Couples taking out crippling loans against homes to pay for weddings

COUPLES are taking out crippling loans secured against their homes to pay for their weddings.

They are charged jaw-dropping interest rates to cover the cost of a bash and honeymoon which can now top £20,000.

AlamyCouples are risking losing their home just to pay for an expensive wedding[/caption]

They risk losing their home if they fail to repay.

A £30,000 loan from Evolution Money over ten years at 20.98 per cent costs £633.03 a month — or £75,963.60 in total.

The Manchester firm offers up to £100,000, saying: “Getting married is one celebration you don’t want to compromise on.”

Our Squeeze Team’s Martyn James slammed “jaw-dropping rates”.

He said: “High interest lending didn’t die after the payday loan scandal.”

The firm did not comment.

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