With the summer wedding season fast approaching, Ferratum predicts that weddings from July-September alone will cost a £3.3 billion in total this year.

Ferratum’s research reveals that 1 in 4 couples are borrowing to fund their big day, with an incredible £958 million due to be borrowed this year in order to meet their dream wedding costs.

High profile ceremonies such as the Royal Wedding and more recently, Pippa Middleton’s, mean that budgets for everyday couples across the UK are being increased to meet the high standards of today’s modern wedding. Whilst many couples try to budget as much as possible, a growing number of newlyweds are finding themselves in debt as wedding supplier costs continue to rise to meet increased consumer demand.

Tony Gundersen, UK Country Manager for Ferratum comments: “The increasing pressure to have a picture-perfect big day is leading to couples across the country having a budget which would have been unthinkable even a decade ago. As fewer couples are receiving financial help from their families, more and more couples are looking to loan providers to fund part or all of their wedding, with almost £1 billion due to be borrowed this year alone.”