To apply now, or soon?

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YBNB
YBNB Posts: 166 Forumite
in Loans
Hi MSEers. Some advice, please.

My OH and I want to get an unsecured personal loan of £19500 in order to pay for our wedding.

Our situation is that we are just coming to the end of a period of renting from a private landlord (2 years at present address, 4 years at previous).

In 2 weeks we will move out. We've already paid our final month's rent and notified the council that we are leaving the area.

We're going to live with parents for a few months while we do some more saving, then later on in the year we'll look to rent again.

My question is: should we be applying now, while we're still in rented property? And if we do, do we say our rent is what it was historically (i.e. until recently)?

OR do we say we're living with parents already, and paying zero rent?

Is there an appreciable difference, generally speaking, as to whether one or the other makes us more attractive to potential lenders?

Thanks in advance for all advice.

:)
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Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    The best advice would be to not spend £19k on a wedding TBH.
    However you don't say what debt if any you currently have and what your incomes are.
    For a loan of 19k you would need incomes of almost 40k with little debt. And I personally doubt that most lenders would advance so much if they are aware of the purpose of the loan.
  • dresdendave
    dresdendave Posts: 889 Forumite
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    YBNB wrote: »
    Hi MSEers. Some advice, please.

    My OH and I want to get an unsecured personal loan of £19500 in order to pay for our wedding.


    :)

    OP, perhaps you could use the edit button and amend your post. I'm assuming the figure is a typo and you accidentally added an extra zero.
  • benten69
    benten69 Posts: 366 Forumite
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    £19500 for a wedding?!?!?! That's just insane. To get a loan for it is even more crazy! My advice....have a cheaper wedding. It is just a fancy party after all, nothing more.
  • Sncjw
    Sncjw Posts: 3,509 Forumite
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    When is the wedding. Could you not save up for it. Best to start married life when not in debt.

    You could do things and make things for the day yourself. 19k for one day is insane
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
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    Thats 10 -15 nice holidays, all for one day!!!
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
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    The OP didn't come here asking whether it was a good idea to spend almost 20 grand on a wedding, (s)he came for advice about a loan.

    OP, you may have a better chance of getting a loan if you are not paying rent, because your disposable income will look higher, but I think you will have to be prepared to be disappointed. £19,500 is a highish figure for an unsecured loan, but you never know until you ask.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • YBNB
    YBNB Posts: 166 Forumite
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    iolanthe07 wrote: »
    The OP didn't come here asking whether it was a good idea to spend almost 20 grand on a wedding, (s)he came for advice about a loan.

    OP, you may have a better chance of getting a loan if you are not paying rent, because your disposable income will look higher, but I think you will have to be prepared to be disappointed. £19,500 is a highish figure for an unsecured loan, but you never know until you ask.

    Dear Iolanthe07. Many thanks for not judging, and for being genuinely helpful. It is much appreciated.
  • Suarez
    Suarez Posts: 970 Forumite
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    YBNB wrote: »
    Dear Iolanthe07. Many thanks for not judging, and for being genuinely helpful. It is much appreciated.

    You've on a website named moneysavingexpert.com - what did you expect?

    In my opinion you should bookmark the website as it will come in handy in a couple of years if you carry on spending beyond your means ;)
  • davidwood681
    davidwood681 Posts: 881 Forumite
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    YBNB wrote: »
    Dear Iolanthe07. Many thanks for not judging, and for being genuinely helpful. It is much appreciated.

    Facts don't care about your feelings.

    You can't afford a 20K wedding
  • GMac14
    GMac14 Posts: 77 Forumite
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    Sorry, but spending close to £20k on your wedding and then moving in with parents whilst you save is madness. Surely having your own place is more conducive to having some alone time etc?

    Move in with parents, save up for Wedding and perhaps cut down the budget for the day, its not what you spend, its who you marry! Getting a loan for wedding is not going to get much support on a money saving forum Im afraid.
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