Every women in the world has dreamt if her wedding day
. It is the one day has to perfect. A fairy tale wedding is bound to cost the earth. Wedding loans help to make this dream a reality.
Finances are given for various purposes such as the reception, the hotel and the honeymoon. Gone are the days when parents paid for the nuptials. The couples themselves have to pay for every expense.
These finances like personal loans can be secured or unsecured. Secured credit requires a security to be placed. The advance lent depends upon the value of the security, and the repayment ability. The amount generally lent ranges from 500 to 1,00,000, for a term of 1- 25 years.
Unsecured advances are those which are lent without any security. This is quiet risky as the lender is at a loss if the borrower defaults. This option is suitable for couples who do not own any assets of their own. The advanced amount ranges from 1,000 to 25,000 for a period of 1- 10years. The only difference between the two is the interest rates. Unsecured finances are higher than the secured. The reason being that secured personal loans for wedding give a security to the loan lender in case you fail to make repayments. Loans are repaid by equated monthly installments (EMI).A certain fixed amount of the loan along with the interest accrued has to repaid on a particular date.
The eligibility is as follows
- The applicant must be over 21years of age.
- The applicant must be a permanent citizen of UK.
- The applicant must have a steady job
- The applicant must have an active bank account.
Application for wedding loans can be filled online. The applicants name, age and address is required to be filled. Also the social security and bank account number are to be mentioned. The finance is sanctioned within 72 hours. The funds reach the applicants bank account directly.