Young love in 2006 may mean personal loans

Fri, 16 Jun 2006

Many Brits need to take out personal loans in order to buy the perfect wedding for their perfect partner, research has revealed.

A study from Alliance &Leicester has indicates that almost one-in-five UK residents will need to borrow in order to pay for the big day.

The research also shows that Brits are set to spend around £23 billion this year getting married, as the cost of a typical wedding now weighs in at more over £17,000 - up 13 per cent from £15,000 last year.

Also, many betrothed are underestimating the potential cost of the event by 155 per cent, as they believe their wedding will cost £6,650 on average.

Claire Alvey, personal loans manager for Alliance &Leicester, said: "If you are going to borrow money to pay towards the big day, make sure you take the time to get a good deal.

"By choosing a low-rate loan, you could save yourself almost £850, otherwise you could be making unnecessary overpayments on higher interest rates."

Alliance &Leicester offer a personal loan at 5.9 per cent APR for borrowing from £5,000 to £20,000.

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