Wedding loans are for spreading out the high costs of weddings over a longer period.
They can be offered as secured or unsecured lending to suit yours and your partner’s financial situation.
Repayments can vary from short-term loans (one to five years) to 30 years, helping you to plan for the future.
Failures to meet the repayments after your big day could lead to additional costs and impact credit score.
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A wedding loan is a type of personal loan where you spend the proceeds on organising and paying for your big day celebrations. So long as you’re able to repay the full loan amount, including interest and any fees payable back on time, a wedding loan would cover the costs.
For some couples, a wedding loan can help raise funds for their big day. Here are some of the other potential benefits:
In 2021, the average cost for a wedding in the UK was just over £17,000 – and that doesn’t include the price for engagement rings or honeymoon plans.
Before you commit to borrowing money for a wedding, it’s important to weigh up the pros and cons, and really consider whether it’s right for you.
Before you apply for a wedding loan, it’s important to calculate just how much money you need to cover your big day. This way, you won’t be repaying more than you need to.
To do this, work out a rough budget of how much you are willing to spend on your wedding. Try to do some research into the costs for some of the big-ticket items involved in your big day, such as the:
Once you know your budget, it’s also a good idea to consider your financial situation to ensure you can comfortably afford to repay the loan over the next 10, 20 or even 30 years. Look at both yours and your partner’s incomes and outgoings, including any other loans you may have, to help decide what you can afford to borrow.
Learn more about loans from Norton Finance with these frequently asked questions.
We broker secured loans between £1,000 and £100,000. The amount you can borrow will depend on your individual circumstances.
The repayment period ranges from one to 30 years. The most important thing is that you’re comfortable with your loan instalments.
Our homeowner rates start at 6.7%. Unsecured loans usually have higher rates, but the rate you are offered will vary according to your current finances and financial history.
As a broker rather than a bank, we receive commission from the lender when a loan application is completed. We don’t charge any upfront fees on unsecured or secured loans. On secured loans, we will often charge a broker fee of up to 12.5% on completion of the loan application. This figure is capped at a maximum £3,995.
It doesn’t matter whether you have CCJs, are self-employed, or even retired – at Norton Finance we work together with our customers to find a repayment schedule that fits the bill.
We offer secured and unsecured loans for weddings. Couples can apply for a loan together or individually, depending on their circumstances and/or personal preference
Your wedding is one of the most pivotal days of your life – but all too often, couples compromise on what they really want because of cost.
As a broker, we can help you choose a personal loan for your wedding from the selection offered by our panel of lenders. Allowing you to spread the costs over a time period that suits you can make the planning process more manageable.
See how much you could potentially afford to borrow by using our loan calculator to get an idea of the monthly repayments.
1https://www.hitched.co.uk/wedding-planning/organising-and-planning/average-uk-wedding/
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