Wedding loans & what you need to know when applying for one

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Your wedding day, however modest or grand – is a day you’ll never forget.

There are so many things that go into making a wedding as special as it should be. From arranging a suitable venue to finding the wedding dress you’ll always cherish – But it can be an expensive event to organise.

This is why some people turn to borrowing money to help them afford the wedding of their dreams, therefore many lenders offer wedding loans.

However, there are certain aspects associated with applying for a wedding loan that you need to be aware of.

 

What do you need to apply for a Wedding Loan?

In order to accept a potential borrower for a wedding loan, or any other type of personal loan, lenders need to make a responsible assessment of that particular individual’s creditworthiness.

This is in accordance with the Financial Conduct Authority’s (FCA) rules on responsible lending. Therefore lenders will consider criteria such as:

  • The type of loan (which in this case would be a wedding loan).
  • The amount you're borrowing.
  • Your present financial position.
  • Your credit history.
  • Your existing financial commitments.
  • Any changes in circumstances which could affect your finances in the future.

These considerations take into account the potential borrower’s ability to make the necessary loan repayments over the agreed period.

As a result, you will need to provide certain information – like your date of birth, address history for three years, annual income, details of employment, personal banking information and your residential status, so the lender can run the necessary checks.

You will also need to consider any specific eligibility criteria that your chosen lender requires, such as a minimum age or income.

Provided you meet the eligibility criteria based on this information, the lender can assess your creditworthiness and decide whether to accept you for a wedding loan.

Applying for a Wedding Loan with Shawbrook Bank


With a Shawbrook wedding loan, you could borrow from £1,000 to £35,000. Whether you want to fund the whole wedding or take out a smaller amount just to help with cash flow – you could be eligible apply for a quote, provided you meet some of our basic criteria:

    • Aged between 21-75.
    • UK resident for a minimum of 3 years.
    • Minimum annual income of £15,000.
    • Own a UK personal bank account.

You could also make a joint application for a quote, if you’d prefer to go through the process together as a couple. Loan terms are available from 1-7 years, dependant on the amount borrowed and repayments are fixed for the duration of the term you choose.

In order to get a quote, you’ll need to provide a few details – including:

  • Address history for three years.
  • Residential status (choose between owner occupier, living with parents, council tenant or tenant).
  • Email address.
  • Contact number.
  • Employment status (choose from employed, student, retired, part time, temporary employment, unemployed, self-employed or armed forces).
  • Gross annual income.
  • The amount you wish to borrow and the loan term.

Once you’ve provided this information, we do something called a soft credit search – which enables us to make an assessment of your credit background without leaving a mark that may be visible to other lenders, should you choose to shop around elsewhere.

 

  


And if you are eligible for a loan, we’ll let you know your guaranteed personalised loan rate upfront – before you even proceed with the actual application. This enables you to make a fair and honest decision as to whether a Shawbrook wedding loan is the right decision for you and your spouse-to-be.

If you're happy with your rate your rate you can then proceed and formally apply for the loan at the rate quoted. By accepting the quote, it is at this point that we complete a full credit search. If this is okay, we'll send over your e-signature pack for you to review. Once you have read the documents and the forms have been signed and returned - your wedding loan should appear in your designated bank account within 3 working days.

We’re recognised as Feefo Gold Trusted Service, so we pride ourselves on providing our customers with the very best advice and guidance needed when it comes to wedding loans.

This approach to ensuring a transparent service for all of our customers forms the values and promises outlined in our five-point Transparency Charter.

This means – when it comes to wedding loans, Shawbrook Bank is committed to being honest, upfront, open, clear and fair.

Why not take a look at our Wedding Loans page to see how Shawbrook could help you fund your dream wedding – and get an instant quote today.