Just Engaged and Proposals

Loans for Our Wedding

Hi girls,

My fiance and I need to take out a loan for our wedding next August.  Is there a certain bank/lender that anyone can recommend?

Thanks so much!

Megan

Re: Loans for Our Wedding

  • KeptInStitchesKeptInStitches the Northern Plains member
    5000 Comments 500 Love Its Fourth Anniversary 5 Answers
    Don't take out a loan - it's a party. Just a party. Cut back your plans to something you can afford, have a longer engagement, do what it takes (without compromising your hosting your guests). But don't go into debt.
  • manateehuggermanateehugger member
    2500 Comments 500 Love Its Third Anniversary 5 Answers
    edited October 2013
    It's not worth it! It's one day, one party. 

    Take out loans for a house or a car or an education - something that is a worthwhile investment that will last longer than 24 hours. 


    image
  • Like others said, it's not financially savvy to take out a loan for a wedding. Look into other ways to save money (smaller guest list, nontraditional venue, not during meal time, limited bar, etc.), or give yourself more time to save up. It's just not worth it to go into debt for a party.
  • Either have a longer engagement to save or plan a wedding that you can afford. Don't go into debt for one day when it's just a party. 
  • A few alternatives to taking out a loan:
    -Get a second job 
    -Cut back on date nights and eating out
    -No new clothes or shopping for anything that's not wedding related
    -Set up a savings account and automatically deposit a set amount for your wedding
    -Talk to your parents about helping with some of the wedding cost
  • raeah219 said:
    A few alternatives to taking out a loan:
    -Get a second job 
    -Cut back on date nights and eating out
    -No new clothes or shopping for anything that's not wedding related
    -Set up a savings account and automatically deposit a set amount for your wedding
    -Talk to your parents about helping with some of the wedding cost

    For the bolded-absolutely DO NOT do this!!! 

    Everything else is good advice.

    NerdyLucydoeydosouthernbelle0915AprilH81
  • Don't do it! I agree with all the PP's.  My FH and I just recently got engaged and we are waiting until the fall of 2016 for this reason.  We are going to take the next almost three years and save $100 a week each for that time and in the end will have $30,000 for our wedding.  Taking out a loan for a wedding will only put more stress on you after the day is over.  Push your wedding back, save for a while, and get married when you are financially ready. =)
  •  

    raeah219 said:
    A few alternatives to taking out a loan:
    -Get a second job 
    -Cut back on date nights and eating out
    -No new clothes or shopping for anything that's not wedding related
    -Set up a savings account and automatically deposit a set amount for your wedding
    -Talk to your parents about helping with some of the wedding cost

    For the bolded-absolutely DO NOT do this!!! 

    Everything else is good advice.


    You should definitely NOT take out a loan. As for your parents, one thing you can do is tell them that you have to push back the wedding date because of finances. If they happen to offer assistance at that time, you are free to accept it. However, it is definitely not okay to ask for money.

    Also, what if you take out a loan and then after the wedding, something serious happens- you need to move, you get sick, you get divorced (sorry, but it does happen.) Then you are stretched thin and don't have the resources to cover an emergency. That is NOT a good way to start out life as a couple.

     







  • climbingwifeclimbingwife NYC 'burbs member
    10000 Comments Sixth Anniversary 500 Love Its 5 Answers
    I just need to reiterate - DO NOT DO THIS! Going into debt for a wedding is insane. 

  • KatWAGKatWAG Chicago member
    2500 Comments Fifth Anniversary 500 Love Its 5 Answers
    Don't take out a loan. Have a JOP/ elopement and then have a really kick-ass anniversary party at the 5 of 10 year mark, when you can afford it.
    BabyFruit Ticker
  • Congratulations on your engagement!! 

    Another vote for not taking out a loan. It's simply not a good financial decision.

    If a certain type of party is important to you, push the wedding back so that you can afford it. Or if you want to get married sooner, you'll have to make difficult financial decisions - like cutting the guest list, or having a dry wedding. Head over to the Budget and DIY board for good ideas on how to cut costs if that's the road you decide to take.
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    image
  • PDKH said:

    It's not worth it! It's one day, one party. 


    Take out loans for a house or a car or an education - something that is a worthwhile investment that will last longer than 24 hours. 


    THIS!!!
    We've taken student loans, vehicle loans, equipment loans, business loans, and, eventually, will take on a mortgage. But we absolutely will not go into debt or ask others to pay for our wedding.

    I think people freak out about details because they get trapped into this weird mindset where they think, I can never host a grand party or have fun ever again--and that's simply not true. You only get one wedding per marriage, but you have lots of life reasons to hold celebrations. So go with what you can afford.
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