Wedding loans on the rise in 2016

Love is in the air with the number of applications for wedding loans  in 2016 soaring to its highest point since 2013. During the first two months of 2016 over £8.6 million wedding loans were applied for through Freedom Finance, with 1,465 applications made. 

On average, we see applications peak in January as couples begin to plan their financial decisions for the year ahead and again in May and July, which mark the height of the UK wedding season. As we start the peak of season, it is clear that more and more happy couples are applying for loans for luxuries and weddings in 2016. 

In 2015 Freedom Finance received requests for a total of £54.6 million compared to only £39.9 million in 2013. This surge can be attributed to increased consumer confidence and continuing low interest rates meaning less people are looking to pay off debts. 

While the number of applications on wedding loans has risen, the amount borrowers are asking for has fallen. The average value of each loan applied for so far in 2016 is £5,897, compared to £6,624 per application in 2015, £7,392 in 2014 and £7,053 in 2013. 

A carefully chosen loan can help couples pay for their celebrations and allow them to budget accordingly for their special day. Whatever type of loan couples choose, by using a ‘soft search’ engine like Freedom Finance, they can find the best rate available for their specific circumstances, without risking damage to their credit record through loan rejections. At the start of a new life together, there is no better time to take care of their credit scores.

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