New figures from Sainsbury’s Finance have estimated that £1.16 billion will be borrowed in personal loans in 2008 to help pay for wedding costs. The lender predicts that 123,500 personal loans will be taken out with weddings in mind, meaning the average wedding related loan is £9,363.
However, a recent study by Alliance and Leicester suggests that extra cash will be required for the big day, with people tending to underestimate the cost of their wedding. In fact, the average loan figure revealed by Sainsbury’s Finance is over £10,000 below the average cost of a wedding in the UK - £19,400. With that figure 22 per cent higher than people believe their wedding will cost them on average, it seems people could run into financial difficulties over their big day.
Sainsbury’s Finance are offering personal loan customers an instance response to their application, no repayments for the first three months and the money at their door in 24 hours.
GBP1.16 Billion to be Taken Out in Wedding Loans in 2008
Wed, 05 Mar 2008
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