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Loans for weddings 'will exceed £1bn this year'

£1.16 billion worth of 'wedding loans' - unsecured loans taken out in order to pay for a marriage ceremony - will be taken out this year.

Sainsbury's Finance made the claim yesterday, also saying that a total of 123,000 personal loans would be used for the purpose.

News of the figures comes on leap day - where, traditionally, women are 'allowed' to propose to their significant others.

"In addition to offering consistently attractive rates, customers taking out a Sainsbury's Loan can choose to make no repayments for the first three months, a help with the big day fast approaching, receive an instant decision and have their cheque delivered to their door within 24 hours," Sainsbury's Finance said in a statement.

Other loan options for consumers wanting to borrow for their wedding include taking out a secured loan - or homeowner loan.

This sees all repayments fixed on the borrower's property - a factor which leads to it being offered to people who might have difficulty in finding an unsecured loan provider.

The personal loans provider also said that the average size of the personal loan offered by the firm in 2008 would exceed £9,300.

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