(Closed) Personal Loan to fund wedding (closed)

posted 5 years ago in Money
Post # 3
Member
2440 posts
Buzzing bee
  • Wedding: September 2013

@pinksprinkles:  We considered it for about a second, but we really REALLY did not want ANY debt for our wedding. The difference for us is, my parents gave us about 3k when we first got engaged, and that covered the deposit on our venue. I think, if you figure out where you want to get married, and you really really cannot afford that deposit (which is the only thing you should have to put a deposit down on early in your planning) then I would take out a loan for that amount only.

 

Good luck, guys!

Post # 4
Member
1966 posts
Buzzing bee
  • Wedding: September 2013

My fi suggested this but there was no way I wanted to acquire debt to get married. My suggestion save the money, have a wedding you can afford. You may have to save for a while before you put deposits down but at least you won’t have unnecessary debt. 

Post # 5
Member
11747 posts
Sugar Beekeeper
  • Wedding: November 1999

What would the interest rate on the loan be? $5k isn’t bad (in my opinion, but obvi depends on your income). It’s not like you’re taking out a $25k loan.  

Post # 6
Member
9549 posts
Buzzing Beekeeper
  • Wedding: August 2013

I wouldn’t. I don’t like debt. Especially for something with no return on investment (like student loans or mortgage). I would cut back on the wedding or push back the date before taking on debt. Especially since you said you didn’t have any real saving to fall back on if something happens.

Post # 7
Member
9916 posts
Buzzing Beekeeper
  • Wedding: June 2013

What’s the rush to get married?  Why not save up until you can afford it, since you’re young?  Then you don’t have to get out a personal loan.  

Post # 8
Member
14569 posts
Honey Beekeeper
  • Wedding: June 2011

No, I would not take a loan out for a wedding – basically a great party where I feed lots of people.   We anti debt also, and don’t even take out car loans.

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

I would LOVE to do this, but I know that we would have a lot of trouble paying it off…not to mention even getting the loan in the first place, b/c of past awful money decisions. I wish somebody had talked to me about money and debt when I was younger! If you know that you will be able to make payments on time and keep up with it, then I think it would work for you…especially since you are an accountant!

I think that a lot of people are terrified of the word ‘debt’, and rightfully so, but it doesn’t mean that you can’t be responsible about it. It’s not like you’re racking up credit card bills on shoes and electronics!

Post # 12
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Going into debt to throw a party is not the most responsible thing you could do. It costs $100 or so to go to the courthouse and get married. All of the rest is unnecessary. It’s nice to have when you can afford it, but it’s really not necessary if it requires debt.

Post # 13
Member
1830 posts
Buzzing bee
  • Wedding: January 2013

@pinksprinkles:  don’t go into debt to get married, scale down your wants and/or guest list, change the time of year to off peak like winter to save on money, make it work with the budget you have, or wait another year or two to get married to save up the funds.

Post # 14
Member
1839 posts
Buzzing bee
  • Wedding: May 2013

i would never consider this

Post # 15
Member
214 posts
Helper bee
  • Wedding: October 2014

I would only take out a loan IF you could get a ridiculous low rate/0% for so many months. Taking out a loan for another other than a huge purchase is just a bad idea. My sister took out a 15K loan for her wedding in 2009 and is still paying on it. By the time she is done she will have ended up paying the bank 20K.

Post # 16
Member
1649 posts
Bumble bee
  • Wedding: August 2000

no no no no no!

 

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