Financial planning is a very important part of a successful wedding plan. A lot of times you will get financial help from friends and family but a loan is sometimes needed to cover an outstanding portion of the wedding cost.
If you want to apply for a wedding loan, it is a good idea to include financial details in your overall wedding plan also. Doing this helps you determine exactly how much it is you need to cover the expenses of the wedding and how much you may need to borrow.
Wedding loans that are taken against collateral are known as secured wedding loans. These loans typically have low interest rates. The loan amount will generally depend on a number of factors including the value of your home or other asset, your credit history, and the lender you use.
A secured wedding loan can be used for your:
In the UK, an average wedding can cost between £18,000-£35,000. Secured wedding loans can often provide anywhere from £5000-£50,000 to help cover your wedding ceremonies.
SecuredLoans.com is a credit broker.
In the case of unsecured loans, the REPRESENTATIVE APR is 9.3% variable. 51% of borrowers get this rate or less Representative example: - £10000 over 60 months at an interest rate of 9.3% per annum. Monthly repayment £206.86.
Total amount payable £12416.46.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
65% of secured loan borrowers should get rates less than our TYPICAL 13.8% APR including those who have credit problems. APR’s are variable in most cases. In some cases a secured loan processing cost may be charged, which is deducted from the loan on completion and included in the interest rate quoted. This charge covers the cost of property valuation, mortgage references, consent to register a second charge, land registry search’s, credit references, staff costs, marketing and variable costs associated with your loan and is on average 8% of the loan amount. The amount of any fee and the actual rate available will depend on your circumstances and will be discussed with you at an early stage. Extending the loan over a longer period can reduce your monthly payments but may increase the total cost of credit.