(Closed) Our families are not helping…(loans)

posted 10 years ago in Money
Post # 3
Member
1373 posts
Bumble bee
  • Wedding: August 2011

Normally I’d say no but you seem really financially responsible and have a plan in place to pay off the loan. In your case, when you CAN afford the venue, just not the huge upfront deposit (and that DOES seem high for a downpayment, to me anyway) I’d say go for it and just make sure to pay the loan off with what you’d be saving anyway like you are intending. 

Post # 4
Member
3467 posts
Sugar bee
  • Wedding: April 2011

If you take the loan then I would say that it needs to be paid off in the same amount of time that it would’ve taken you to save the money for the venue had you not taken it. Definitely not taking the debt into your marraige.

Given you both seem to be financially sound and wise in your debts I don’t think that it’s “terrible” to do.. and taking a loan is much smarter than using CC for sure… if anything it’s another line of revolving credit for you/him.

 

Post # 5
Member
530 posts
Busy bee
  • Wedding: May 2011

I say skip the venue and have wedding at a park if you can. I can never recommend going into debt for a wedding. Cut something out – whether it’s booze, or the fancy dress – anything to avoid debt. Not having debt is the greatest feeling in the world and once you get your student loans paid off, you’ll get that marvelous feeling. Try and see where you can cut corners. Good luck to you. 🙂

Post # 6
Member
420 posts
Helper bee
  • Wedding: October 2010

I know the general opionion of the hive is “I would never do that”.  I think in this situation it really depends on a lot of factors.  I think if you truly can pay it off in the “few months” it would take you to save it, and it would save you some stress about the date filling up, I dont think it is a HUGE deal.  I took out a zero percent APR credit card to cover some of my wedding expenses and paid it off the week after I got married.  I didn’t pay a dime of interest and it worked out well for me,  but I’m certainly not every person and was willing to take the risks associated with it (ie:  what if I lost my job and couldn’t pay it off at the rate I thought I would etc).

 

It is obviously a gamble but if the amount of loan you’re talking isn’t a huge amount I don’t think it is the end of the world.

Post # 7
Member
4090 posts
Honey bee
  • Wedding: August 2012

I’m not usually an advocate of debt, but if you are as reponsible as you said you are, what about using a credit card and paying down that way?

 

Normally I say save up and pay what you can afford.

Post # 8
Member
971 posts
Busy bee
  • Wedding: October 2012

I say go for it!  Better than saving up for the deposit and then finding out your date was already booked.  You guys seem financially responsible and it sounds like you could have the loan paid off before the wedding anyways. 

Post # 9
Member
3696 posts
Sugar bee

@runsyellowlites: I agree that it needs to be paid off in the same amount of time that you would have saved the money. I do want to mention that it might be better to put it on a credit card than take out a loan- if the interest rate is lower. Personal loans are hard to get and many have crappy interest rates right now. You may be able to find a good deal on a credit card to the tune of 0% interest for 6 or 12 months. If your credit enough is good for that type of deal it may be a better situation.

Post # 10
Member
4460 posts
Honey bee
  • Wedding: September 2012

@anonymouspickle: I’d find another venue before I took out a loan. That’s craziness they want that much upfront.

Post # 12
Member
1276 posts
Bumble bee
  • Wedding: June 2009

Even though you sound very financially responsible I still think loans are a bad idea for weddings. I’m a what if person, so I tend to play things too safely but I know you got to do what’s best for you. My first thought on the what if side is what if something happens and you can’t afford the loan? Jobs are not gaurantee to last and life happens when you least expect it. For me personally I would be looking for a different venue.

Post # 13
Member
14 posts
Newbee
  • Wedding: September 2011

Given your noted financial responsibilities, and willingness to pay it off within the time you would have been saving for it anyway, I say go for the loan! 

My advice would be totally different if you were going to get a loan for the whole wedding, but in this case, you only get married once and since you have a plan and will be getting the “bang for your buck”, why not?

Post # 14
Member
135 posts
Blushing bee
  • Wedding: October 2012

id say go for it! why not? this will only happen once so do what u want. things can always get paid off…people worry too much day to day about what they owe to who, you only live once! i dont mean spending like crazy(i definitly dont) but if i had to take out $5,000 for a wedding..it would be worth it!

Post # 15
Member
3578 posts
Sugar bee
  • Wedding: June 2011

Even though I swore I wouldn’t take out loans for the wedding, we ended up getting a loan because we couldn’t get solid numbers from our parents (both sets of parents said “we will contribute” but we couldn’t get actual figures from them).

 

We went through LendingClub and got an interest rate under 10% because we both have good credit.

The topic ‘Our families are not helping…(loans)’ is closed to new replies.

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