Sainsbury's Bank warns on cost of weddings

Every year Britons borrow £467 million in personal loans to pay for their weddings, but new research shows it needn't cost that much.

Sainsbury's Bank has found that couples across the UK are paying up to £13 million in excess interest repayments because they haven't shopped around for the best deal.

Rachel Brereton, loans manager at Sainsbury's Bank, said: "It is widely noted that the cost of an average wedding is around £17,000.

"A loan can therefore be a sensible way of spreading the cost. However it is important to shop around for the best loan deals available, especially when you consider the dramatic difference in rates currently on the market."

Sainsbury's Bank is currently offering a 6.5 per cent typical APR on all internet loan applications of £5,000 or more, which it claims are amongst the most competitive available.