Wedding Loans: Make Dream Weddings A Reality
Weddings are absolute fun. It’s pleasurable to arrange and plan for catering, flowers, décor, wedding dress, the guest list, wedding cake. But what is the average wedding cost in the UK?
Latest data from Statista shows that the overall cost of a wedding has significantly increased, from an average of £20,000 in 2009 to £32,000 in 2018. That means the total amount spent by the couples has increased by 19% since last year.
Another research conducted by one of the major Credit Reference Agencies, Equifax, shows that 29% of couples didn’t have a budget for their wedding while 16% felt that they had overspent money on their Big Day and 12% said that they do not know the exact amount they had spent on their wedding.
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52. Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52. Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00 Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00 Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56. Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.Maximise your options: Compare and apply for loans below with LoanTube
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Loan Amount
£4000 -
£20000
Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
This infographic will help in understanding the wedding planning and spending behaviour of people across the UK.
Wedding loans are short-term unsecured personal loans that are borrowed to cover a few expenses of a wedding. These loans do not require any collateral or guarantor. Moreover, people with a bad credit score can also apply for a wedding loan. Some lenders do not consider a credit score as the only deciding factor for a loan, hence, they assess the borrower’s repayment affordability. Therefore, people with a bad credit score may also apply for a wedding loan.
Average Cost of Venue £4,354
Average Cost of Church Wedding £500
Average Cost of Registry Office Wedding £50
62% saved up for their wedding
44% had financial assistance from relatives
38% used their disposable income
14% used their credit card
4% used a bank loan
Wedding Costs Across the UK
According to a survey conducted by Hitched, the UK’s No.1 digital wedding planner, the amount spent by couples for their nuptials varies by region in the UK. London has the highest cost with an average of £41,521.
- SCOTLANDAVERAGE COST OF WEDDING – £31,335
- NORTHERN IRELANDAVERAGE COST OF WEDDING – £36,902
- WALESAVERAGE COST OF WEDDING – £27,901
- NORTH EASTAVERAGE COST OF WEDDING – £28,320
- YORKSHIREAVERAGE COST OF WEDDING – £27,245
- WEST MIDLANDSAVERAGE COST OF WEDDING – £31,191
- NORTH WESTAVERAGE COST OF WEDDING – £30,586
- EAST OF ENGLANDAVERAGE COST OF WEDDING – £29,613
- EAST MIDLANDSAVERAGE COST OF WEDDING – £28,465
- LONDONAVERAGE COST OF WEDDING – £41,521
- SOUTH WESTAVERAGE COST OF WEDDING – £28,240
- SOUTH EASTAVERAGE COST OF WEDDING – £33,406
There are several benefits of maintaining a good credit score such as having the benefit of being offered a lower interest rate on the loans that one opts for. A good credit score helps an individual to save money on a wide range of services. LoanTube has listed a few tips to help maintain the credit score to be fit and in shape:
Keep paying bills on time. Any bill, if unpaid, could wind up on your credit report.
Refrain from applying for new credit as multiple credit checks also impact the ratings.
Know your credit report inside out. A single error can lead to a drop in the score.
Manage your debt efficiently and responsibly. Lower the debt, higher is the credit score.
