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Compare wedding loans

Compare wedding loans

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Last updated: 20 October 2022

If you are lucky enough to be planning a wedding, you’ll quickly begin to realise the large costs that come with it. Unfortunately, the happiest day of your life will often become the most expensive. - not only is the cost high, but often vendors will require a deposit to secure their services. 

Wedding loans, often in the form of unsecured personal loans, are a common tool used by newlyweds to allow them to have the wedding they’ve always wanted. This guide will compare different ways of borrowing for the big day and is essential to make sure you know the finer details of borrowing money for your wedding.

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Can I get a loan to pay for my wedding?

Yes - much like you can take out a holiday loan or a home improvement loan, many loan providers will allow you to take out a loan to assist with the often high costs associated with a wedding.

Why would I need a loan for my wedding?

Wedding costs are constantly increasing, with the average cost of a wedding in the UK between £20,000 and £30,000. Your wedding is probably going to be the most expensive event you will ever host, and many couples are turning to loans to help them finance at least parts of it. 

Newlyweds starting married life in debt is not uncommon, but if you compare personal loans using usave, we can help you find out the best borrowing options for you without affecting your credit score. It can make it much more manageable and give you peace of mind, especially if you have a poor credit rating.

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Benefits of wedding loans

Using a wedding loan means that you will not have to empty your bank account to finance your wedding; you will be able to pay off the costs of the wedding over time, rather than all upfront.

Taking out a loan could also remove some of the stress of the wedding day for you, allowing you to focus on planning and preparation. 

They are particularly useful for couples who do not have the cash on hand straight away, as wedding vendors often require immediate deposits.

Disadvantages of wedding loans

As with any loan, short-term relief can cause financial stress in the medium to long-term. 

The fact of the matter is that generally those who take out a personal loan are spending cash that they do not have. 

During the loan application process, it’s essential that you understand the risks that you are taking on so that your financial situation doesn’t place strain on your new marriage further down the line.

What kind of loan can I get?

Personal Loans

The most common loans for weddings are personal loans, often you will see these called unsecured loans. Although they vary, typically these loans allow you to borrow up to £15,000 for up to five years. 

Personal loans are unsecured because the bank does not require you to put any assets up as security. This is because lenders will look at your credit history, and those with the best credit score will get the best deals.

Secured Loans

If you need to take out a loan larger than a personal loan, or have a poor credit history, then a secured loan may be the best option. 

Secured loans work by putting up large assets (such as a car or your house) as security for the lender. This means that they have the ability to repossess your asset if you fail to make the monthly repayments. 

These are good loans for people with bad credit or those who need a large sum of money. However, because of the bank's ability to repossess, they are incredibly risky and can place a lot of pressure on a marriage that has just begun.

See what loan rates are available at the moment

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Compare loans with usave, with a soft eligibility checker, to see what your loan options are without affecting your credit rating.

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Fergus Cole

Author: Fergus Cole

Fergus is a journalist specialising in the personal finance, energy and broadband sectors. He also has a passion for travel and adventure so tries to make the most of this in any spare time he gets.

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