(Closed) Wedding loan good idea?

posted 4 years ago in Money
  • poll:
    Yes get the loan : (14 votes)
    10 %
    No don't get a loan : (122 votes)
    90 %
  • Post # 2
    302 posts
    Helper bee

    Well I’d normally vote no but if you do get a loan, and most people give monetary gifts at the wedding, you can immediatly pay off your loan.

     0% interest credit card, if possible? 

    Post # 3
    2076 posts
    Buzzing bee

    It doesn’t matter what situation you are in, getting a loan for what is essentially a party is never a good idea.  Get a loan to help pay for a medical expense?  Yes.  Get a loan to help pay for school?  Yes.  Get a loan to help renovate your home?  Yes.  But we are talking about a party here.  Do you really want to get a, most likely, high interest loan for a party?  The answer should always be no.

    If finances are tight then it is time to start downsizing/cancelling some things in regards to your wedding.  Yes you may lose out on a deposit or two, but losing a few hundred dollar is better then getting a loan for $7K with a X% interest rate.

    Post # 4
    14948 posts
    Honey Beekeeper
    • Wedding: June 2011

    Are you going to be just as stressed after the wedding with a loan to pay off?  Or are the payments manageable even with a part time income?

    Post # 5
    2923 posts
    Sugar bee
    • Wedding: April 2017

    I would find a way to decrease the $7,000 you have left to pay rather than take out a loan.

    I never suggest taking out a loan to pay for a wedding.  Even with your situation.

    I am sorry to hear about your mom.

    Post # 6
    2076 posts
    Buzzing bee

    And yes, you could sign up for 0% interest credit card for 12 or 18 months.  But if you cannot guarantee that you can pay off that $7K in a year you will get hit with a shit ton of interest.  And you cannot count on gifts that you received from guests to cover it all.

    Post # 7
    5111 posts
    Bee Keeper
    • Wedding: December 2014

    I would say no. In fact, if you’re that hard up, I would try to get back what you can of that 13k and downsize the wedding. It doesn’t seem smart to be struggling financially, but still drop 20k on a party.

    Post # 8
    448 posts
    Helper bee
    • Wedding: May 2017

    I didn’t vote. I would say it depends on the amount of the loan and what it’s used for. Yes, life happens, and I am so sorry to hear about your mom.

    If taking out a loan, I would try and cut back on things that weren’t necessities. Like wedding drapery- great to have but don’t absolutely need it. I would pay off the essential things needed for your wedding- food, venue, photographer, video, etc.

    Post # 9
    1980 posts
    Buzzing bee

    I don’t think any situation makes it okay to get a loan. The bottom line is the same – you can’t afford the wedding you’re having. It’s okay to get a loan for a house, or education, or another worthwhile investment. But for a party? I think it is not a worthwhile risk. Downsize, cancel, make some sacrifices. You’ll still be married, it will still be beautiful and a lot of fun. Life will continue to be expensive once you’re married, and I think it’s best to think ahead and prepare for the future instead. I’m sorry about your situation, but I think you have to look at it from an outside perspective.

    Post # 10
    6610 posts
    Bee Keeper
    • Wedding: June 2015

    Agree with most posters above – you don’t take out a loan to throw a party.  Your interest rate will be terrible.  Are there any things you can cut now from your budget?  A 20,000 wedding is hardly necessary, though I understand you’ve already put down deposits on things and don’t want to lose out entirely.  

    Do not, under any circumstances, take the advice above that says your guests will probably give you the remainder in gifts.  That is really presumptuous and would probably not pan out well in the end.  We certainly received nowhere near what we paid for our wedding, and it was only 1/4 of what yours costs to begin with. 

    Post # 11
    7919 posts
    Bumble Beekeeper

    mrsgutierrezbee:  I’m sorry that you’re going through all of that, but a loan is still not a great idea. What can you scale back to make it less expensive? A 0% card isn’t a terrible idea if (and only if) you have never had a problem with credit card debt and you are 100% positive that you will have the income (from a job, not gifts) to pay it back before it starts acruing interest.

    I don’t think loans that charge interest for anything that is a want is good money management. Need a new roof? Get a loan. Want a new kitchen? Pay cash. Need a car? Get a used economy model with the shortest loan possible. Want a luxury car? Pay cash. 

    Post # 12
    1838 posts
    Buzzing bee

    No. No, no, no. Do not take out a loan to pay for a party. Have a 13k wedding, instead of a 20k wedding. 

    Post # 13
    1273 posts
    Bumble bee

    *screams like Fran Walsh at the thought of a wedding loan*

    Post # 14
    1412 posts
    Bumble bee

    mrsgutierrezbee:  I’m in a similar boat- we’re smack dab in the middle of planning and we found out a week ago today that my mom has cancer. I tried to cut wayyyy back on budget due to what will be unknown medical bills at this point, but she is insistent we don’t change anything.

    Some things I considered: moving my date back a year, cutting back on guestlist (which I can’t due to my venue), etc. I’m trying to be mindful of ‘excess’. But I would first cancel my wedding before taking out a loan- no way!

    Post # 15
    1570 posts
    Bumble bee
    • Wedding: March 2017

    The only way I could vote yes for a loan is if you’ve committed and paid a good chunk to a venue that has a $20k minimum.

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