Your bad credit history doesn’t make you ineligible to take wedding vows with your soul mate. Though, the ailing credit score may turn the process to avail wedding loans into a hard task for you two. The average cost of wedding in UK is whopping £25000 and for the couple with low credit worth, availing such a mega loan would not be a cakewalk.
Herein let’s find out how a couple struggling with finances can apply for wedding loans with no credit check triggers. Let’s find out a step by step process to help you avail a wedding loan with bad credit situation.
Know how much you need to draw as a loan
First of all, you need to calculate the total amount of loan you would want for your D day. While calculating the loan amount, consider costs for wedding and reception venues, catering, photographer, flowers, cake, wedding attire, invitations, wedding bands, engagement rings and honeymoon suits. The list of expenses can go on for lifetime. However with poor credit history you should try to limit the expenses for your wedding celebration and raise loan according to your repayment capability.
To search for wedding loan, first search for loan broker
After you have assessed the amount of loan, you need to search for the lender that can extend the loan for wedding purpose. With poor history you would require lenders who provide wedding loans with no credit check and minimal formalities. There are several private lenders who offer wedding loans for couples with bad credit history. However with the presence of too many loan sharks you should consider using broking service.
A broker can help you avail the best possible price of the loan. Wedding loans work like personal loans on instalments. The broker would assess you credit situation and help you find loans according to your repayment capacity. While searching for wedding loans, you may consider enquiring for loans for holidays bad credit and decide if you would want to raise 2 different loans for wedding and honeymoon or would go with the one big loan. You should choose the option that saves you money.
Apply for secured wedding loan
In order to save the cost of loan you can consider opting for a secured wedding loan. You can use a property, jewellery or your car to raise a short term or medium term wedding loan. This collateral would help you avail a cheaper loan and save enough to repay the loan sooner than the loan duration, which would again save money on interest rate. However you should ensure that the prepayment of loan doesn’t invite a charge.
Co- Apply for a loan
To get the bigger loan, both of you could co-apply for the wedding loan. This would ease the risk of loan and make you eligible for more amount.
Get a personalised loan
The broker can help you find a tailor made loan as per your credit requirement. They are financial experts and can help you find loans for bad credit no guarantor situation.
Make a repayment plan
Last but never the least, you should also make a repayment plan while planning the loan. This would ensure that you build a good history and raise your credit worth for more loans in future.
We hope these tips would help you avail the desired funds for your wedding Day and you live happily ever after your D day. Best wishes!