Best Wedding Loan
There’s no way around it: weddings are expensive. The average cost of a wedding in 2022 was $28,000, according to Zola’s First Look Report. And that number is projected to increase to $29,000 for 2023. Most of us don’t have that kind of cash, but other options exist to pay for a wedding. One of the easiest and quickest options is to get a loan. Done right, a loan can make your wedding dreams a reality. But if you don’t plan appropriately, it could put your finances or even your new marriage on the rocks right out of the gate.
Table of Contents
- What Is a Wedding Loan?
- Best Wedding Loans
- Advantages and Disadvantages of Wedding Loans
- Benefits of a Wedding Loan:
- Drawbacks of a Wedding Loan:
- How to Apply for a Wedding Loan
- Alternatives to Wedding Loans
- FAQ about Personal Loans
What is a Wedding Loan?
A wedding loan is a type of personal loan that is specifically designed to help couples cover the costs associated with their wedding. Wedding loans typically have lower interest rates than credit cards, making them a more affordable option for couples looking to finance their big day. These loans can be used to cover a variety of expenses, such as venue rental, catering, flowers, decorations, photography, and more. By taking out a wedding loan, couples can spread out the cost of their wedding over time, making it easier to budget and plan for their special day.
One of the key benefits of a wedding loan is that it allows couples to have the wedding of their dreams without having to compromise on their vision due to budget constraints. Whether couples are looking to have a small, intimate ceremony or a large, extravagant affair, a wedding loan can help make it happen. By taking out a loan, couples can ensure that every aspect of their wedding is taken care of, from the venue to the dress to the entertainment, without having to worry about running out of funds.
While a wedding loan can be a useful tool for financing a wedding, it is important for couples to carefully consider their financial situation before taking out a loan. Couples should determine how much they can realistically afford to borrow and repay, taking into account other financial obligations they may have.
By carefully planning and budgeting for their wedding, couples can ensure that they are able to enjoy their special day without the stress of debt looming over them. Ultimately, a wedding loan can be a helpful resource for couples in need of financial assistance to make their dream wedding a reality.
You can use a wedding loan to pay for any wedding expenses:
- Rings
- Venue
- Catering
- Honeymoon
- Decorations
- Entertainment
- Photographer
- Invitations
- Hair and makeup
- Wedding dress and tuxedo
- Travel for destination weddings
Many weddding loan lenders rebrand their general-purpose personal loans into specific uses, even though they’re all the same thing.
Best Weding Loans
If you’ve done the work and figured out that a wedding loan makes sense for you, there’s no shortage of options to choose from. There are thousands of personal loan lenders out there, we break down a few of the best wedding loans to choose from.
- Best for Low Rates
- Best for Bad Credit
- Best for Small Loans
- Best for Fast Funding
- Best for No Fees
- Best for Credit Cards
See Which Loans You Qualify For
Best Wedding Loans for Low Rates
Loan.co.uk
- Loan Amounts £1000 – £30,000
- Loan Terms from 3 to 18 months
- No Minimum Credit Score
About Loan.co.uk
Planning a wedding can be an expensive endeavor, with the average cost of a wedding in the UK coming in at around £30,000. For many couples, this substantial cost can be a barrier to having the wedding of their dreams. That’s where loan.co.uk Wedding Loans come in, offering couples the financial assistance they need to celebrate their special day in style.
With loan.co.uk Wedding Loans, couples can borrow up to £50,000 to cover the costs associated with their wedding, including venue hire, catering, and entertainment. This flexible loan option allows couples to spread the cost of their wedding over a period of time that works for them, making it easier to manage their finances and avoid dipping into their savings or relying on credit cards.
In addition to offering competitive interest rates, loan.co.uk Wedding Loans also provide couples with the peace of mind that comes with knowing they have the financial support they need to make their wedding day a reality. Whether couples are planning an intimate gathering or a lavish affair, loan.co.uk Wedding Loans can help turn their wedding dreams into a beautiful reality.
Best Wedding Loans for Bad Credit
PostOffice.co.uk
- Loan Amounts £1,000 – £50,000
- Loan Terms 12 – 84 months
- APR Range 8.49% – 35.97%
- No Minimum Credit Score
About Post Office Wedding Loans
At Post Office®, we aspire to be at the very heart of customers’ choice by becoming the most trusted provider of essential services to every person in the land.
