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:
- Engagement ring
- Bridal dress
- Honeymoon trip
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.