What is a wedding loan?
It’s the time to start the rest of your life with the person you love most in the world! Your wedding day will be one of the most special occasions in your life. But it can also be one of the most expensive.
The average cost of a wedding in the UK in 2021 was a staggering £17,300! Even more shockingly, this is 90% higher than the 2020 cost of £9,100. With the cost of living crisis continuing to loom over our heads, we can only expect this to continue rising.
Our wedding loans are designed to help you spread the cost of your special day over a set time period to make payment a little more manageable. With a wedding loan, you can split your wedding payments into small chunks to be repaid as you’re settling into your new life.
What are the benefits of a wedding loan?
It takes time for dreams to come true. But there are plenty of associated costs when it comes to planning the perfect wedding. From the cost of the venue and entertainment to food and accommodation, there’s plenty to think about.
And, if you’re working to a strict timescale, many of these expenses may have to be incurred in a short time period – paying for them all at once could be financially irresponsible. By taking out a wedding loan, you can spread the cost of your wedding and incorporate it into your monthly budget.
Our fixed repayment plan makes managing payments easy. Plus, the money’s yours to do as you please – so you can even spend some on the honeymoon from heaven. Now, you can have the wedding of your dreams without worrying about money.
Is a wedding loan right for you?
Whether you’re having a small, intimate wedding or an extravagant celebration on your special day, our wedding loan could help bring the magic to life. However, it’s worth thinking long-term beforehand – is it necessary to take out a loan? How will your money be allocated? Be sure to think about how your repayments will fit into your monthly budget going forward.
If you can afford repayments, a loan can be handy, particularly if you don’t have existing savings or would like to spread the cost of your wedding out over a longer period of time.
How to apply for a wedding loan
- Click the button below to apply
- Fill in your details as accurately as possible
- Submit the form
- One of the Moneywise team will be in touch as soon as possible to confirm whether you have been successful
To apply you must:
- Be aged over 18
- Agree to Moneywise Credit Union rules
At Moneywise, your previous loan history with us will determine the amount that you’ll be able to borrow. Members who have previously taken out a loan with us and repaid it in line with our agreed repayment dates and amounts will be able to borrow larger figures.
- We’re a non-profit, so we keep our interest rates as low as possible
- We have competitive loan rates, so you can repay responsibly
- Because we’re members-only, we offer a safe way to build your credit history
Wedding Loans Calculator
Discover our loan calculator below for an estimate of your cost of credit and APR%s.
Wedding loan example
When you take out a wedding loan at Moneywise, your cost of credit and repayment plan could look something like this:
You borrow: £300 loan
You pay back: £6.90/week over 52 weeks
Total repayable: £357.24
Cost of credit: £57.24
Fixed interest rate of 36% – APR 42.58%.
Frequently asked questions
Here at Moneywise, our team considers multiple factors before approving loan applications.
A. Is it affordable?
The first thing we consider is – is it affordable? We want to make sure that if we’re taking repayments for a loan, you’ll be able to keep up with this loan and your other commitments.
B. Is it realistic?
Next, we’ll consider if the loan repayment schemes are realistic. We do this by checking if you’re up to date with your rent or mortgage. We also look whether or not you’re making repayments for utilities and council tax. If these payments are up to date, we’ll see if you have enough disposable income to cover these – plus our loan repayment on top.
If your bank statements show low balances, for example, we will assess the situation further. This helps us understand if all your spending is necessary. If you’re spending lots of money on takeaways for example, we may suggest a change in spending habits to ensure you’re able to make repayments.
C. Is your credit check acceptable?
If we’re happy that the loan is affordable and realistic, we may also need to run a credit check on some of our loan products. We’ll check the credit report to see if there are any active CCJs. If so, are they recent and are you repaying them?
We’ll continue to look over your current and previous credit accounts. This will make sure that each statement is up to date and you’re making regular repayments.
Interest rates vary! Most loans are set at a 3% interest rate (42.60% APR). This is for new and existing members, and family loans will always be set at this rate. We offer payroll members loans with a 2% interest rate. We might also offer lower interest rates due to length of membership, the amount of savings you hold with us and if we’ve offered a secured loan.
If you’re worried about repaying your loan on time, contact our team as soon as possible.
It depends on your situation. If this is a short-term issue where one or two payments are going to be missed, we may be able to cover these from savings already held with us. If not, an agreement can be made with our credit control department to either temporarily reduce payments, or for the payments to be made at a later date.
In cases where this is a long-term issue, you’d be able to discuss your best options with our credit control department. The team will help you come to an agreement about how to pay going forward.
If your application is successful, our team will help you set up the details and repayments of your account. You’ll also be provided with information on how to access your savings, keep track of your loan balance and, if you request it, offers and advice on topping up.
If your application is unsuccessful, we’ll provide you with information on setting up a savings account. Our team will also offer guidance on any other financial assistance we are aware of that may be available at the time. Finally, we also provide details of other support services, such as the Citizens Advice Bureau, that may be able to help you.
There are multiple reasons why your application may have been declined:
- if you currently have an active individual voluntary arrangement (IVA), debt relief order (DRO) or are bankrupt
- if it is not affordable for you to make the repayments (see above)
- if you have recently missed repayments on an existing loan with us
- if there is a decline in your credit report
To find out more, contact a member of our team and we’ll explain your circumstances.
Yes. Whether you’re in full-time employment or in receipt of benefits, anyone is eligible to apply for a Moneywise loan if you meet our requirements, including living or working in the North East.