Planning a wedding can be both a joyous and stressful experience. From choosing the perfect venue to finding the ideal dress, the costs can quickly add up. However, with services like postoffice.co.uk Wedding Loans, couples can ease the financial burden and make their dream wedding a reality. These loans offer couples the flexibility to borrow the amount they need to cover their wedding expenses, with manageable repayment options to fit their budget.
postoffice.co.uk
Wedding Loans provide a simple and convenient way for couples to finance their special day. With competitive interest rates and loan amounts ranging from £1,000 to £25,000, couples can choose the loan that best suits their needs. Whether they need funds for the venue, catering, decorations, or other wedding expenses, postoffice.co.uk Wedding Loans can provide the financial assistance couples need to create the wedding of their dreams.
In addition to the financial benefits, postoffice.co.uk Wedding Loans also offer peace of mind. By securing a loan through a reputable and trusted provider like the Post Office, couples can have confidence in their financial decisions and focus on enjoying their wedding day.
With a simple application process and quick approval times, couples can access the funds they need without the stress and hassle of traditional loan applications. Overall, postoffice.co.uk Wedding Loans provide couples with the support and flexibility they need to make their wedding day unforgettable.
Choose a loan between £1,000 and £25,000 with fixed monthly repayments.Post Office Money® Wedding Loans are provided by Bank of Ireland (UK)
Best Wedding Loans for Small Loans
AA Loans
- Loan Amounts £1,000 – £40,000
- Loan Terms 12 – 60 months
- APR Range 8.05% – 36.00%
- No Minimum Credit Score
About The AA Loans
Planning a wedding can be an exciting yet expensive endeavor. From the venue to the flowers to the bridal gown, the costs can quickly add up. For couples who are looking for financial assistance to cover these expenses, AA.com offers wedding loans to help make their special day a reality.
These loans provide a flexible and convenient way to finance all aspects of a wedding, allowing couples to focus on creating lasting memories without the burden of financial stress.
With AA.com wedding loans, couples can borrow the amount they need to cover wedding expenses, such as venue rental, catering, photography, and decorations.
The loans come with competitive interest rates and flexible repayment options, making it easier for couples to manage their wedding budget. Additionally, AA.com offers a quick and simple online application process, allowing couples to easily apply for a loan from the comfort of their own home. The loan approval process is fast, and funds can be disbursed promptly, giving couples peace of mind knowing that their wedding expenses are taken care of.
Wedding Loans provide couples with a convenient and affordable way to finance their dream wedding. Whether couples are planning a small and intimate gathering or a lavish celebration, these loans can help make their wedding vision a reality. By offering competitive rates, flexible repayment options, and a simple application process,
AA.com ensures that couples can focus on creating lasting memories on their special day without the stress of financial constraints.
USPs
- Fixed monthly repayments for the duration of the loan
- Spread the repayments over 1-7 years
- No arrangement or set up fee
- Other Loan amounts and terms available. Loan amounts range from £1,000 to £25,000, with terms available from 1-7 years.
To apply for an AA Loan applicants must:
- Have been a UK resident for at least 3 years
- Be over 21 and no older than 70 when the loan term ends
- Have a regular (minimum) annual income of £12,000 (gross). If you are self- employed you must have been employed for a minimum of 2 years
- Have a UK based bank or building society current account that can pay direct debits
- Ensure that they can meet the repayments, as missed payments incur a charge and could have severe consequences on their ability to obtain future credit
Best Wedding Loans for Fast Funding
MasterLoan.co.uk
- Loan Amounts £2,000 – £36,500
- Loan Terms 12 – 72 months
- APR Range 7.99% – 35.99%
- No Minimum Credit Score
About MasterLoan.co.uk
Masterloan.co.uk offers wedding loans to help couples finance their dream wedding without compromising on their vision. Whether you are planning a small, intimate gathering or a lavish celebration, Masterloan.co.uk provides flexible loan options to suit your needs. With competitive interest rates and easy application process, Masterloan.co.uk makes it convenient for couples to secure the funds they need for their special day.
