29 February 2008
More than 123,000 happy couples will take out personal loans worth a total of £1.16 billion this year to pay for their wedding, according to estimates.
Sainsbury's Finance says the average size of a personal loan it approves towards the cost of a wedding is £9,363.
Average costs for a wedding vary: Wedding Guide UK puts it at around £11,000, while Esther Rantzen, writing in the Daily Mail last summer, put the figure much closer to £25,000.
While personal savings and contributions from parents will make up any shortfall, it should be remembered that some of the cost of the wedding is allocated to the honeymoon.
Research by esure travel insurance reveals newlyweds spend an average of £1,614 on their first holiday together, plus around £615 spending money.
Head of esure travel insurance Mike Pickard said: "It's interesting to see how trends have changed over the years and how much pressure there is now on using the honeymoon as the ultimate break away."
Sometimes a personal loan is a good choice, perhaps you want to consolidate your credit cards or buy a new car. Whatever your needs, let uSwitch.com help you find one to suit. We're impartial and comprehensive and won't charge you for using our service. Compare personal loans and apply online.
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