(Closed) Out of Money and Still Owing…

posted 6 years ago in Money
Post # 3
Member
1130 posts
Bumble bee
  • Wedding: June 2013

Can you take out a small loan from a bank?

Post # 4
Member
4371 posts
Honey bee

Can you cancel some things or scale back?

Post # 5
Member
1729 posts
Bumble bee
  • Wedding: December 2012

its not the best option but payday loans or western sky loans. if theres no way to borrow any or scale back

also do either of you have retirement or 401K you can borrow from?

Post # 6
Member
1769 posts
Buzzing bee
  • Wedding: June 2014

My suggestions, in order of best ideas to worst ideas:

1) scale back (but it doesn’t sound like you can)

2) Ask if you can delay a payment until after the wedding if you pay interest

3) Get a loan from a bank (most banks offer “wedding loans” at around 8% interest – if you get a 2k loan and pay it off ASAP (maybe with money you recieve as a gift), then it wouldn’t be that bad).

4) Put it on a credit card (maybe open a new one with 0% for 12 months)

5) Cancel the things you can, chalk your deposits up to a loss

 

notice that payday loans are NOT on the list. Those are basically legalized loan shark places – you usually pay upwards of 20% on the loans, so they’re incredibly difficult to pay back. DO NOT DO IT.

Post # 7
Member
72 posts
Worker bee

Take some deep breaths, and lay off the caffeine if you’re drinking any (always makes my anxiety worse!).

It seems that there’s not much else you can do besides either:  cutting back (though, not sure you can – you’ve mentioned pretty integral wedding items here that still need to be paid – what has been paid so far?) or letting your Fiance ask his parents for a small loan.

I would avoid a payday loan like the plague – even a credit card would probably cost you less in the long run.

Post # 8
Member
77 posts
Worker bee
  • Wedding: October 2012

Do not do a Western Sky loan!!! Have you ever read the small print on that commercial?? It’s like 89%!!! A $2,000 loan would end up costing you THOUSANDS of dollars in interest! Ahhhhhh!!! 

Post # 9
Member
278 posts
Helper bee
  • Wedding: July 2013

Agree with everyone else here – do NOT do a pay-day loan. They are evil and will ruin whatever income you do have, for months to come. It’s not worth it.

These “rentals” – is it the venue? Are these decorations? Dinner ware? Can any of these things be scaled back/cancelled? How badly do you need these “rentals” to make your big day special?

The church, depending on the church, I would hope would be willing to work with you as well.

In my experience, tuxes can range in price. Why not look for a less expensive tux to rent? Are you covering the costs for the groomsmen? Why not ask them to chip in and pay 1/4 to 1/2 the cost of the rental? 

It sounds like you can’t afford to pay for your guests tickets if you can’t afford to pay for your own wedding. Perhaps this is another cost you’ll have to cut?

 

Post # 11
Member
72 posts
Worker bee

@jessmicas:  As I read it, I think she’s hesitant to ask FI’s parents for a loan because they are the ones (FI’s parents) possibly purchasing plane tickets for family who wouldn’t be able to make it otherwise.

Post # 13
Member
278 posts
Helper bee
  • Wedding: July 2013

@MrsHovzilla:  Yeah, doesn’t sound like there is much wiggle room there, does it? But definitely check with the church. You might be surprised 🙂

Post # 14
Member
1026 posts
Bumble bee
  • Wedding: September 2012

Can you do pitchers of regular margaritas instead of the machine?  Every little bit you can cut out will help.  

Post # 16
Member
1686 posts
Bumble bee
  • Wedding: August 2013

If you’re having a backyard reception, what are you planning for food? Can you scale back on the alcohol you were going to offer? Do you have a friend or friends that can do photography for you? DJ… can you put a playlist on an iPod and plug it into speakers? (Just some ideas. 🙂

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