One of the key benefits of choosing Masterloan.co.uk for your wedding loan is the hassle-free application process. Couples can apply online and receive a decision within minutes, allowing them to focus on planning their wedding without worrying about the financial aspect. Additionally, Masterloan.co.uk offers loan amounts tailored to each individual’s budget, ensuring that couples can borrow an amount that is manageable for them.
Furthermore, Masterloan.co.uk understands that weddings can be expensive, and offers repayment plans that are flexible and affordable. With low monthly payments and customizable terms, couples can repay their loan at a pace that suits their financial situation. This allows couples to enjoy their wedding day without the stress of financial burden, knowing that they have a reliable partner in Masterloan.co.uk to help them make their dream wedding a reality.
Best Wedding Loans for No Fees
Quick Car Finance
- Loan Amounts £5,000 – £100,000
- Loan Terms 12 – 84 months
- APR Range 8.99% – 23.43%
- No Minimum Credit Score
About Quick Car Finance
As one of the leading car financing companies in the UK we are delighted to be able to offer no obligation car loans without arrangement fees. It’s our mission to only offer a premium service and that’s why we are well on the way to being the number one car financing company in the United Kingdom. We have over 72 different finance tiers and we are renowned for offering a high quality service. With 5* Trust Pilot customer ratings, we’ve arranged car financing for thousands of happy customers – will you be our next?
Why customers choose Quick Car Finance??
- Best Car Finance Deals £4,000 – £25,000+
- Used By 500,000+ People Last Year
- High Acceptance Rate & Poor Credit Considered
- Email creatives available upon request
- 100% Free & No Commitment
- Super Fast & Easy Application
- Over 250,000 vehicles to choose from
- Top rated 4.8 Star reviews on google (Compared to 4.1 for CarFinance 247 & 4.4 for Zuto)
Best for Credit Cards
Score Mastercard
Score MasterCard
The Secured Score Mastercard® is one of the first credit building solutions the UK, providing a credit building solution to both consumers and new businesses looking to establish positive trade history.
Personal Secured Score Mastercard
- Minimum requirements: UK bank account. Applicants must be over the age of 18 and must have income/employment, credit check required, no active CCJ, IVA or Bankruptcy.
- Payment history reported to UK credit agencies, helping build credit score and tradeline history
- No minimum credit score required
- High approval rate due to the secured nature of the card
- Accepted at all Mastercard® locations
- Eco-friendly card made from recycled and degradable materials
- 30-day money back guarantee
- 0% interest charged on purchases and outstanding balances
- Shariah certified card for those of the Muslim faith
- Affordable credit building solution at just 29.99% APR
- No annual fee
- Flexible credit limit starting at 250 GBP determined by applicant and deposit amount chosen
- Cardholder chooses most convenient monthly repayment date
- One-time credit access fee of 10% of credit limit
- Monthly subscription fee of £19.99 (waived for the first 30 days)
About DND Finance
Since 2000, DND Finance has established itself as a multi-national finance company helping the underserved corporate and consumer finance arenas in both the UK and Canada. As a division of D&D Leasing UK, the company was founded by Bill Dost, offering business financing solutions in the loan, vehicle, equipment finance and leasing markets in the UK. DND Finance is fully authorised and regulated by the FCA, and is a member of….
Advantages and Disadvantages of Wedding Loans
If you’re thinking of taking out a personal loan, here are some pros and cons to weigh up first.
Benefits of a Wedding Loan:
A wedding loan can help couples plan and pay for the wedding of their dreams without having to drain their savings or go into debt on high-interest credit cards.
By taking out a wedding loan, couples can budget and allocate funds specifically for their special day, ensuring that they have enough money to cover all the necessary expenses. This can help reduce stress and anxiety associated with wedding planning, allowing the couple to focus on enjoying their engagement and preparing for their future together.
Furthermore, a wedding loan can provide couples with flexibility in terms of payment options and timelines. Many lenders offer personalized loan terms and repayment schedules, allowing couples to choose a plan that works best for their financial situation. Additionally, wedding loans typically have lower interest rates compared to credit cards, which can save couples money in the long run. By taking out a wedding loan, couples can spread out the cost of their wedding over time, making it more manageable and affordable.
