Loans Worth GBP113 Million Taken Out To Cover Wedding Costs

Wed, 17 Jun 2009

More and more people are taking out loans to help fund their wedding plans, according to new research by Sainsburys Finance .

The financial provider found that 13,600 personal loans worth over £113 million were taken out to pay for weddings during the first quarter of 2009, representing a 43 per cent increase in the number of loans taken out for this purpose from the same period in 2008.

In addition, the company said an estimated £82 million worth of loans have been taken out in the first four months of 2009 to partially cover the cost of weddings .

But despite the significant rise in popularity of wedding-funding loans, the average value of loans purely for this purpose has dropped slightly.

According to Sainsbury’s Finance, the average wedding loan was £8,292 during the first quarter of this year, compared to £8,644 for the same period last year.

Steven Baillie, Head of Loans at Sainsburys Finance, commented: "Loans have long been a popular way to pay for or part fund a wedding but the increase we've seen this year would suggest more couples are looking to spread the cost of their big day."

"If you decide that a loan is the best way to pay for your wedding, make sure you shop around to get the best rate and payment term for you, it could save you a considerable amount in repayments ."

Sainsbury’s Finance is currently offering a personal loan rate of 7.9 per cent APR to nectar card shoppers applying online for loans of between £5,000 and £15,000.
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