(Closed) Loan to pay for Wedding (long – but please help with advice)

posted 4 years ago in Money
  • poll: Should we get a personal loan?
    Yes : (6 votes)
    8 %
    No : (69 votes)
    92 %
  • Post # 3
    Member
    1802 posts
    Buzzing bee

    I personally would never get a loan for a wedding since there are so many different ways to do it. I know you said you are unwilling to compromise on some things, but there are ways to do a wedding for very little money and still get what you want. It seems that you’ve already made up your mind about the loan, but it just doesn’t sound like such a good idea to me. You should have some kind of savings before you even buy a home, but if you don’t I would go on a spending freeze and only buy exactly what you need. Rebudget the wedding and consider opening a wedding account that both you and your FI can put money into. I would want to start my marriage out with as little debt as possible. 

    Post # 4
    Member
    850 posts
    Busy bee
    • Wedding: June 2013

    I think if those things you are not willing to compromise on are currently out of reach, it might be best to push off the wedding date until your financial situation improves. If you can’t imagine doing that, maybe those things are worth compromising on after all?

    Personally, I think a loan should be used for emergencies only – you never know what will come up in life! A wedding is something that you can take time to plan for and there are many ways to do it with a tiny budget.

    Post # 5
    Member
    10369 posts
    Sugar Beekeeper
    • Wedding: September 2010

    I think you should rethink the situation. You can have a beautiful wedding cheaply, and the worst possible position you could put yourselves in is new debt when you may or may not have a better job in 3 months, he may or may not have much commission in his new job, and you have a new house and all the bills that come along with that. Weddings aren’t worth debt. It’s not too late to postpone the wedding by a littie bit if you’d like more time to save more, either.

    Post # 6
    Member
    405 posts
    Helper bee
    • Wedding: June 2014

    I would not get a loan. You think you will be able to pay it off based on a future promotion and job, but life doesn’t always work that way. One of you could get sick and need medical care, someone could lose their job, or your car could get totaled by someone without insurance. There is no way to predict the future and I don’t think you should spend money you don’t have on one day simply because you predict that you will have it

    Post # 7
    Member
    953 posts
    Busy bee
    • Wedding: October 2013

    @Kriddlelouise:  Would you even qualify for a loan, considering you just purchased a house?

    Normally I am super against taking out a loan for a wedding, but I’m kind of torn here. On the one hand, if you can pay it back quickly it may help your credit. On the other hand, you’ve already got a house to pay for, I’m not sure if it’s realistic to add a loan payment to that. I can see why you would want to “just in case.”

    This is tough.

    Post # 9
    Member
    635 posts
    Busy bee
    • Wedding: April 2014

    A lot of Bees will tell you no…

    But I believe that if you are in a position to get a loan, then you should get it. Wether it’s for a car, house, whatever it is you want. If you can get approved, and you KNOW you can make the payments, then go for it. I wish I could get a loan just to live my life right now! I’d love to have a huge lump sum to start paying off the debts we’ve accrued over the past 3 years, as FI has been in and out of work, but I know we don’t have the income RIGHT NOW to back it up. We are just starting to save again and won’t set a budget until we know what his new income is going to be like.

    Just be realistic about how much you make. If you don’t get a better job right away, will you still be able to make the payments? I learned the hard way to not bank on possibilites!

    Post # 10
    Member
    2426 posts
    Buzzing bee
    • Wedding: May 2012

    I wouldn’t. Only things I think are worth taking out loans for are houses, cars and education. I would either wait until you can afford it, or tone things down to fit your current budget. 

    Post # 12
    Member
    11287 posts
    Sugar Beekeeper
    • Wedding: April 2012

    @Kriddlelouise:  personally, i think going into debt for a wedding is the wrong way to start a marriage.

    you have 2 choices.  either save until you have enough money for a wedding or “simply to be married“, go to city hall.

    Post # 13
    Member
    1369 posts
    Bumble bee
    • Wedding: March 2013

    I may be culturally different but I would never consider a loan for wedding in a million years. Couldn’t you postpone the actual wedding a year later? Why do you have to do it in 8 months?

    If there’s a family issue, I understand but even then I would try to do it cheaply. You can have a beautiful wedding with $6000 budget no problem.
    What kind of things you can’t compromise on?

    If you’re talking about lavish items or 200 guests, then I would think you are being not very wise in financial planning.

     

    Post # 14
    Member
    1264 posts
    Bumble bee
    • Wedding: October 2014

    Spend within your means, a loan for a party would never be worth it in the end. Just my opinion.

    Post # 15
    Member
    10369 posts
    Sugar Beekeeper
    • Wedding: September 2010

    @Kriddlelouise:  According to your OP, you are basing your ability to pay off the loan on commissions and a job you don’t yet have. I think you should wait a few months if you are dead set on taking the loan. If you can’t find a job, and your FI’s commission is less than expected, your loan payments could be jeopardized. Just something to consider.

    Post # 16
    Member
    190 posts
    Blushing bee
    • Wedding: June 2015

    My dad always told me that if I don’t have enough cash in my pocket I don’t need it… Just have the most beautiful wedding you can afford and enjoy it 🙂

    The topic ‘Loan to pay for Wedding (long – but please help with advice)’ is closed to new replies.

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