Getting a loan for a wedding when you have bad credit
Depending on which study you look at, the average cost of a wedding in the UK can fall anywhere between a sizeable £15,000 and a colossal £24,000.
A wedding day can be a very costly affair, with Brides Magazine suggesting the average cost in 2015 is around the £24,000 mark. In contrast a report by bridal website Confetti suggested 34% of people it surveyed spent between £5,000 and £10,000 while 25% spent less than £5000. What is clear is that costs for a wedding can vary immensely and there is no one size fits all approach.
If you are thinking about taking out a personal loan to cover the cost of your wedding but know you have a bad credit history, this site features loan brokers and lenders who may be willing to advance you the money you need. Although if you cannot afford to pay for your wedding without borrowing, you need to consider carefully whether you're being a little too extravagant and ask yourself whether the burden of debt is really worth it.
Everyone wants their wedding day to be special, but getting a loan to pay for a wedding, particularly if you have bad credit, might not the most prudent course of action. It boils down to whether you will be comfortable meeting the repayments as if your credit score is low you are likely to pay a much higher rate of interest.
Having a less than perfect credit history means most high street banks are going to be beyond your grasp and you'll need approach the specialist lenders who tend to be less brutal in turning applicants away.
There was a time when it was seen as the responsibility of the brides parents to foot the bill for their daughters marriage, but this tradition is now regarded as relic of the past as many couples pay for their own weddings. Funding a wedding can be a strain particularly if a young couple is also contemplating climbing the first rung on the housing ladder or thinking about starting a family.
The most significant wedding costs include:
- The ceremony
- Wedding venue and reception hire
- Wedding cake
- Outfits for the bride and groom, bridesmaids and best man.
There are a number of ways you can budget without compromising on your big day.
Firstly you need to come up with a budget and stick to it.
Shop around for the best deals, particularly venues, wedding cars, florists and photographers. There can be significant price differences between service providers in a local area for a service that is very similar.
Decide on which elements are essential and consider ditching others which are less significant.
Spring or Summer Saturdays tend to be the most popular day for holding a wedding, but you could save yourself a stack of cash by holding your nuptials on a Friday, or better still, midweek.
Traditionally, couples leave for their honeymoon shortly after the wedding celebrations, but many couples are now opting to delay their honeymoon until such times they can afford it or deciding to travel abroad out of season.