Like any other personal loans, wedding loans too gives it’s applicants to avail the option of secured or unsecured wedding loan. Secured wedding loans are approved over the borrower’s collateral such as car, house or savings account. This category, offers its borrowers to enjoy lower interest rate, flexible repayment period and larger loaned amount approval. Under secured wedding loans, greater wedding expenses can easily be met as borrower can borrow the amount anywhere from £25000 to £75000. Well, if borrower wants to increase the amount then for that he has to pledge the collateral with higher equity.
In the unsecured wedding loans, borrower feels free from the collateral placement as it is not secured by any collateral of the borrower. Unsecured loans are opted by those who don’t have collateral of their own or not interested in pledging the collateral. Unsecured wedding loan offers borrowers to borrow as low as £1000 to a maximum of £25,000.
Borrower can easily avail wedding loans but for that they have to decide the rough estimate for their wedding. So, while considering the loaned amount borrower must include major and minor expenses like traditional wedding arrangement, decoration, flowering, catering, wardrobes, jewelry, invitations, honeymoon etc.
Wedding Loans can too be availed by bad credit people who have arrears, payment defaults, CCJ’s in their credit history. But for that they may be charged with higher interest rate.
Wedding loans can be accessed from various modes like banks, financial institutions, leading lenders or online lenders. While availing a loan borrower must carry a proper search and research to get the best suited loan quote.