People turn to personal loans either because they have a bad credit rating, or because they have so many outstanding debts attached to their property, they cannot get eligible for more. Expenses related to a wedding can be very high, and if you simply cannot take out a secured loan on affordable terms, you need to turn to a personal wedding loan.

What you must know:

• Generally, with a personal wedding loan you will not be able to cover the expenses incurred with the wedding in full. You should have other external financing options such as personal savings. Adding the loan and the savings, you could cover for more expenses.
• Some lenders will arrange you loans irrespective of your credit rating. But you need to pay attention, because this will cost you much more. (much higher interest rates, given the fact that you represent a great deal of risk to the lender)
• The type of employment is a major criterion for approval. If you are a self-employed, then you most probably cannot make proof of a proper and stable income, so you might get rejected.

When you consider taking out an unsecured wedding loan, you should also consider its purpose. Make up a well defined plan for what do you need the money for. For example, you might need to cover for the dress, the rings and the honeymoon. All the rest (reception, photographs), should be covered for from other sources (i.e. your savings).