/24-7PressRelease/ - LONDON, UK, June 24, 2006 - Many of those who are already engaged were underestimating the cost of marriage by as much as 155 per cent.
Personal loans to meet the marriage expenses are all set to rise with the increase in an average cost of marriage in the UK.
Alliance and Leicester, one of the UK's major financial services group, said that nearly 20 per cent of the UK residents will require borrowings to meet their marriage expenses.
The research also shows that Brits will spend about 23 billion this year in getting married.
The present average cost of a usual wedding is around 17,000 as compared to 15,000 last year, a rise of around 13 per cent.
Claire Alvey, personal loans manager at Alliance and Leicester said that the borrowers should make it sure that they get a good deal to pay towards the big day in their life. Alvey added that by choosing a low-rate loan, borrowers could save almost 850, otherwise they could be making unnecessary overpayments on higher interest rates.
Alliance and Leicester is providing personal loans to its customers at 5.9 per cent APR for borrowing that ranges from 5,000 to 20,000.
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