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Sainsbury's: Personal loans popular for weddings

Thu 28th Feb 2008

Women may want to think twice about proposing to their partners this leap year, the day when traditionally women are "allowed" to take on what is customarily the man's role and pop the question.

New research from Sainsbury's Finance has revealed that approximately £1.6 billion will be taken out in personal loans this year to help cover the cost of weddings.

Some 123,500 people are expected to take out a loan in 2008 to fund their nuptials, with the average amount borrowed from Sainsbury's standing at £9,363.

Customers taking out a loan with Sainsbury's can opt to make no repayments for the first three months, which can help if people have a big expenditure like a wedding coming up.

Recent research from Alliance & Leicester found that loved-up couples tend to underestimate the cost of their wedding by as much as 22 per cent.

Generally people budget an average of £15,927 for their big day, but in fact the average wedding costs £19,400.

Source:http://www.moneynews.co.uk/4326/sainsbury-s-personal-loans-popular-for-weddings/