£113 Million Of Personal Loans Taken Out To Pay For Weddings

June 15, 2009 - PRLog -- More and more people are taking out loans to pay for their weddings, according to Sainsbury’s Finance. It estimates that in the first four months of 2009, around 13,600 personal loans worth over £113 million were taken out purely to pay for weddings. This represents a 43% increase in the number of loans taken out for this purpose during the corresponding period in 2008(1).

In addition, £82 million worth of loans are estimated to have been taken out in the first four months of 2009 to partially cover the cost of weddings.

Despite the number of loans taken out to fund weddings increasing significantly, the average value of loans purely for this purpose has dropped marginally. In the first four months of 2008 the average wedding loan was £8,644 compared with £8,292 for the same period this year.

Steven Baillie, Head of Loans at Sainsbury’s said: “Loans have long been a popular way to pay for or part fund a wedding but the increase we've seen this year would suggest more couples are looking to spread the cost of their big day. If you decide that a loan is the best way to pay for your wedding, make sure you shop around to get the best rate and payment term for you, it could save you a considerable amount in repayments.”
Sainsbury’s Finance is currently offering a personal loan rate of 7.9% APR Typical to Sainsbury’s shoppers(2) applying online with a nectar card for loans of between £5,000 and £15,000.

Customers taking out a Sainsbury’s Loan can choose to make no repayments for the first three months, receive an instant decision and have their cheque delivered to their door within 24 hours(3).  

Sainsbury's Finance offers competitive loan (http://www.sainsburysbank.co.uk/borrowing/bor_loans_skip....) rates and customers benefit from:
- A personally tailored repayment period, from one to seven years
- Fixed repayments for the whole period of the loan
- An instant personal loan decision
- The money in 24 hours

For more information on Sainsbury’s loans or its competitive car insurance call 0500 40 50 60 or log on to www.sainsburysbank.co.uk.

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Sainsbury's Finance offers a range of quality, competitively priced, award-winning products. It opened for business on 19th February 1997 and was the UK's first supermarket bank. It is a 50:50 joint venture with Sainsbury's and Lloyds Banking Group.