Lastly, a wedding loan can allow couples to have the wedding of their dreams without sacrificing quality or cutting corners. With a wedding loan, couples can afford to book their ideal venue, hire their preferred vendors, and splurge on those special touches that will make their day truly memorable. This can help create a beautiful and unforgettable wedding experience for the couple and their loved ones, ensuring that their special day is everything they hoped for and more. In conclusion, a wedding loan can provide couples with the financial support and flexibility they need to plan and pay for their dream wedding without breaking the bank.
Drawbacks of a wedding loan:
Higher interest rate than some alternatives – wedding loans tend to have higher interest rates than loans secured against an asset. So, if you’re looking for cheap loans, this might not be the best option.
Some credit card providers also offer interest-free deals for an introductory period, making them a potentially cheaper option than a personal loan.
How to Apply for a Wedding Loan?
When you use our eligibility checker, we’ll show you a list of personal & wedding loans you might qualify for.
Once you’ve chosen a personal loan, you’ll be taken to the lender’s site to apply. You’ll need to have details including:
- All the addresses you’ve lived at for the past three years
- Your email address
- Your employer’s details, including their address and phone number
- Details of your monthly income and outgoings
- Your bank or building society account details.
This helps the lender assess whether you’ll be able to make the loan repayments.
What are the Alternatives to Wedding Loans?
There are five main alternatives to wedding loans:
A wedding is a special and important occasion in one’s life, and many couples often find themselves considering wedding loans to help cover the costs associated with this significant event. However, there are several alternatives to taking out a wedding loan that couples may want to consider. One alternative to a wedding loan is saving up for the wedding over time. By setting a budget and putting aside money specifically for the wedding, couples can avoid the burden of taking on debt and instead save up for their special day.
Another alternative to wedding loans is cutting costs and finding ways to have a more budget-friendly wedding. Couples can explore options such as having a smaller guest list, choosing a less expensive venue, or DIY-ing certain aspects of the wedding to reduce costs. By being creative and resourceful, couples can have a beautiful and memorable wedding without the need for a loan.
Secured loan
If you’re having trouble getting accepted for a personal loan or you’re looking to borrow more than £25,000, you could try applying for a secured loan. This type of loan is also known as a homeowner loan.
You’ll need to offer an asset such as your home or car as collateral. This could be recovered by the lender if you fail to make the repayments.
Because secured loans are less risky for lenders, they tend to offer:
- Lower interest rates
- Longer terms
- Higher borrowing limits.
Get a Instant Secured Loan Quote
Credit cards
If you’re looking to borrow a small amount, a 0% interest credit card could be a useful alternative to a personal loan.
Make sure you can afford to keep up with the minimum monthly repayments and ideally repay the full amount before your 0% period ends.
Overdraft facility
If you only need to borrow a small amount of money for a very short time, consider using an interest-free overdraft, if you have one. If you don’t, it could be worth looking at alternative current accounts that offer this facility.
Peer-to-peer wedding loan
Peer-to-peer (P2P) loans work in a similar way to standard personal loans. The difference is you borrow money from another person or group of people, instead of a bank or building society.
You can find P2P lenders on dedicated websites. Interest rates vary and can be affected by your credit score. However, P2P lending can sometimes offer lower interest rates compared to traditional lenders.
Car Finance
Car finance helps people buy a car that they couldn’t normally pay for up front. You’ll typically pay a deposit, followed by monthly repayments (with interest) over a fixed term. This could be from two years up to five years.
There are several different types of finance available:
- Hire Purchase (HP) – your loan will be secured against the car, and you’ll split its cost into monthly repayments. Once you’ve made the last repayment, the car will be yours to keep.
- Personal Contract Purchase (PCP) – this type of agreement is based on the amount of value the car will lose during the loan term (its depreciation) rather than its total value. At the end of the agreement, you can hand the car back, buy it by paying a one-off balloon payment, or use any positive equity as a deposit in a new loan.
Compare Wedding Loans
Click a comparison website below to recieve wedding loans quote.
Frequently Asked Questions about Wedding Loans
There are several different types of car finance available, with different eligibility criteria, that are designed to suit different needs and circumstances.
-
How Much do Personal Loans cost?
The cost of a personal loan depends on how much you want to borrow, the APR and how long you take to pay back the money. Interest rates vary according to the size and length of the loan. A longer loan term may attract lower rates, but the overall cost will be higher than a short-term loan. And borrowers with poor credit scores will be charged higher interest rates. We can arrange finance for most cars and vans and cover the majority of UK dealers.
