Wedding loan lenders fail to find the best deal

A study by Ikano Bank has found that wedding loan lenders are failing to find the best deal for their money

Recent research by Swedish challenger Ikano Bank has found that more than 300,000 people who borrowed money for their wedding wasted more than £450 by not shopping around for the best deal.

Wedding loans are on the up and while one in ten spend more than a year planning a wedding and a fifth spend up to six months, more than a third spend less than 15 minutes searching for the right finance options.

Money doctor, Fergus Muirhead, advises to contemplate a loan more carefully: “Weddings are a big thing, they take months to plan but we know, ironically, that when it comes to financing them, prospective brides and grooms spend barely any time looking into the most suitable options.

“If you are going to borrow money to pay for your wedding then you need to do your homework. Spend a few hours looking at all the options available to you and work out how you’re going to pay for it all before you jump into the first loan or credit agreement that you see.”

By shopping around a little bit longer, couples could enjoy an extra 50 bottles of wine, bridesmaid hair and make-up or an extra hour of live music – to name but a few.

If you are looking for a loan to fund your wedding, visit ikano.co.uk/loans for further advice and information.