One in ten of us spend more than a year planning a wedding, whilst a fifth of us spend up to six months. Yet ironically more than a third of us spend less than 15 minutes searching for finance options to help out with the costs of a wedding.
The research from Swedish challenger Ikano Bank also found that more than 300,000 people who borrowed money for their wedding wasted more than £450 by not shopping around for the best deal.
Here Money Doctor, Fergus Muirhead, advises prospective brides and grooms not to get sucked into to the fun bit straight away, he said:
“Weddings are a big thing, they take months to plan but we know ironically that when it comes to financing them, prospective brides and grooms spend barely any time looking into the most suitable options. If you are going to borrow money to pay for your wedding then you need to do your homework. Spend a few hours looking at all the options available to you and work out how you’re going to pay for it all before you jump into the first loan or credit agreement that you see.”
Here’s what you could buy if you spent a little bit longer shopping around for the right loan at a better rate for your wedding:
- More than 50 bottles of wine
- The dream DJ
- A giant wedding cake
- Extra special frills for your honeymoon
- Make-up and hair styling for your bridesmaids
- Taxis for your guests to the reception
- Spa day before your wedding
- An extra hour of live music
- Extra flowers for the venue
- Upgrade your room on your wedding night
To find out more about Ikano Bank’s simple low cost personal loans visit ikano.co.uk/loans
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