Wedding loans

Compare wedding loans to fund your perfect day

Compare wedding loans

  • Doesn't harm your credit score

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  • A small step towards Money Calm

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Loan rates are based on your circumstances and change regularly

What is a wedding loan?

If you want to make your dream wedding day a reality but you don’t have the funds, you might consider taking out a loan.

The average cost of a UK wedding seems to be increasing each year, with some couples forking out tens of thousands of pounds to tie the knot. So, even if you and your partner have savings, or are receiving help from family, you might still need a loan to fund your dream day.

But taking out a wedding loan isn’t a decision to be made lightly – there are a number of pros and cons to borrowing for your big day. Read on to find out more, as well as some alternative suggestions and tips on finding the best deal.

Which banks offer wedding loans?

Many banks offer wedding loans so you will have plenty of choice when you compare policies. Most wedding loans come in the form of an unsecured personal loan.

How does a wedding loan work?

A low-interest personal wedding loan could be one of the easiest and most convenient ways to fund your big day, especially if you have limited savings.

Most personal loans are fixed rate, so you’ll know how much you need to pay back each month and for how long, plus how much the interest will cost. Some variable-rate loan products are also available on the market.

Average wedding loan

Data collected by MoneySuperMarket between June 2019 and June 2020, correct as of July 2020

How much can I borrow for a wedding loan?

There are a lot of things to think about when it comes to planning a wedding, all of which cost money. It’s a good idea to write down everything you want at your wedding and research some prices – this might help you to decide whether taking out a wedding loan is a good idea for you. Some of these things may include:

  • Wedding venue and entertainment
  • Catering, including wedding cake
  • Photography
  • Dress and groom’s attire
  • Rings
  • Transport
  • Wedding flowers and decoration
  • Registrar fees

The amount you can borrow on a personal loan will depend on numerous factors, including your income and credit history.

Use our loans calculator to give you an idea how much a personal loan is going to cost you. If you’re planning your wedding and don’t want to break the bank, check out 10 ways to cut the cost of a wedding.

Pros of a personal wedding loan

  • Quick access to money: This means you can get going with planning your big day, even if you don’t have the money up front
  • Flexibility: Flexibility on how much money to borrow and over what term allows you to budget a payment schedule to pay back what you borrowed
  • The less interest, the quicker you pay off loan: Repaying your loan within a shorter timeframe (if you can afford to) means you will pay less interest overall. A longer timeframe means a higher total interest bill, but each monthly repayment will be smaller (there will just be more of them)
  • Rebuild your credit score: A personal loan can help to rebuild your credit score and credit history if you make sure to meet your monthly repayments

28 years old is the most popular age to borrow money for a wedding

Data collected by MoneySuperMarket between June 2019 and June 2020, correct as of July 2020

What happens if my wedding is cancelled?

If for some reason your wedding is cancelled, you will still need to repay your loan in full. If you have already paid for all or parts of your wedding using your loan money and it's not refundable, you may be able to claim it back if you have taken out wedding insurance.

Always make sure, therefore, that before taking out a personal loan for your wedding you would be able to meet your monthly repayments, whatever the circumstance.

Can I get a wedding loan with bad credit?

Lenders take your credit score into account when deciding what interest rate to charge you and how much you can borrow. If you have a poor credit history, this might mean you are unable to borrow at the market leading rates.

Only people with high credit scores will be accepted for the best deals, while those with lower scores will normally be offered a higher interest rate or refused credit altogether. Find out more about your credit score.

If you are unsure about your credit score, our Eligibility Checker could help you to see the loans you’re most likely to be accepted for without damaging your credit score. It’s a good idea to use this before applying for a wedding loan as rejected applications could further damage your file.

Alternative ways to borrow

If you can't get a personal loan, or you’d prefer to borrow at a lower interest rate, there could be other finance options available:

0% Credit cards

A credit card can be an affordable way to borrow the money you need to pay for your wedding, if you're sensible.

Many of the top credit cards available today offer 0% interest on borrowing for mid-size purchases for a specified length of time. This means you can spread the cost over the interest free term, and if you pay off the balance before the term is over you can borrow interest free.

However, it’s important to remember that borrowing on an interest-free credit card can prove very costly if you get it wrong. You’ll need to make sure you pay off your balance in full before the interest-free deal ends, otherwise you’ll start being charged.

And because the minimum monthly repayment is often set very low, it can take a long time to clear your balance. It’s best to pay off more than the minimum if you can and set up a direct debit to help you remember to pay on time each month.

Cashback and rewards credit cards

These cards allow consumers to earn back a percentage of what they spend in cash or vouchers. So if you shop for your wedding using a cashback or rewards credit card, you could get some of what you spend back.

These cards usually don't have an interest-free introductory period, so if you don't repay in full, interest on the card could be more than the value of the cashback or rewards.

The average couple takes 4 years of married life to pay off their wedding

Data collected by MoneySuperMarket between June 2019 and June 2020, correct as of July 2020

Secured loans

Generally speaking, a personal wedding loan is unsecured, which means you’re not borrowing the money against the value of one of your possessions. Therefore, a good credit score is vital for getting better loan rates.

If you have a patchy credit history, you may be able to take out a secured loan. This lets you offer an expensive item like a house or car as security, so the lender knows they can get their money back if you stop making repayments. Of course, if you do stop paying the loan back, you risk losing your security.

Overdraft facility

An overdraft allows you to borrow money through your bank's current account up to a certain limit. You may find your bank automatically offers you an overdraft, or you have to request this facility.

How to get the best deal

  • Shop around: Whatever type of loan you choose, shopping around for the cheapest deal is the best way to pay as little as possible for credit
  • Improve your credit score: Remember, customers with high credit scores tend to get offered some of the best deals

Find a loan

Compare wedding loans

You can do this quickly and easily by using the MoneySupermarket Eligibility Checker to compare different loans from a wide range of lenders. Using the Eligibility Checker means all you have to do is enter a few details such as your name, your annual income and the amount you want to borrow, and you’ll be able to browse a range of deals to find the right one for your big day and the one you’re most likely to be accepted for.

Moneysupermarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.