GBP113 Million Of Personal Loans Taken Out To Pay For Weddings

    LONDON, ENGLAND, June 16, 2009 /24-7PressRelease/ -- 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 GBP113 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, GBP82 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 GBP8,644 compared with GBP8,292 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 GBP5,000 and GBP15,000.

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 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.

Sainsbury's provide a wide range of financial services including pet insurance, savings accounts and home insurance, visit www.sainsburysbank.co.uk now to find out more

Notes to editors:

(1) Estimate based on analysis of Sainsbury's Finance personal loans data and its market share.
(2) Applicants will have to be Nectar card users and will have to supply their Nectar card number on applying for the loan
(3) Terms and conditions apply

Source: Sainsbury's Finance
Website: http://www.sainsburysbank.co.uk

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