Wedding loans
Planning your special day? A wedding loan could help you manage some of the costs upfront.
Log in to get a quoteImportant information: How much we lend and the rate available are dependent on our assessment of your circumstances. You must be age 18 or over and a UK resident. To apply using online banking, you must have had a Lloyds, Halifax or Bank of Scotland current account for at least 1 month.
Representative example
You could borrow £10000 over 48 months with 48 monthly repayments of £240.21. Total amount repayable will be £11530.08. Representative 7.4% APR, annual interest rate (fixed) 7.16%.
This representative APRRepresentative APRThe representative APR is the rate that at least 51% of people are expected to receive when taking out a loan within the stated amount and term range. applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts may apply at different rates. The maximum APR is 29.9% APR.
Who can apply for a wedding loan?
To apply for a wedding loan using online banking, you need to:
- be aged 18 or older
- be a UK resident (not including Channel Islands and the Isle of Man)
- have held a Lloyds, Halifax or Bank of Scotland current account for at least 1 month
- be in paid employment, have a regular income and are not a full-time student
- have a good credit score, with no history of poor credit, such as CCJs or bankruptcy.
Get a quote for a wedding loan
Tell us how much you need to borrow to bring your wedding plans to life, and for how long. Getting a quote won’t affect your credit score.
If you’re happy with your quote, you can complete your wedding loan application and get a decision online. If approved, you could receive the money the same day.
Let’s look at the details
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When you apply for a wedding loan, the lender will complete a hard credit check. This has the potential to affect your credit score, whether you’re approved or not.
If approved, a new loan increases your total debt and decreases the average age of your accounts. That could lead to a short-term credit score decline, but it should recover if you manage your loan repayments carefully and on time.
Likewise, your credit score could drop temporarily if a credit application is declined, so you might want to wait and work to improve your score before you try again. Making multiple credit applications in a short time can deepen any negative effect on your credit score.
If you’re a Lloyds customer, you can get a personal loan quote online, which won’t affect your credit score. If we can, we’ll tell you how likely you are to be approved before you complete a full loan application involving a hard credit check.
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Weddings can be expensive occasions, so it’s unsurprising that many couples borrow money to help them manage costs and spread repayments. Just remember that interest charged on anything you borrow will increase your overall costs. Only you can decide if that extra expense is worth it to you.
Budgeting and saving to cover as many of your wedding costs as possible is always preferable. That could help you to minimise interest costs or even avoid borrowing money entirely. It could just mean waiting longer to enjoy the wedding you’re dreaming of.
If you do choose to use credit to manage some of your wedding costs, make sure you explore borrowing options to find the best fit for your needs.
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A wedding loan is a personal loan. Once the money is in your account, you then have the flexibility in how you want to use the loan towards the cost of your wedding.
There are some things you can't use a personal loan for.
We can't issue loans for:
- Gambling
- Investments, such as stocks, shares and crypto currency
- Business reasons
- Land or property – buying, leasing or paying a deposit
- Timeshare or Holiday clubs
- Anything illegal
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Yes, loan providers usually complete checks when you apply for credit.
Some lenders, including Lloyds, complete a ‘soft’ credit check first. That will tell you if you’re likely to be accepted for a loan, without affecting your credit score.
If you complete a full credit application, lenders will do a ‘hard’ credit check to assess the risk of lending to you. That will affect your credit score and could temporarily limit your ability to get credit, so getting a quote first is a real advantage.
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The amount of interest you pay is based on the rate you’re offered. That rate depends on how much you want to borrow, the repayment term you choose and the lender's assessment of your personal circumstances.
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You'll start to repay the loan the month after you take it out - you can specify which date each month the repayment comes out.
You can change this date in the future if you need to. The repayments will be taken each month by Direct Debit.
The repayments are fixed so they won't change until the loan is paid off.
If you miss a repayment (such as there is not enough money in your account), we will try once more to take it by Direct Debit within 7 days. If we still can't take your repayment, you'll be charged a £25 fee. Full details will be provided when you apply.
You can make extra payments with no charge. If you pay the loan off early, we may charge you up to 58 days’ interest – but you are still likely to save on interest payments.
Planning for your financial future
A personal wedding loan isn’t the only thing we can help with. Beyond wedding finances, explore tips and services you might like to consider as you look forward to your future together.
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