Applying for a Wedding Loan

As a rule, wedding occasions have one thing in common: the urgency of money. Although at the initial stage of wedding planning it may seem there is enough money to cover all the expenses, later it usually appears that you will need more than you planned. In most cases it is caused by the cost of wedding services having been increased by the final date of the occasion.

If you dream of a memorable wedding but don’t have enough money to arrange it, you might consider taking out a wedding loan specifically designed for your needs which will cover all your wedding expenses such as dress, food, drinks, music, honeymoon, etc. You will find many lenders on the UK market willing to give you the wedding loan you need.

You are eligible for a wedding loan if you are a citizen of UK, 18 years old or above, have permanent job and a bank account.

There are secured and unsecured kinds of wedding loans, with the first one enjoying more popularity due to a great number of advantages.

If you have collateral in the form of home, vehicle or even savings account to ensure the loan, obtaining wedding loan becomes stress-free and convenient. The lender knows that his money is safe and the borrower will repay the loan on a regular basis. When the collateral is accepted, the borrower has the right to ask for a larger amount and, what is more important, for more competitive interest rate.

Most loan providers offer weeding loans ranging from £1,000 to £25,000, which is enough to meet the wedding cost requirements. In case you need more, the lender is likely to make a thorough evaluation of the property serving as collateral. Accordingly, a higher value of the property will allow you to obtain greater amount of loan. Repayment terms usually vary from 1 to 25 years.

It doesn’t take much time to get your wedding loan approved because of the urgency factor involved. As a rule, you can receive the money within 24 hours. However, in case no collaterals have been offered by the loan applicant, it can longer since the lender will have to prove your ability to repay the loan.  Even if the loan is unsecured, the interest rate can be rather low provided your credit rating is squeaky clean and you can prove your ability to repay.

If your credit history leaves much to be desired, you can still easily take out a wedding loan.

Although you may need the money right away, don’t make hasty decisions and shop around to find the best interest rates first. This can make a significant difference.
 


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