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Pegasus Personal Finance, My fiancée and I want to get married abroad but we’ll be applying for a mortgage soon, so I want to avoid getting a wedding loan from my bank – which is why I was wondering whether you could provide a £29,000 loan? My credit score is average, but with stable employment, I won’t have any problem with repayments. Am I better off repaying the balance as soon as possible or spreading out the payments?

Hi there, Tom! Thanks for getting in touch – we’d be more than happy to help you.

We certainly can offer you a £29,000 loan – our wedding loans mean you can borrow anything from £5,000 to £50,000! And by taking out an affordable loan with Pegasus Personal Finance, you’ll be able to take the first step towards improving your credit rating – provided you can comfortably keep up with the repayments. You can find out more about how wedding loans work right here.

We tailor repayment plans to suit each customer’s circumstances – meaning we only approve applications if we’re confident you’ll be able to afford your monthly instalments. At the moment, your average credit rating means that you’ll qualify for a 23.9% Representative APR rate. So, for a £29,000 loan, a minimum term of 2 years would mean your repayments come in at £1,522.94 a month.

If that seems a little steep for your budget, we’d recommend spreading out the payments over a longer period. The maximum repayment period that we offer for wedding loans is 5 years and, in this case, monthly repayments would look more like £785.44.

A longer term will inevitably mean that your loan accrues more interest so, in this respect, it can be more economical to opt for a shorter repayment period – but it all depends on what’s affordable for you.

Give us a call on 0800 266 2882 to discuss your options with our expert financial advisors!

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