A report by Bridebook.co.uk revealed that millennial Couples in the UK now typically spend 45% of their combined annual income on their wedding. However, London continues to be the most expensive place to get married, with weddings averaging at £31,837. Couples are borrowing personal loans for wedlock to help them manage the expenses of their big day. In this blog, we will discuss the advantages and disadvantages of this loan in detail.
What is a Wedding Loan?
You do not have to provide any of your assets as collateral if you borrow this loan. It is nothing but a personal loan that you can obtain to cover the expenses of your wedding. You can get a loan up to 35000 pounds. In addition to that, you have to repay it within a period of 12 months to 84 months.
Advantages of a Personal Loan for Wedding UK
- Simple application process
You can apply for this loan online. Applying for a loan is not a lengthy and strenuous process as it used to be. Things have simplified over time. When you decide to go ahead with a personal loan for a wedding, all you have to do is complete the application form and submit it – online.
Unlike other traditional loans, while applying for a personal loan, you can choose the amount and repayment schedule. The repayment costs are spread out from 12 months to 84 months, and you have to repay it in instalments.
- Boosts credit score
Personal loan for a wedding may help you build credit score if you regularly make the repayments without any default.
- No collateral
Borrow money without risking your assets as wedding loans are unsecured, and therefore, you don’t need to provide any assets as security/collateral. You can easily borrow a personal loan for a wedding in the UK without risking your valuable assets like your car, home etc.
- Quick decision
You do not have to wait for days to know the status of your loan application. In many cases, you may get to see the answer in seconds or in real-time. Once you apply for a loan, you get to know the decision of the lender instantly.
Disadvantages of Wedding Loans in the UK
- Higher rate of interest
These loans are unsecured, and due to the associated risks, personal loans usually have higher rates of interest as compared to other forms of borrowing, particularly if you want to borrow a smaller amount.
- Default on payments
If you default on your repayments, it will adversely hamper your credit score. That can restrict your chances of getting approved for loans for up to the next 6 years.
- Prepayment penalty
Some lenders charge a prepayment penalty if you pay off the loan early. Therefore, read your lender’s terms and conditions carefully before borrowing a wedding loan online.
How Can Oyster Loan Help you to Get Same Day Wedding Loan?
Oyster Loan is a credit broker in the UK. We specialise in providing deals on personal loans for wedding from FCA authorised and reputed UK direct lenders. All you have to do is to fill in a straightforward application and you will get the decision on your screen in seconds. Please note that this will be done in real-time. If approved, you may even get the funds in your account on the same day. Though disbursal of the funds in your account depends on your lender’s bank and your own bank.
Please note Oyster Loan offer deals in wedding loans of up to 35000 pounds and a borrower can choose the repayment tenure starting from 12 months to 84 months.
Wedding is one of the most important events in anybody’s life and to make the most out of it, use your savings but also lookout for the best way to arrange additional funds for expenses. You can borrow months in advance of your final D-day and can even add your honeymoon cost while borrowing the loan.
To apply for a Same day wedding loan with Oyster Loan, Click Here.