Unsecured loans and dream weddings

Research suggests couples are spending less on their wedding due to the economic downturn.

An unsecured loan could help couples to have their dream wedding day. The respected magazine “You & Your Wedding” conducted a survey of marrying couples and the results suggested that the average amount spent on a UK wedding has plummeted by more than £1,000 to less than £20,000, and even the traditional wedding season is being affected with many couples chosing to have their wedding in the cheaper less expensive off season to help keep the crazy cost of their wedding down. Statistically, the majority of weddings are booked to take place between the months of May and September, or at Christmas, but this old tradition is certainly under threat now as corners are cut and couples place a far greater importance on financial stability.

National Cost of a Wedding 2009

The survey carried out called the “National Cost of a Wedding 2009″ found 18% of couples had had to take out loans of get additional credit to ensure their dream day went ahead. This really can come as no suprise as it seems 90% of couples are paying for weddings without going down the traditional route of having it paid by the bride’s parents. With credit increasingly difficult to get these days unsecured loans have become one of the only only options for couples who otherwise could not have that special day they crave.

With credit being so hard to get these days non homeowners and those unfortunate to have lost their jobs really must fear the worst when it comes to paying for their wedding. Quite often your the typical unsecured loans available from banks and suchlink are just not available to these groups of people regardless of whether that have poor credit, bad credit or CCJs.

Guarantor Loans are the Silver Lining

As always there is a silver lining to this story. Guarantor loans exist to allow friends and family to “lend” you money without having to pay out a bean so long as repayments are met. The idea is they back your application for a loan and state that should you not repay the loan they will become responsible for the loan as if it is their own and make the repayments. The beauty of them is they do not require the applicant to be credit checked so their bad or poor credit is irrelevant so long as the person agreeing to be their guarantor has a good credit rating.