How you choose to pay for your wedding is an important decision. It is likely to be the most expensive day of your life, so making the right funding choices can make a significant difference to the final total. In this article, we explain how spreading the cost with a wedding loan could help you manage your money and show you the best wedding loans currently available in the UK.
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What is a wedding loan?
A wedding loan is a type of unsecured personal loan that you can use to cover costs associated with your big day. Like other personal loans, you borrow a lump sum that you pay back in monthly instalments over an agreed number of years. You will have to pay back what you borrowed – known as the capital – plus interest.
Even smaller-scale weddings in the UK can easily stretch to £20,000 and more, so spreading the cost using a wedding loan is a more realistic way for many people to fund their expenses than years of saving. Of course, this means paying interest on what you borrow, rather than earning interest on what you save. Getting a personal loan of any kind is more expensive than using cash you have saved up because you have to pay interest on the borrowing.
You could choose to balance your options by using a wedding loan to cover part of the cost of your big day and using your savings or a credit card for the rest, however you will need to make sure you can afford to pay back what you borrow. Keep in mind that you may not be able to borrow enough money to cover every single wedding expense, especially if you have an expensive day planned or you have a poor credit history. People with bad credit will struggle to get a personal loan from a mainstream provider, or may be offered a lower loan amount or higher rate than they had hoped for.
How to find the best loan for you
We have teamed up with Creditec* to make it easier for you to compare loan deals and check your eligibility. In minutes, without affecting your credit score, if you are eligible, you will be able to find out which loans you are most likely to be accepted for. You can then tailor your personalised list to sort deals by the features that matter most to you. This could mean filtering for the loan term you want, sorting the list by the rate of interest or highlighting the loans you are most likely to be successful in applying for. All this is done through a soft credit check, so your credit score will not be affected. Click on this link to get started*. If you are not eligible for a loan with any of the providers on the panel then you may be shown a variety of alternative products that may be suitable for you. You are under no obligation to continue with them if you feel they are not suitable for your circumstances.
Best wedding loans - September 2024
We have used the representative examples of repaying a £1,000 loan over three years, a £5,000 loan repaid over five years, a £10,000 loan repaid over five years, a £20,000 loan repaid over five years and finally a £25,000 loan repaid over five years to source the figures in our tables. Borrowing more or less will often change the advertised rate of interest, as will altering the loan term. It is important to remember that the loan amount and rate you are ultimately offered will be based on your credit history and financial circumstances, so the representative APR you are offered may differ to the amount you see in the tables below.
The best rates on a £1,000 loan
| Loan provider | Representative APR (from) | Available loan term | Available loan amount | Monthly payment | Eligibility checker? |
| Santander | 13.5% | 1 - 5 years | £1,000 - £25,000 | £33.56 | No |
| M&S Bank | 14.9% | 1 - 7 years | £1,000 - £25,000 | £34.16 | Yes |
| AIB (NI)¹ | 16.4% | 1 - 5 years | £1,000 - £25,000 | £35.01 | No |
| HSBC | 16.9% | 1 - 5 years | £1,000 - £25,000 | £35.02 | No |
| Zopa | 22.9% | 1 - 5 years | £1,000 - £25,000 | £37.57 | Yes |
| TSB | 27.9% | 1 - 7 years | £300 - £50,000 | £39.69 | No |
| Halifax | 29.7% | 1 - 7 years | £1,000 - £50,000 | £40.44 | Yes |
Representative APR is based on a 3-year loan term
¹You must be an existing personal current account customer with AIB (NI) and registered for Online Services
The best rates on a £5,000 loan
| Loan provider | Representative APR (from) | Available loan term | Available loan amount | Monthly payment | Eligibility checker? |
| Tesco Bank | 7.2%¹ | 1 - 10 years | £1,000 - £35,000 | £98.94 | Yes |
| Santander | 7.2% | 1 - 5 years | £1,000 - £25,000 | £98.94 | No |
| AIB (NI)² | 7.9% | 1 - 5 years | £1,000 - £25,000 | £100.83 | No |
| HSBC | 9.9% | 1 - 5 years | £1,000 - £25,000 | £104.95 | No |
| M&S Bank | 9.9% | 1 - 7 years | £1,000 - £25,000 | £104.95 | Yes |
| TSB | 13.9% | 1 - 7 years | £300 - £50,000 | £113.99 | No |
| Halifax | 17.9% | 1 - 7 years | £1,000 - £50,000 | £123.14 | Yes |
| Zopa | 22.9% | 1 - 5 years | £1,000 - £25,000 | £187.68 | Yes |
Representative APR is based on a 5-year loan term
¹Clubcard members receive a preferential rate, non-members will get from 7.9% and pay £100.49 a month
