Also, the borrower doesn’t have to arrange a guarantor to co-sign the loan application. A few lenders also accept profiles with a bad credit score. Such loans may have a high rate of interest due to their score but if the borrower repays the loan on time and in full, their credit score may improve. Therefore, these loans are often categorized under unsecured personal loans.
The answer to this question lies behind another question that is – how much you really can afford to spend on your wedding? Take into consideration factors like how much have you saved up for your D-Day, how much your parents are going to contribute, and even if you take out a personal loan how are you going to repay the loan? It’s true that if you default on the repayments, none of your valuables is at stake. However, your credit score will be damaged severely if you do not repay the loan on time and this will reduce your chances for taking out a loan for the next time.
Go for a wedding loan if you have a solid repayment plan. If you know that you can easily afford to repay the amount that you have borrowed, then choosing a loan to support your ideas for a lavish wedding ceremony can be considered.
There are several advantages of a wedding loan and some of them are listed below:
Most of the couples avoid taking a wedding loan due to one big reason that is stated below:
If you do not feel like going ahead with this option to finance your wedding, you may consider the below mentioned alternatives that may help you in planning the most important event of your life – the way you want.
Borrow a loan wisely – that’s the key to responsible borrowing. Evaluate how much you exactly need to borrow. The basis on that search for a loan that will suit your financial requirements. Always remember to borrow money from a financial firm that is registered by the Financial Conduct Authority (FCA) to avoid entering into scams. Consider the below-mentioned points to choose wisely:
Making your big day picture perfect is not difficult if you have the right financial support. Create a budget according to your pocket. A wedding loan can definitely help you plan your big day but repayment is an important element that should be taken into consideration. Finding the perfect Wedding Loan in England or any other part of the UK is not challenging anymore. All you have to do is – apply for a wedding loan with Oyster Loan and fill an easy and simple application form online.
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