Wedding Loans

If you’re looking to borrow up to £35,000, you may be able to get a personal loan to help pay for your wedding.

To apply for a loan with Novuna Personal Finance, you’ll need to meet our eligibility criteria. You must:

• Be aged 21 or over
• Be a permanent UK resident, and have been living in the UK for at least 3 years
• Be in permanent paid employment, self-employed or retired with a pension
• Have an income greater than £10,000
• Have a bank or building society account
• Have a good credit history

We offer competitive wedding loan rates from just 7.4% APR Representative on loans between £7,500 and £25,000.

While the majority of our customers are given the advertised rate, the APR you're offered may vary depending on your credit history, personal and financial circumstances, the amount you wish to borrow and how long you want to borrow for.

It’s a good idea to have a clear budget in mind to ensure you’re only borrowing the money you need. This will help you to decide whether the monthly repayments, including interest charges, will fit into your monthly budget. You don’t want to start married life worrying about your finances, so always make sure loan repayments are affordable for you before applying.

There are many different ways to fund the wedding of your dreams. It’s important to consider all the options to help you choose the option that best meets your needs and suits your financial circumstances.

One of the most obvious ways to pay for a wedding is upfront, using money you have saved up or by using contributions from friends and family. You’ll avoid paying interest this way and you’re less likely to go over budget if you have a pre-determined spending limit. On the downside, you may need to wait for your savings to grow which could see the date of your wedding pushed back. You might also find that unexpected expenses crop up, or you may need to make compromises along the way if you have a strict budget to stick to.

There is also the option to use a credit card to pay for your wedding. You won’t be able to spend beyond your credit limit, which may make a credit card most suitable for smaller purchases such as a wedding cake or bridal accessories. It’s also worth keeping in mind that credit cards often have a much higher interest rate compared to personal loans. So, if you don’t pay off the full balance by the end of the month, you may find yourself incurring high interest charges.

If you’d prefer to spread the cost of your big day over time, rather than paying for everything upfront, you could choose to use a personal loan to pay for your wedding. You’ll be able to apply for a personal loan at any stage of your wedding planning journey, whether you’re setting yourself a strict budget or just need a bit of extra money to top up your funds for those all-important finishing touches.

• Once you’ve successfully applied for a loan, the money is yours to spend as you please. From the venue to the honeymoon, you can make your dreams a reality
• Spread the cost of significant purchases, from your wedding dress to your centrepieces – this could help you to enjoy your big day much sooner as you won't need to pay for it all upfront
• No need to save up for deposits, either. Borrow the amount you need to buy almost any element of your wedding in full
• Access levels of luxury that might not otherwise be affordable. Buy your dream dress, choose show-stopping entertainment or add spectacular finishing touches
• Top up your funds along the way. Unexpected expenses or elements of your dream day that are just out of reach might fit within your monthly budget if you choose to spread the cost over time rather than paying for it all upfront
• Borrow over a longer time frame, up to seven years. Though you’ll pay more interest in total when you borrow over a longer period of time, you could bring your monthly payments down by extending the loan term
• With fixed-rate monthly instalments, you’ll always know how much money is going out and when, helping you to better manage your outgoings
• Make unlimited overpayments to pay off your wedding loan sooner. If you’re lucky enough to receive money as a wedding gift, you could use some of it to make extra payments free of charge
• Our personal loans are unsecured, so your valuable assets won’t be at risk if you fail to make your repayments. That said, late or missed payments will be recorded on your credit report which could affect your ability to borrow in the future

There are a few disadvantages to be aware of too, though. For example, a wedding loan may not be suitable if you have a less-than-perfect credit score. That’s because you may struggle to get the best rates on a loan if you have a poor credit history, which could affect the overall cost of borrowing.

You must also make sure the wedding loan you choose is affordable for you and the repayments fit within your monthly budget. If you miss or make a late payment, this will be recorded on your credit report and could impact your ability to obtain credit in the future.

No, you don’t need to have a wedding date set before applying for a loan. That’s because, when you take out a loan, the money is yours to spend how you choose (within reason – there are some things you can’t use a personal loan for).