finance

Couples taking out crippling loans against homes to pay for weddings


COUPLES are taking out crippling loans secured against their homes to pay for their weddings.

They are charged jaw-dropping interest rates to cover the cost of a bash and honeymoon which can now top £20,000.

Couples are risking losing their home just to pay for an expensive wedding

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Couples are risking losing their home just to pay for an expensive weddingCredit: Alamy

They risk losing their home if they fail to repay.

A £30,000 loan from Evolution Money over ten years at 20.98 per cent costs £633.03 a month — or £75,963.60 in total.

The Manchester firm offers up to £100,000, saying: “Getting married is one celebration you don’t want to compromise on.”

Our Squeeze Team’s Martyn James slammed “jaw-dropping rates”.

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He said: “High interest lending didn’t die after the payday loan scandal.”

The firm did not comment.





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