Wedding Talks: Loan 'Can Help With Wedding Costs'

Those looking to have their dream wedding this year should be conscious of the fact that the big day can often be more expensive than first predicted, it has been claimed.

Research carried out by Alliance & Leicester Personal Loans shows that Britons will underestimate the cost of getting married by more than 3,000 pounds. Citing figures by wedding planning company Confetti, consumers predict that the typical marriage will cost a total of 15,927 pounds. However, it was revealed that in reality it will set them back by 19,400 pounds, some 22 per cent above their estimates. Those questioned think that a wedding ceremony and reception will cost them 1,759 pounds and 4,788 pounds respectively, although in reality such expenses come to 2,752 pounds and 7,725 pounds. Meanwhile, the honeymoon could set couples back by about 3,000 pounds more than predicted.

However, there is some respite for prospective grooms and brides concerned about the state their finances will be in after getting hitched. Consumers believe that purchasing marital rings will set them back by 2,270 pounds, where in actuality it will cost them an average of 1,900 pounds. Meanwhile, miscellaneous expenses, including the cost of going on hen and stag nights, were revealed to account for 630 pounds in total. Despite this, people believe that such costs will burn a hole to the tune of 2,306 pounds into their pockets and purses.

Taking out a low-cost personal loan to help fund a wedding may be of particular assistance to women this year. With 2008 being a leap year, February 29th (this Friday) is traditionally the day when females propose to their partners. The financial services firm indicated that some 29 per cent of women are ready to get down one knee this week.

Richard Al-Dabbagh, head of personal loans at Alliance & Leicester, said: "It is encouraging to see that so many women would be prepared to pop the question this leap year. Love is in the air - but so is inflation. The cost of a modern wedding continues to rise - and whilst a wedding should be the most important and enjoyable day of your life - it does come with a hefty price tag attached. Getting the finances right is probably just as important as the choice of reception venue, entertainment or even the rings. That is why it is essential that you budget well, and if you are borrowing money for part of it, a cheap personal loan is a sensible way to finance your special day."

Meanwhile, Carol Richardson, spokesperson for Confetti, advised those looking to get married to take the time to plan and to factor in all the areas that they will need to spend money. She added that people who decide to borrow to supplement their finances should make sure they get the most competitive deal possible.

Those worried about how they will be able to finance the wedding of their dreams may wish to consider applying for a cheap loan. Doing so could allow them to pay for venue hire, rings, honeymoon and other expenses at an affordable rate of repayment. A cheap loan might also be of help to those wishing to take their loved one on a romantic break, after a recent PayPal study showed that over a quarter (27 per cent) of Britons stated that they would have liked to have gone on an amorous holiday for Valentine 's Day.