While many brides-to-be will be wanting their wedding to be a spectacular event that they have been dreaming about, paying for it might be an issue for many couples.
With the average cost of a UK wedding being £20,000 means that couples, as well as their parents, will need to do lots of saving to ensure the day is a success. The budget also includes paying for wedding dresses and designer dresses.
However, it is also possible to find finance for a wedding and there are lenders offering loans for this purpose.
Indeed, for many couples, a personal loan with a low rate of interest will probably be the best option for financing their wedding.
Even if the couple is planning a small event or even a big reception, it will probably cost more than most couples are anticipating.
This means that many newlyweds begin their married life in debt because they have not budgeted effectively or they did not anticipate unexpected bills.
Lenders offering wedding loans
Even for couples with a bad or poor credit history, there are still lenders offering wedding loans to ensure that their special day is the success it deserves to be.
The best way to finance a wedding and to pay for wedding dresses and designer dresses is to put together a budget and plan extensively where the money will be spent; it’s also a good idea to put aside some money for those unforeseen expenses.
Once the budget has been prepared, the couple will then need to decide how much they want to finance their day on credit.
However, it’s unlikely that they will want to pay for all of the wedding with a loan because that means beginning married life with lots of debt so they should pay for a large part of the day themselves.
Also, for those couples with a bad credit rating, they may still get a loan approved but it will probably be with a higher rate of interest.
Obtaining a wedding loan to pay for the day
Alongside obtaining a wedding loan to pay for the day, couples could also opt to use a credit card with an interest-free period so they can pay for what they need to and then repay the money over a longer period.
However, these types of credit cards are generally aimed at those with a good credit score and the married couple should appreciate that the interest-free period is only for a select period of time before interest charges are applied.
Again, repaying the credit card bill should be a priority for the married couple after their wedding since they should aim to avoid a lengthy period in debt.
Another way to finance a wedding is to borrow the money from a family member but the couple must ensure that the strive to repay the money quickly to avoid family arguments.
For a bride wanting a dream wedding complete with stylish wedding dresses and designer dresses, these financing steps for their wedding will help and for those with a good credit score then they will be able to have access to lots of cheap credit and loans while those with poorer credit scores will still probably find lenders willing to help but at a higher rate.