²You must be an existing personal current account customer with AIB (NI) and registered for Online Services
The best rates on a £10,000 loan
| Loan provider | Representative APR (from) | Available loan term | Available loan amount | Monthly payment | Eligibility checker? |
| Tesco Bank | 6.1%¹ | 1 - 10 years | £1,000 - £35,000 | £193.02 | Yes |
| TSB | 6.2% | 1 - 7 years | £300 - £50,000 | £193.47 | No |
| Santander | 6.2% | 1 - 5 years | £1,000 - £25,000 | £193.47 | No |
| M&S Bank | 6.2% | 1 - 7 years | £1,000 - £25,000 | £193.47 | Yes |
| Halifax | 6.6% | 1 - 7 years | £1,000 - £50,000 | £195.23 | Yes |
| HSBC | 6.6% | 1 - 5 years | £1,000 - £25,000 | £195.23 | No |
| AIB (NI)² | 7.1% | 1 - 5 years | £1,000 - £25,000 | £197.85 | No |
| Zopa | 22.9% | 1 - 5 years | £1,000 - £25,000 | £269.40 | Yes |
Representative APR is based on a 5-year loan term
¹Clubcard members receive a preferential rate, non-members will get from 6.5% with monthly repayments from £194.79
²You must be an existing personal current account customer with AIB (NI) and registered for Online Services
The best rates on a £20,000 loan
| Loan provider | Representative APR (five-year term) | Available loan term | Available loan amount | Monthly payment | Eligibility checker? |
| Tesco Bank | 6.1%¹ | 1 - 10 years | £1,000 - £35,000 | £386.05 | Yes |
| TSB | 6.2% | 1 - 7 years | £300 - £50,000 | £386.94 | No |
| M&S Bank | 6.2% | 1 - 7 years | £1,000 - £25,000 | £386.93 | Yes |
| Santander | 6.4% | 1 - 5 years | £1,000 - £25,000 | £388.70 | No |
| Halifax | 6.6% | 1 - 7 years | £1,000 - £50,000 | £390.47 | Yes |
| AIB (NI)² | 7.1% | 1 - 5 years | £1,000 - £25,000 | £395.69 | No |
| HSBC | 7.4% | 1 - 5 years | £1,000 - £25,000 | £397.54 | No |
| Zopa | 22.9% | 1 - 5 years | £1,000 - £25,000 | £538.80 | Yes |
Representative APR is based on a 5-year loan term
¹Clubcard members receive a preferential rate, non-members will get from 6.5% with monthly payments from £389.58
²You must be an existing personal current account customer with AIB (NI) and registered for Online Services
The best rates on a £25,000 loan
| Loan provider | Representative APR (five-year term) | Available loan term | Available loan amount | Monthly payment | Eligibility checker? |
| Tesco Bank | 6.1%¹ | 1 - 10 years | £1,000 - £35,000 | £482.57 | Yes |
| TSB | 6.2% | 1 - 7 years | £300 - £50,000 | £483.67 | No |
| Santander | 6.4% | 1 - 5 years | £1,000 - £25,000 | £485.88 | No |
| M&S Bank | 6.9% | 1 - 7 years | £1,000 - £25,000 | £491.40 | Yes |
| Halifax | 6.6% | 1 - 7 years | £1,000 - £50,000 | £488.08 | Yes |
| AIB (NI)² | 7.1% | 1 - 5 years | £1,000 - £25,000 | £494.61 | No |
| HSBC | 7.4% | 1 - 5 years | £1,000 - £25,000 | £496.92 | No |
| Zopa | 22.9% | 1 - 5 years | £1,000 - £25,000 | £673.50 | Yes |
Representative APR is based on a 5-year loan term
¹Clubcard members receive a preferential rate, non-members will get from 6.5% with monthly payments from £486.97
²You must be an existing personal current account customer with AIB (NI) and registered for Online Services
Can you pay for your wedding with a loan?
Whether or not you can pay for your wedding with a loan will depend on how much your planned nuptials will cost and how much you are able to borrow. If you have done any kind of planning at all for your big day, it will come as no surprise that weddings can be exceptionally expensive. Pulling out all the stops over multiple days with an extensive guest list will likely send you over £100,000, but even stripped-down events can push you over £20,000.
Most unsecured loan providers offer a maximum loan amount of £25,000, though some specialist providers may be willing to offer more to certain applicants. Others will be offered much less. You will need a good credit score to get a sizeable personal loan and an excellent one to get the top amounts. This is because personal loans – unlike secured loans – are not connected to an asset that can be sold if you are unable to repay the debt. Instead, whether or not someone is accepted is based on the applicant’s credit history and financial circumstances. This means that if you want to pay for your wedding with a loan, you will need to have a good credit history, which should be reflected in your credit score.
You can check your credit score for free and make a few simple changes to ensure it is in the best shape possible before you apply.
Wedding loans for bad credit history
You may be able to get a wedding loan with a poor credit history and a low credit score, but you will likely be limited to specialist lenders and have to pay a much higher rate of interest. You may also struggle to get the loan amount you need to cover all of your costs. This will all make borrowing more expensive, more difficult and likely make a loan a less viable option for paying for your wedding. You could get a loan at a high rate to pay for part of your wedding, but it may be a better option to consider one of the alternatives listed at the bottom of this page.
