Wedding Loans & Finance | Bad Credit | Freedom Finance

Deciding how to pay for a wedding can feel a little daunting, can’t it? But don’t worry. If you do decide to borrow to finance your wedding, there are plenty of options. Just make sure you do your research to work out which type of borrowing is right for you.

Personal loans

If you’ve got a good credit score, a personal loan can be a good option if you want to pay for your wedding over a few months or years. You might also find that personal loans have more favourable rates available that other forms of borrowing. However, the longer your loan term the more you’ll pay back in interest.

Secured loans

If you’re a homeowner, secured loans are also worth considering. This type of loan is secured against your property. This means that if you fail to pay back your loan, your home could be used to cover the cost. However, secured loans often enable you to borrow more, and usually come with much longer repayment periods which can reduce your monthly repayments.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Guarantor loans

This type of loan will require a family member, such a parent or a friend, to agree to cover the cost of the loan if you become unable to pay it back. If you have a less-than-perfect credit score, a guarantor loan can be a good way of accessing the money you need.

Credit cardsIf you’re just looking to borrow money for a short period of time, a credit card could be a good option. However, interest rates can be high, so it’s worth making sure you won’t be caught out if you need to borrow over a longer period.