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What you need to know about wedding loans

Wedding loans in a nutshell

Wedding loans come in all shapes and sizes. Here at Freedom Finance, our lenders can offer personal unsecured loans of up to £25,000. If you’re a homeowner, secured loans might also be an option for you. This type of loan typically allows people to borrow larger amounts over longer repayment terms.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

How to pay for a wedding

Deciding how to pay for a wedding can feel a little daunting, can’t it? But don’t worry. If you do decide to borrow to finance your wedding, there are plenty of options. Just make sure you do your research to work out which type of borrowing is right for you.

Personal loans

If you’ve got a good credit score, a personal loan can be a good option if you want to pay for your wedding over a few months or years. You might also find that personal loans have more favourable rates available that other forms of borrowing. However, the longer your loan term the more you’ll pay back in interest.

Secured loans

If you’re a homeowner, secured loans are also worth considering. This type of loan is secured against your property. This means that if you fail to pay back your loan, your home could be used to cover the cost. However, secured loans often enable you to borrow more, and usually come with much longer repayment periods which can reduce your monthly repayments.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Guarantor loans

This type of loan will require a family member, such a parent or a friend, to agree to cover the cost of the loan if you become unable to pay it back. If you have a less-than-perfect credit score, a guarantor loan can be a good way of accessing the money you need.

Credit cardsIf you’re just looking to borrow money for a short period of time, a credit card could be a good option. However, interest rates can be high, so it’s worth making sure you won’t be caught out if you need to borrow over a longer period.

How much can I borrow?

The amount you can borrow will depend on your personal circumstances. There are a few different factors that help to determine the amount lenders will offer you. These include things like your credit score and income.

To find out what kind of budget you’d be looking at with a wedding loan, you can check your eligibility with us without affecting your credit score.

Can I add someone else to my wedding loan search?

Yes, you can check your eligibility alongside another person (with their consent). This can sometimes boost your affordability and improve your loan options. To add someone else to your search, give our UK-based team a call on 0800 432 0142.

What are the benefits of wedding loans?

By taking out a wedding loan, you can access a large lump sum of money instantly and pay it back over time in more affordable monthly repayments. This can be helpful if you need to pay for any big costs up front, or you simply want to spread the cost of your wedding.

What should I think about before taking out a wedding loan?

As with all borrowing, it’s essential you don’t borrow more than you need to. You should also ensure that you can comfortably afford the monthly repayment amounts before you proceed. If you take out a secured loan, be aware that your home could be used to cover the cost if you can’t pay back the loan.

Can I get help with my finances?

If you’re worried about money, the Money Advice Service can offer you free, impartial advice on how to improve your financial situation. For more information, visit the Money Advice Service website.