More Limerick Brides borrowing to pay for weddings
More Limerick brides to be are saying "I do" when asked if they will accept lending terms and conditions.
A new report shows that many Limerick brides are now borrowing over €10,000 to pay for their big day.
With over 880 people set to marry in Limerick this year, it seems that the wedding boom is nowhere near slowing down - and increasingly people are funding their own wedding rather than expecting their parents to foot the bill.
A report carried out by lenders GE Money shows that many brides are topping up their wedding budgets with borrowed money.
The average wedding loan is now €10,700 and 38% of all individual loan applications are made by women.
And it's not just the brides. Men too are prepared to go into debt to fund their dream wedding day. The highest number of loan applications (24%) came from men aged between 30 and 40, reflecting the trend of men getting married later in life.
The average loan at approximately €10,700 does not vary much with age or whether the borrowers are the happy couple or their parents.
However, men are slightly ahead in absolute terms, an indication of the growth in pre-wedding expenses such as the stag weekend away.
The report also shows that a significant number of parents are still funding their children's big day.
The study also showed a "reasonably high" percentage of over 60's still applying for a wedding loan, indicating a possible combination of second marriages or loans for their children's weddings.
Women over 60 borrow an average of €12,OOO.
Commenting on the findings of the survey, Eoin Lynam, marketing director at GE Money said:
"We have seen an increase in the number of Limerick people applying for personal loans to finance their wedding' especially in the last five years. While this is a big change from the old days when it was assumed that the bride's father would pay for the do, it makes much more sense than simply sticking it on a credit card at 15 per cent when you can get a rate as low as 8.2 per cent with a personal loan."