With weddings a huge event in many people’s lives, the associated costs of having one can be difficult to pay for in one lump sum. This is where wedding loans can help those looking to make paying for their big day much easier. At Fast Loan UK, we don’t provide loans for a wedding, however, we are a short term loan provider that may help in emergency situations.
Below you’ll find out more about wedding loans in the UK and whether this is a good option for those planning a dream wedding, as well as more on our alternative loan options for those needing to cover unexpected expenses. If you want to apply online today for one of our small loans, all you have to do is click apply now and we’ll quickly provide a decision.
What is a Wedding Loan?
A wedding loan is a way to borrow money to cover the costs of a wedding and repay through monthly instalments. There are lenders who can provide this specific type of borrowing, including high street banks and online lenders. They work similarly to a personal loan where you have a fixed term for repayment that includes the interest charge, and depending on the value, you can spread repayments over a number of months and years.
As you can imagine, the costs of a wedding can quickly add up, even if you look to celebrate your big day on a budget. With costs including venue hire, catering, dresses, and morning suits, and of course the rings and transportation to get there, a wedding has many individual parts that can create a large overall cost. This can be much more than people may have available in their savings or can borrow from their family, with traditionally the parents of the bride paying for the wedding. However, these days it’s mostly the wedding couple themselves paying out for their big celebration. With the average wedding in the UK costing approximately £17,300, with the vast majority of that cost being the venue itself and catering, you can see why many choose a loan for a wedding.
Here at Fast Loan UK, as much as we love a wedding, unfortunately our quick cash loans aren’t suitable as a wedding loan. If the average wedding costs are anything to go by, you would need to borrow a lot more than we can offer, with our loans specifically for helping those cover a short-term financial emergency. Ideally, you would have emergency savings to help cover costs such as car repairs, a broken boiler, unexpected bills, and much more that life can unexpectedly cost you, but if not, we may be able to help. If you are ever in a position where a small cash loan of up to £800 could resolve your situation, we may be able to provide you with a repayment term of up to 8 months and a convenient way to apply online.
Finding Wedding Loans for Bad Credit
Not everyone will have the ideal credit rating when looking for wedding loans, and with many lenders requiring a good level of credit to be considered, it can leave some disappointed. However, you may find wedding loans for bad credit if looking for specialist lenders to help. Whilst they may not be able to guarantee a loan for your big day, they can consider borrowers who have plenty of affordability yet have a low credit score.
If you are someone with a poor credit history, it’s important to consider the costs of your wedding and whether borrowing is the right choice for you. Taking out loans for weddings may help you pay for the wedding you’ve planned, but you will still be paying this back over many months or years depending on the repayments you can afford. Like any loan, being able to sustain the repayments is crucial to avoid falling into financial difficulties and potentially defaulting on a loan agreement. You should carefully think about your current finances and whether a wedding loan is the best option. If you can receive financial help from friends or family, or save money leading up to your wedding, this will always be the best option.
This is the same for our emergency loans at Fast Loan UK, as we need to ensure the loan is affordable for you to maintain. You should only apply if this is the best option for you after exhausting other ways to resolve your short-term issue.
Applying for an Alternative to Wedding Loans
As wedding loans in the UK are something we cannot provide, our alternative option is specifically for short-term issues you otherwise cannot pay for. If this is something you are looking for, you will need to meet the following requirements first to start your online application:
1. Aged 18 years or over
2. Current UK Resident
3. Be in Full-time, Part-time or Self-Employment
4. Receive a Regular Income
5. Have a valid Bank Account and Debit Card
If approved, we can process your loan application fast and provide the funds into your bank account as soon as possible. This makes our loans ideal in emergency circumstances when you need to resolve an issue quickly. Your application will be subject to credit and affordability checks, so if we cannot determine the loan is affordable, unfortunately, we will have to decline.
You will be assigned a personal Customer Care Manager who will be able to assess your application and contact you if any queries are required. If they do contact you to confirm any details, this will usually be a quick call lasting no longer than 5 minutes. We prefer to have this more human approach to lending than relying on automated systems, meaning we can look to help those needing low credit score loans where possible.
Apply Online – Get a Fast Loan Today!
If you have low savings and the unexpected happens before your next payday, at Fast Loan UK we can provide a quick way to apply online to get the cash you need. If you are looking for wedding loans, then you will need to continue your search for suitable lenders instead. For more information on financial matters that can help, please visit Money Helper for further details.
To apply online today for an affordable loan through us, click apply now and we’ll see if we can help.
Loans for Weddings FAQs
How much can I borrow with wedding loans in the UK?
The amount you choose to borrow to cover the costs of your wedding will vary and will depend on each individual lender. Sometimes wedding loans can be offered up to £25,000 in a similar way to a personal loan, but this will be subject to status and the lender’s lending criteria. You’ll need to consider the larger the loan amount, the higher the monthly repayments may be along with a longer loan repayment term.
Is a loan for a wedding a good idea?
This will depend on your circumstances and what you can afford to comfortably pay towards repayments each month. Ideally, you would’ve been planning a wedding over a long period, giving you time to save money for this. Alternatively, you may have financial help from your family to help cover some of the costs. Any form of borrowing shouldn’t be rushed into, so comparing your options and carefully considering the costs involved will help you make a financially savvy decision that’s right for you. This is the same for our cash loans, as you should only apply if you have no other available options to help resolve your situation.
Can I get a wedding loan with a poor credit history?
Some lenders may require those needing a wedding loan to have a good credit rating. Many banks use automated lending processes that may decline those with poor credit before their application has been assessed. You may find wedding loans for bad credit, but you will need to ensure you can prove your ability to afford the repayments. If applying for our loans in an emergency, you will also need to ensure repayments are affordable for you and that we can determine this during the application.