The average cost of a wedding in 2014 was £24,716 according to Brides magazine. The UK Alliance of Wedding Planners suggests a figure of £21,000 comprising: venue and catering £9,500, photography £2,100, flowers £1,200, entertainment £1,220, bride and groom outfit £1,680.

Brides want their perfect day but there is nothing wrong in trying to get the cost down. For example, negotiate hard with wedding suppliers. Reduce the guest list. Even choose a week day in November! A wedding on a Tuesday in November could be up to 50% cheaper than a Saturday in June. Weddings are all about marrying the one you love but you don’t have to break the bank.

Putting money aside for your wedding is important but what if you need help? A bank overdraft, credit card or unsecured loan may not be suitable if you want to borrow more than £10,000. If you are a homeowner, Arrow Loans can offer a secured loan for any purpose – including your wedding day. Providing you can afford the repayments this option may be considered.

We’ve put together some frequently asked questions, to help you make an informed decision before choosing to take out a secured wedding day loan. Click on the links below for more information.

A secured loan is a second charge mortgage. It uses your home as security for the repayments. If repayments are defaulted on, as the borrower, you could lose your home. Secured loans are also referred to as ‘homeowner loans’ or ‘second charge mortgages’, as this type of loan ranks after your mortgage for security. Wedding Day loans are regulated agreements by the Financial Conduct Authority.
Wedding day loans can be secured by the lender on your home. If you fail to maintain your monthly payments, your home may be at risk. Therefore lenders will often accept an application for a secured loan which they may decline for an unsecured loan. So lenders can be more flexible with secured loans and will usually offer larger sums over longer periods. Unsecured loans do not place your home at risk.
In order to apply for a secured loan with Arrow Loans you must fit our criteria:
  • Aged 21-68
  • A homeowner occupier
  • Live in England or Wales
  • Be able to afford the repayments comfortably from normal income
We are dedicated to being open and honest about the procedure for getting a secured loan through us. Therefore we have put together a guide which outlines our loan application process to help you understand every aspect.
Secured loans for homeowners through Arrow Loans are available for people who are looking to borrow up to £25,000
The amount borrowed can be customised to whatever suits you best. Arrow Loans offers secured loan repayments up to 180 months (15 years), which means the loan can be repaid over a term whereby you find the monthly repayment amount affordable.
Secured loan interest rates are usually lower than those for an unsecured loan because the lender has a lower risk of default. The amount of borrowing and the term length also influences the interest rate.
We are committed to telling our customers about our fees. There are NO fees or costs payable before the loan is issued. When your loan is issued there will normally be an arrangement fee of up to £495 added to your loan amount. This fee will vary as it is intended to cover our costs, such as legal and valuation, on a case by case basis. The amount you repay is clearly stated on your loan quote.
Yes! Our loans are regulated by the Financial Conduct Authority so you can settle early, overpay and make lump sum payments. This can reduce the amount of interest paid on the loan, ultimately saving you money.

Interest Rates

Our representative rate for homeowner loans is 19.9% APR - at least 51% of successful applicants receive this rate
The Representative APR includes the cost of arranging your homeowner loan as well as the interest charge on the money lent. You will be told the APR at the commencement of the statutory cooling off period – at least 8 days before you receive your loan documentation to sign.