Financial preparation 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 the financial details in your overall wedding plan when considering your application and the amount you are looking to borrow. Doing this helps you determine exactly how much it is you need to cover the expenses of the big day itself along with any additional costs such as the honeymoon.
Wedding loans that are taken out against collateral are known as secured wedding loans. These loans typically have much lower interest rates than unsecured loans. However, the loan amount itself 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:
- Engagement ring
- Bridal dress
- Honeymoon trip
In the UK, an average wedding can cost between £18,000 and £35,000. Secured wedding loans can often provide anywhere from £5000-£50,000 to help cover your wedding ceremony and any additional costs you may encounter.