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Comparing deals is straightforward and shows you the key information upfront so you can choose the best deal for you.
We’ll ask a few quick questions about your finances to only show you deals that you’re likely to be accepted for.
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A low-interest wedding loan could be one of the cheapest and most convenient ways to fund your big day, especially if you have limited savings. Here's how it works:
Search for the best deal with MoneySuperMarket. Compare interest rates, the loan term and any fees and conditions before applying
Use the money to cover the costs of your wedding, such as booking the venue and paying for caterers
Pay back the loan in monthly instalments. You might be able to save money by clearing the loan faster, but take note of early repayment charges
If you have a poor credit score because you’ve struggled with debts in the past, or you haven’t borrowed before, you could still get a wedding loan in the UK.
But you should be aware that available loans could be more limited, you may not be able to borrow as much, and you may face paying a higher interest rate.
Regularly review your credit score and work on ways to improve it. If you’ve been in financial difficulty before, you should also think carefully about taking on more debt.
The best deal for a wedding loan depends on your personal financial situation. For example, a low interest rate might look appealing, but the length of the deal might be too long, meaning you’ll pay more overall. Here’s what to do to find a loan that best suits you:
Whatever type of loan you choose, shopping around for the cheapest deal is the best way to keep interest repayments as low as possible. Compare both interest rates and annual percentage rates (APR)
There could be additional fees on the loan – especially if you miss a payment. Early repayment charges could also apply
We’ll show you your chances of being accepted before you apply. That way you can avoid harming your credit score
Customers with high credit scores usually get offered the best deals. So, it's best to get your credit file in great shape before applying
Before you take out a loan to fund your wedding make sure you’re fully aware of the advantages and any potential pitfalls:
Quick access to money, enabling you to start planning your big day, even if you don’t have the savings up front
Flexibility, with options around how much you borrow and how quickly you pay it back
Could improve your credit score if you meet the monthly repayments in full and on time
You’ll pay interest on your loan so your wedding will cost you more than if you paid with savings
If you miss repayments, you’ll damage your credit rating and borrowing may be more difficult in the future
Early repayment charges mean it may be costly if you want to pay off the loan before the term ends
It will depend on how much you borrow, the length of the loan and the agreed interest rate (APR).
The more you borrow and the higher the APR, the more it will cost you in interest over the term of the wedding loan. While a longer loan may also allow you to make lower monthly repayments, it’s likely that this will lead to you paying more overall.
You should also make sure the payments are affordable. If you miss any repayments, you are likely to be hit with additional charges that will push up the cost even more. Our guide to the best way to fund a wedding can help.
When you apply for a loan, it’s not always clear what deal you’ll be offered or whether you’ll be accepted. But when you’re pre-approved for a loan, you know the deal you see is the deal you’ll get – you’ll know where you stand, with information that will help you make the right choice.
When you’re pre-approved, the loan amount, duration and interest rate are all confirmed
When you know what you’ll be able to borrow and how much it will cost, you can choose a loan that’s right for you
This helps protect your credit score as you’re less likely to be rejected when you apply
"Your wedding day is one of the most special days of your life and although that doesn’t mean you need to spend a fortune on it, if you are looking to borrow money to pay for it a loan is one option. If this is the route you take, because you haven’t got the savings or other cash to fund it, always look for the cheapest loan available. There are lots to choose from so try to find a loan with a low interest rate and one you can afford to repay.
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Find the right loan for you and see your chances of being accepted.
We’ll ask you a few quick details to find out how much you’d like to borrow and help us assess what you might be able to afford
We’ll show you each loan with simple headline terms such as interest rate, cost per month and your chances of being accepted
Once happy with your choice, you can click straight through to the loan provider and apply for the loan within minutes
Borrowing to fund a wedding means you’ll be incurring debt that you’ll have to pay off over the months that follow.
But weddings can be an expensive one-off payment, and it may take you longer than you want to save up – particularly if you have a fixed date in mind.
Provided you budget sensibly, don’t overstretch yourself and can keep up with repayments, wedding finance can be used as part of the planning for the big day.
Whether you’ll be accepted for a wedding loan will depend on a variety of factors, including how much you ask for, whether you can meet the repayments, your credit score and the loan provider’s own attitude to risk.
If you cannot get a loan for as much as you want, you may have to settle for slightly less and revise your plans, or seek finance in other ways.
Once your loan is approved, you’ll receive the money and are free to use it how you wish.
If your wedding gets postponed or cancelled, you’ll still need to adhere to the terms of the loan and make the repayments on time. If you decide you don’t need the money anymore, you’ll be able to pay the loan off early, but take note of any early repayment charges.
In every case, once the initial cooling off period has elapsed, you are likely to pay back more than you have borrowed.
An unsecured loan – often called a personal loan – is one that is granted without the customer having to put down any security, such as their house or car. This doesn’t mean the borrower can default on the loan with impunity.
If you miss repayments, you’re likely to be hit with extra charges and interest and you could seriously damage your credit rating, making borrowing much harder in the future.
Most loans are structured so you make monthly repayments until the loan is paid off. You can usually decide on a date that suits you best. Immediately after payday, for example, is often a popular choice so borrowers are confident they can meet their direct debit payments.
It will depend on a number of factors, including how much you can afford to repay each month – judged on your income and outgoings – and your credit rating. You are likely to be able to borrow more for a secured loan (even up to £50,000) when you put your house or car up as collateral. This is because lenders know they have some redress if you fall into financial difficulty.
However much you decide to borrow, you should always be confident you’ll be able to pay it off in full before applying.
The length of loans differs from deal to deal, but common terms range from two to five years. You can often reduce the monthly payments by extending the term of the loan, but this typically means you’ll end up paying more overall in interest.
It will depend on the deal you’re approved for. The good news is that it is easy to compare deals from across the market in the UK with MoneySuperMarket, so you can quickly see what current rates are on offer.
Be aware that the lowest advertised rates are not offered to all potential borrowers and are generally reserved for those with the best credit scores.
No. Any reputable loan provider will first run a credit check on your finances to give them confidence that you will be able to repay the loan on time every month. This is why it’s so important to keep your credit score as high as it can be.
No. Once you have been approved for the loan and receive the money, you can use it for whatever purpose you like. It could be useful to draw up a budget to make sure you only apply for the amount you’ll need because the more you borrow, the more you’ll have to repay in interest.
Yes, you can instruct the loan provider to pay the money into a joint account. It’s worth noting that if you are the person who has been approved for the loan, you are also responsible for paying it off - no matter who ends up spending the money.
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