How much to borrow for a wedding
Venue hire, catering, clothes, decorations and photography are usually the staple costs of any wedding and can set you back close to £15,000, before you even think about music, flowers, invitations, travel or accommodation. Obviously, the exact cost will vary depending on the area of the country your wedding is taking place, how many people you are inviting, how many days your celebration lasts for and what level of luxury you want.
Make sure to build a detailed budget and think about what is important to you, what you might be willing to cut back on and of course how much you can afford to repay each month. You can see from the tables on this page what a monthly repayment is likely to be on a few different types of loan. If you don't think you can afford that amount, you may need to reassess your budget.
If, after pricing up your plans, you find that your needs exceed the maximum loan amount for any mainstream lenders, you could consider borrowing only a portion of the money you need, scaling down your wedding or look at alternative funding options. However, keep in mind that not all expenses will need to be paid at once. Venues usually require a deposit before full payment, while other expenses may appear steadily over your wedding planning journey. This could mean that you do not need the full cost of your wedding from a loan in one lump sum.
Pros and cons of wedding loans
Here are the main points you should consider before you apply for a loan to pay for your wedding.
Pros of wedding loans
- You don’t need to spend years saving - If you decide to pay for your wedding with cash you have saved up, it will likely take several years to build up enough money. A wedding loan gives you almost instant access to the funds you need.
- Spread the cost of your wedding - Instead of having to pay thousands of pounds upfront, you can spread the cost over many months or years, making the cost of your big day more manageable. Keep in mind that the longer you spend paying the loan back, the lower your monthly payments will be but the more interest you will pay overall.
- Flexibility to spend where you need - A wedding loan is a type of personal loan. Once your application has been approved and you have received the money, you could choose to spend the loan on whatever is most urgent, whether that is a big wedding or a nice holiday. Keep in mind that your lender's rules will usually ban spending for gambling, business purposes, illegal activity or buying property.
- Your interest rate will be fixed - Wedding loans usually come with a fixed rate of interest, meaning you will know in advance how much you will have to pay each month, which should make budgeting much easier.
- Fast access to your cash - Once your loan application is approved, you should get the money very quickly, usually within a few days.
- Improve your credit score - Your repayments will be noted on your credit file, so making them on time and in full will steadily improve your credit score.
Cons of wedding loans
- You will be in significant debt - Weddings are expensive, so paying for yours with a loan will leave you in significant debt. This could make your start to married life more challenging.
- Not everyone will be able to borrow enough money to pay for their wedding - You will need a good credit score to borrow the top loan amount from most mainstream lenders, but even this may not be enough money to pay for your entire wedding.
- Missed repayments can have long-term consequences - Any missed repayments on your wedding loan will end up on your credit file, which future prospective lenders will be able to see. This means that you may find it harder to borrow in the future.
- Interest charges can quickly add up - With a significant loan amount repaid over several years, you end up paying a lot of interest. A 0% credit card will be a lot cheaper, though you likely won’t be able to borrow as much or for as long.
- Applicants with lower credit scores will get a higher interest rate - If your credit score is not excellent, your application may still be accepted but you may be offered a higher rate of interest than the advertised representative APR.
Alternatives to a wedding loan
A wedding loan is not the only way to finance your big day. Here are some alternative options to consider:
Credit cards
With a 0% purchase credit card, you can spread the cost of different wedding expenses over the course of the card’s introductory offer, which can last for around a year and a half. If you are able to clear the card balance by the end of this period, you will not pay any interest.
You will need to pay at least the minimum amount each month, but you should budget to clear the balance before the 0% period ends and you are hit with higher interest charges.
How much you can spend on your 0% card will depend on the credit limit you are offered, which will be based on your credit history. Even if you have a high credit score, it is unlikely your credit limit will be high enough to cover the full cost of your wedding up front.
Saving up
Choosing to save up for your wedding means you will likely have to wait longer to get married, but you will be able to start your marriage debt free. You will also save a lot of money on interest charges and instead earn interest on what you have saved.
Budgeting can be tough, but it is an important part of life. You can work out what you are willing to cut back on in order to fund your big day, or what parts of the wedding will have to be scaled down to match your finances. If you cannot afford to save up for it, you will struggle to meet the repayments on an equivalent loan. It is important to understand what you can afford and how the spending will affect your lifestyle before you commit to it.
A family loan
Many people will rely on family members to either gift or loan them the money for their wedding. If this is an option, you may be able to save a considerable amount on interest charges.
The downside is that owing money to a friend or family member could strain that relationship, especially if you struggle to pay them back. Make sure to set out a formal loan agreement in advance to lay out what rate – if any – you will be charged and how long you will spend paying the loan back.
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