(Closed) Wedding Loan or Not??

posted 9 years ago in Money
Post # 17
7111 posts
Busy Beekeeper
  • Wedding: August 2013

I would definately advise against getting a loan for your wedding. In fact I would recommend just about anything else rather than going into debt for your wedding. Trim the guest list. Downgrade food and drink. Elope. Get married on a weeknight or in the morning. Wait longer so your can save up. Any of these options is better than going into debt. Because life happens and if you and your fiance fall on harder financial times it could be really hard to pay off. And interest can be rough.

There are lots of other options and I can’t imagine it being worth going into debt to have a fancy party. Because the wedding itself is typically pretty cheap. It’s the party that’s expensive and you don’t want to start your marriage in debt over a party.

After reading your responces: I can totally relate to wanting to have a financial “cushion”. I keep way to much money in savings (rather than investing it) because I like to know that it’s there. However, I don’t think a loan is worth it. Is there something specific you’re worried about? Most big wedding costs are not last minute surprises, they’re things you reserve months in advance. So you could always look at more options if it really came down to needing it. But I wouldn’t get the loan as a precautionary measure. Only if it was the only possible option.

Post # 18
612 posts
Busy bee
  • Wedding: September 2012

If you can’t pay for it with cash, you shouldn’t be paying for it at all.

Not only weddings, but everything else.



Post # 21
286 posts
Helper bee
  • Wedding: September 2013

Don’t take on debt for a wedding. It is one day, the debt is a life time obligation. You’ll want that money for a much more practical use in the future. Or an emergency. Don’t take on debt if it can be avoided.

Post # 20
715 posts
Busy bee
  • Wedding: September 2012

It sounds like you are good with money and you make a good salary, so why can’t you “save” the money to pay for your wedding?  I am in the boat of not incurring debt for a wedding.  My DH and I saved money and budgeted to get it done without incurring any debt.  I bet you could do it too if you came up with a plan.

Post # 22
1375 posts
Bumble bee
  • Wedding: April 2013

Obviously you aren’t going to get very favorable responses, although the reality is tons of people do go into debt for weddings. It’s a bad idea, but people do it. People just don’t tend to want to admit it.

I’m not going into debt, but I will tell you, I make in the same range of money as you. I think you should be able to save up to pay for that $15k between now and the wedding with that level of income. Do you have massive debt, big car loans, or a really high rent/mortgage?

You need to get on a budget and figure out where you can trim spending to go towards the wedding fund.

I was there just a couple of months ago and budgeted only on what I could afford for the wedding. I calculated I would be able to pay for a $22k wedding on my own if no one else put in any money. I think that might have been taking like $5k out of savings and then just cash flowing the rest.

BUT – I have no car payment, my mortage is reasonable, and I don’t have student loan debt.

Post # 23
1666 posts
Bumble bee
  • Wedding: May 2012

No way. I don’t think that a wedding is worth going into debt over. Cut your guest list or other non-essentials, or wait until you can afford the wedding you want.

The only things I would ever take out a load for are a house, car, and education.

Post # 24
466 posts
Helper bee
  • Wedding: June 2017 - Vegas Wedings

@lovestoryvi: I say no they are not typical and I dont think you should get one. Honestly, is you are “really good at managing and saving money” you can pay cash for the wedding. A LOAN is not security as that money ISNT really yours; big, bad things can happen to you or your job and then you’ll be up a creek. Also, you are talking about an unsecured loan which has a higher interest rate than a secured loan; this is partially why some people are ok with loans for cars and houses but not weddings.

From your tone Id say you will get this loan anyway. You keep telling us why you should get it rather than understanding what we are saying.


Edit: Havent you paid a large chunck of your wedding costs already? Its this coming June right? How much more do you need to put down?

Post # 25
13 posts
  • Wedding: August 2012

I am a loan officer, so I can tell you this, if you feel the need to get a loan, then it’s your decision, regardless if it has worked for other people or not.  You can cut back on expenses, cut corners on things, OR get what you want since it will be the only time in your life when you should.  I took an interest free loan out for one year, and will have it paid off before incurring any future finance charges, and my wedding was over $20k.  Just make sure if you decide to go with the loan, pick simple interest terms with 0% for 12 or 24 months.  That way, every monthly payment you make goes straight towards the principal and you will have it paid off soon enough.  The one thing you don’t want to do, is regret not getting what you want on your special day, and I have a lot of friends that look back and wish they had done more.  They didn’t have the means to take out a loan, so they put something together within their budget that they didn’t truly love.  Just make sure, that you are in a position to make the monthly payments back, and get what you want! You can also take out a 0% credit card for 12-24 months, and that way, you will have the cushion you so desired. Loans are not hard to get, that is just a myth.  You just need good income and credit.  If you have that, then you shouldn’t have any problems.  If you have any other financial questions, I’d be more than happy to help!  Good luck to you! 

Post # 26
91 posts
Worker bee
  • Wedding: June 2013

It’s often a good idea to have a low-interest line of credit on hand for emergencies (for life, not just for weddings). It’s not only great for peace of mind but for diversifying your credit and increasing your credit score. It costs you nothing unless you dip into it – and you only dip into it as-needed. You only pay the interest on the amount you have used.

A line of credit is similar to having a credit card – you have the $15,000 available if you need it in an emergency, but UNLIKE a credit card, it doesn’t rape you with high interest. They are a lot more difficult to get than a credit card but you sound like you’re a prime candidate. 

That said I would NOT go into any debt for a wedding, and I would definitely not get a traditional loan. 

Line of credit is the way to go if you have self-control and you want a cushion for peace of mind 🙂

Post # 27
68 posts
Worker bee
  • Wedding: November 1999

I would never take out a loan for a wedding. We don’t have a lot of extra money right now as I am just finishing school, so we ended up booking one big thing a month, which was more affordable. I found because most places just want a deposit at this time, it was manageable. Most of the big costs come closer to the wedding date, so you could keep saving until then.

Post # 28
6533 posts
Bee Keeper
  • Wedding: February 2014

Personally I think it’s a terrible idea to incur debt for anything that isn’t necessary like a house. 

Post # 31
4173 posts
Honey bee
  • Wedding: April 2018

Only take on debt for those items that appreciate in value, everything else is like throwing money in a hole.

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