More and more couples are turning to their bank to finance their marriage project. In 2017, 49% of them considered taking out consumer credit for their nuptials.

According to statistical data from INSEE on marriage in 2016, 235,000 couples were married in France that year. Depending on the number of guests, chosen service providers and other costs inherent in a wedding project (wedding dress, costume, wedding rings, etc.), the overall cost of the evening can quickly skyrocket. On average last year, couples spent 8,800 dollars on their nuptials.


Consumer credit for the bride and groom

Consumer credit for the bride and groom

In general, the bride and groom plan to take all or part of their cash in their savings books for their marriage, but this behavior is beginning to change. More and more of them are taking out a marriage loan for the total or partial financing of their project. These couples have most of the time started other projects such as the acquisition of a house or the purchase of an automobile by providing a personal contribution to the lending establishment and can therefore no longer finance their marriage with their savings.

This trend is also very appreciated by banks, which no longer hesitate to offer this loan, especially in 2016 when the interest rates on bank financing were at their lowest. However, it is difficult for a household that has already taken out a home loan, a car loan and other types of bank debt to get into debt again. To benefit from the marriage of their dreams, many borrowers decide to make a loan repurchase.


Financing your marriage with a loan buyback: how it works

Consumer credit is not the only financing that allows future bride and groom to make this event a reality. When the bride and groom have gone into debt in the past, their debt ratio may be too high compared to the banks to be eligible for new financing. In this case, it is possible to call on a credit institution to assemble all or only part of its credits.

This operation makes it possible to have to manage only one loan and to be withdrawn only once from a lesser amount. It is the upward adjustment of the loan term which lowers the amount of the monthly payment. Depending on the borrowers’ banking behavior, their financial resources and their financing project, the lender will study the household’s eligibility for grouping loans with a new project, that of marriage.

The amount necessary for the realization of this project will be added to the financing and will therefore benefit from the same repayment tenure, while reducing the amount of the monthly payment. The simulation of the repurchase of marriage credit is free and without commitment on the part of the borrower.

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