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Wedding LoansWedding Loans: fall into two categories (i) those which are secured and (ii) those which are unsecured. Those that are unsecured will obviously attract far higher interest rates as they are of a higher risk in terms of repayments and possible defaults.
They are particularly useful if you have had past or current credit problems. Similarly, they are handy if you are currently living with your parents, or a tenant, with no property to secure a loan against. They are available to the unemployed as well as those in part time or full time employment. This is because each application for a loan is considered on its own merits. What is generally required is proof that you can make the repayments. What Is The Average Wedding Loan? An average UK wedding costs between 11,000 and 20,000 pounds sterling. The latter allows for 15% more in London mainly due to reception costs. In Australia a Bride to Be’s Cost of Love Survey 2004 showed the average wedding cost was $28,000, but rose to $36,000AUD. In the USA the average spent on a wedding was $25,000USD. Top end weddings were $70,000. In every instance the costs were split 1/3 on the reception, 1/3 on the honeymoon and 1/3 other. There are a higher proportion of couples paying for their own weddings (70% in the US) than parents. Of these a quarter will apply for a wedding loan. How much is borrowed will depend upon how much finance can be raised prior to obtaining a loan. When Not To Consider A Wedding Loan: It is of little point considering a loan if you know you will not be able to meet your repayments. You could end up loosing a lot more than the original money you borrowed. If you have tried all legitimate sources, but an alternative, possibly dubious source has offered you the money – say no. You have to consider why they would offer you such a loan in the first place. Secondly the interest repayments will probably be prohibitive. Go back to my shoestring budget ideas and have a re-think. Best of luck to you both.
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