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Loans for Our Wedding

meganr7meganr7 member
First Anniversary
in Just Engaged and Proposals
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
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Re: Loans for Our Wedding

  • KeptInStitchesKeptInStitches member
    First Anniversary First Comment First Answer 5 Love Its
    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.
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  • manateehuggermanateehugger member
    First Anniversary First Comment First Answer 5 Love Its
    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
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  • emmyg65emmyg65 member
    First Anniversary First Comment First Answer 5 Love Its
    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.
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  • jedsc17jedsc17 member
    First Comment
    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. 
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  • raeah219raeah219 member
    5 Love Its First Comment Name Dropper First Anniversary
    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
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  • antibride2013antibride2013 member
    First Anniversary 5 Love Its Name Dropper First Comment
    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.

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  • rcotter90rcotter90 member
    First Anniversary 5 Love Its First Comment
    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. =)
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  • Jells2dot0Jells2dot0 mod
    First Anniversary First Answer First Comment 5 Love Its

     

    antibride2013 said:
    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.

     







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  • climbingsingleclimbingsingle member
    First Anniversary First Comment First Answer 5 Love Its
    I just need to reiterate - DO NOT DO THIS! Going into debt for a wedding is insane. 
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  • KatWAGKatWAG member
    First Anniversary First Answer First Comment 5 Love Its
    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
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  • southernbelle0915southernbelle0915 mod
    First Anniversary First Answer First Comment 5 Love Its
    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.
    *********************************************************************************

    image
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  • kitty8403kitty8403 member
    First Comment 5 Love Its First Answer Name Dropper
    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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