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|UK couples apply for over £151 million in loans to pay for their dream wedding|
|Thursday, 28 April 2016|
Freedom Finance, received over £151 million worth of wedding loan applications from 21,552 customers from 2013 to 2015 so couples could create their dream wedding day. In January and February this year, the loan broker has seen over £8.6 million wedding loans applied for already, with 1,465 applications made.
On average, applications at Freedom Finance peak in January as consumers begin to plan their financial decisions for the year ahead, and May and July, which mark the height of the UK wedding season.
The average value of each loan applied for so far in 2016 is £5,897, compared to £6,624 per applicant in 2015, £7,392 in 2014 and £7,053 in 2013, showing that whilst the number of people applying for loans is on the rise, the amounts which they are looking to borrow are decreasing.
In January 2016, 1,163 hopeful couples applied for loans, breaking the record for number of applications since 2013.
Nicola Georgiou, Managing Director of Freedom Finance comments on the rise in loan applications: “As we come to the start of the wedding season, it is interesting to look at the extent that British couples rely on credit for their wedding plans. It is also clear that more and more consumers are applying for loans for luxuries and weddings in 2016. We attribute this to increased consumer confidence and continuing low interest rates meaning less people are looking to pay off debts”.
Georgiou continues: “A carefully chosen loan can help couples pay for their celebrations and can allow them to budget accordingly for their special day. Whatever type of loan couples choose, by using a ‘soft search’ engine, 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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