-
What happens if I miss a personal loan repayment?
If you miss a loan repayment, the lender may add extra charges and interest to your loan. Missed payments will also be noted on your credit report, which could harm your credit score and make it harder for you to borrow in the future. If you think you’re going to miss a payment, contact your lender. The sooner you discuss your options, the more flexible the lender may be.
-
Do I need a good credit score to get a personal loan?
You may be able to get a personal loan with bad credit, but it will affect how much you can borrow and the amount of interest you’ll be charged. The better your credit score, the better terms you’ll be offered for a personal loan because the lender will be more confident you’ll be able to repay it. However, buying a car on finance can be more expensive than buying outright. Unless you get a 0% finance deal, you’ll likely be paying interest over several years and there’s a cost to that. Make sure you’re fully aware of the costs involved and only commit if you’re confident you can pay the car off.
-
Can you be pre-approved for a personal loan?
Yes, you can be pre-approved for a personal loan. Pre-approval means your loan application will be accepted based on the information you’ve provided. The interest rate, loan amount and term length will all be guaranteed, pending final checks from the lender. Put simply, it’s a ‘what you see is what you get’ deal. Credit is subject to status and additional affordability checks.
-
How long will it take to get my money?
With some lenders, you can get your money on the same day as your application if you already hold an account with them. But you can normally expect to get your money within a week. The quote will be valid for 30 days, so it gives you time to look for your dream car if you haven't already found it. Once you have decided, you'll need to provide the details of the car and of your approved dealer. The money will be transferred to the dealer and you'll receive the deeds to the car when you collect it.
-
What can I do if I need to borrow more than they’ll lend?
If you need to borrow more than the lender is willing to offer you, or you need more than the typical £25,000 limit, consider a secured loan. You can borrow £100,000 or even more with a secured loan, but you’ll need to offer something of value as collateral, like your home. Think carefully before taking out this type of loan. If you miss repayments, the lender can seize the asset you put up as collateral to repay what you owe.
-
What happens if I can’t repay my loan?
If you’re struggling to repay your loan, contact your lender as soon as possible. They may be able to support you with managing your repayments. Alternatively, contact a debt advice service. They’ll be able to help you organise a debt repayment plan with your lender. If you can’t reach a compromise with your lender, you’ll probably be charged penalty fees for partial, late or missed repayments.
-
Can I repay my loan early?
You can pay off your personal loan early, but you might have to pay an early repayment charge (ERC). Early repayment charges vary, but you can usually expect to pay the equivalent of one to two months’ interest.
-
What will happen if UK interest rates change?
If your personal loan has a fixed interest rate, it won’t be affected if UK interest rates change. Your monthly repayments should remain the same, regardless of what happens to the Bank of England base rate.
-
How long will it take to get the money?
Every lender differs. Some can get you the funds same day. However, it's usual for the money to come through in about three to five days. You can then arrange with the dealer to pick up your new car.
-
How do I calculate my deposit?
Your deposit is the amount of money you have available to pay the dealership upfront. This could include savings and/or the value of a current vehicle as a part-exchange, and it’s taken off the total sum of the car you’re buying.
-
Can I sell my old car, as a deposit?
Yes, you can sell your car online and use the money as a deposit for your new car. You can sell your car online with the AA, thanks to our partnership with Motorway. Get the best price for your car from 5,000+ dealers. It’s completely free with home collection.
-
Can I pay off the loan early?
Yes, you can pay off your loan at any time without incurring any early repayment charges. You will receive a rebate of interest if you pay off the loan early. You can also make overpayments with most of our lenders to help shorten the length of your loan.
Other Types of Loans Available
There are several different types of car finance available, with different eligibility criteria, that are designed to suit different needs and circumstances.
Compare 1000s of mortgage products covering the whole market
Your mortgage is likely to be your biggest financial commitment. So shopping around for the best deal is vital. MoneySuperMarket can help you compare thousands of products from a wide variety of lenders, covering the whole of the market. This way, you can be confident you’re getting the right deal.
BAG A BONUS WHEN YOU SWITCH BANK ACCOUNTS
Earn up to £175 when you switch current accounts
See our range of accounts in seconds
Your money is safe with our FCA-regulated providers
