Personal Loans

Should I Use a Personal Loan for Wedding Expenses?

Should I Use a Personal Loan for Wedding Expenses?

Weddings are an extravagant affair. You need to be thoroughly planned to make your wedding day a memory that you’ll cherish for life. If you’re planning a wedding, brace yourself for the hefty expenses that’ll shortly come your way.

The average amount of wedding expenses that people indulge in seems to be increasing with each passing year. Instead of taping into your savings, spread the cost of your wedding over a period with a wedding loan. A Wedding loan can help you cover your wedding expenses efficiently.

Read more to find out if you should use a personal loan to finance your big day.

What are wedding loans?

A wedding goes way beyond just about the wedding day. It would help if you had a firm financial ground to stand on when you start a new life with your beloved. Shelling out money from your savings to cater to the wedding expenses may not be the ideal move. You might want to use some of those savings to upscale your lifestyle for your partner – such as home refurbishments, insurance, etc.

Wedding loans are essentially unsecured personal loans that you can use to split your hefty wedding bill into convenient and affordable monthly instalments. You can use the proceeds from the loan to cover all the wedding expenses and then repay the loan over monthly payments. Wedding loans can help you cater to most of the minor and major wedding expenses, including:

  • Wedding venue and entertainment (music, special appearances, etc.)
  • Catering – appetisers, meals, beverages and the wedding cake
  • Wedding photographer
  • The couple’s outfits
  • Wedding rings
  • Transportation costs
  • Guest accommodations (if any)
  • Wedding décor
  • Registrar’s fees

You will need to crunch some numbers to work out an amount that’s sufficient enough to cover all these extensive costs, keeping your affordability in mind. A good way to assess your affordability for monthly payments is by creating a tentative monthly budget and checking whether there’s room for these payments or not.

Your credit score plays a pivotal role in driving the lender’s decision. It may be better to plan your application strategically instead of applying for a loan straight away. Self-assess your credit score by requesting a soft copy of your credit report from credit bureaus. Checking your score will give you an idea of the kind of offers that you can expect when you apply for a wedding loan. You have a much better shot at getting approved for a wedding loan if you have a solid credit and repayment history.

After a lender approves your loan, you can use the funds at your discretion, albeit responsibly. As long as you repay the money as per your repayment schedule, you will notice a boost in your credit score. Failing to keep up with payments can gravely impact your credit rating, hampering your chances of securing credit to fulfil future life goals.

Should I use a credit card/overdraft or a personal loan for wedding expenses?

Personal loans are unsecured, meaning you won’t have to use your assets to secure a loan. This also implies that you pose a greater threat of default to the lender, which is why the interest rates for personal loans are slightly higher than that of secured loans.

However, a personal loan may prove to be cheaper than a credit card or a bank overdraft.

Personal Loans: 

  1. Lower interest rates than high-cost short-term loans, credit cards and overdrafts.
  2. Convenient and affordable, fixed monthly instalments.
  3. You can borrow a significant amount of money to cover hefty wedding expenses.
  4. Quick loan disbursal – fast payouts after loan approval.
  5. Unsecured loans have wider accessibility, especially for non-homeowners.

Credit Cards and Overdrafts:

  1. Interest rates increase excessively once the promotional period expires.
  2. Small monthly instalments may increase your overall repayment period.
  3. Lower borrowing limits can restrict your transactions.
  4. Additional charges for accumulating excessive balance on credit cards.
  5. Unauthorised overdrafts can incur high costs in terms of interest.

Where can I find small wedding loans?

Lenders have varied lending criteria for wedding loans, including the minimum and maximum loan amounts. For most lenders, £1000 is the minimum that you must borrow in order to qualify for the loan. If you are seeking a short-term wedding loan, there are various lending institutions available for you to choose from:

  • Loan brokers: Online loan broking platforms are a one-stop-shop for your financial needs. You can compare multiple loan offers from lenders just at the click of a button. Loan Princess provides you with a quick and convenient loan journey, free of cost, unlike other online booking platforms.
  • High-street banks: High-street banks offer wedding or personal loans at decent interest rates. However, the lending criteria for these banks are usually stringent. Most banks prefer customers who are already associated with them – through a savings or credit account. Besides, you will need a stellar credit history to qualify for competitive interest rates and loan terms offered by banks.

How to apply for an unsecured wedding loan online?

  • Work out a loan amount: Crunch some numbers, evaluate your income and expenses and work out a suitable loan amount. You should only borrow an amount that you can afford to repay in the foreseeable future.
  • Check your credit score: With a proper self-assessment of your credit score, you will know what to expect when applying for loans. This also gives you a chance to dispute erroneous records and unidentified enquiries into your credit profile.
  • Apply for the loan online: Online applications are a fast and convenient way to apply for wedding loans. Complete your application meticulously, and supply accurate details. We at Loan Princess understand how tedious it can be to fill lengthy application forms. Our optimal form design and quick processing significantly shorten your borrowing journey.
  • Compare loan offers: Once you choose a suitable offer, the lender will run a hard credit enquiry to assess your credit history and repayment capability. Loan Princess offers personalised loan offers based on your credit rating and financial circumstances.
  • Complete the contractual formalities: Complete the contractual formalities with the lender. Read your contract attentively before signing it – especially the fine print, to check for any hidden charges (missed or early repayment charges).
  • Wait for disbursal: If your loan amount is small, the disbursal will most likely be quick. Lenders disburse the money into your bank account via wire transfer. Any delays in disbursal may be due to the bank’s service on either end. Once you have the money, you can use it at your convenience, albeit responsibly.


Planning a wedding is certainly a stressful process, and the risk of exceeding your budgetary allowance may add to your stress. Don’t let the expenses take a toll on your health. Life will start throwing new expenses at you once you and your partner begin your new life as a couple. So, instead of exhausting your savings on the wedding, prepare yourself for your married life by setting your savings aside for greater life milestones.