Can you take out a loan to pay for the wedding?

Original post by madseason

Feb 28, 2007 12:39 PM

Seriously? Can you?

Autumn08 Posted: Feb 28, 2007 03:34 PM

Re: Can you take out a loan to pay for the wedding?

Weddings are a wonderful opportunity to celebrate with your friends and family the commitment you and your FH are making on that day. Weddings are beautiful and you don't have to spend a lot to make them beautiful. Originally I wanted to be married by the end of '06 or '07 with a very simple ceremony and dinnner. FH was the one who wanted to wait and we decided to have something a little bigger than we originally planned. The point is not how much you spend. And you shouldn't have to go into debt to do so. It's best to set a budget and stick to it. It can be difficult at times but worth it in the long run. Curiousgeorge started a good thread for budget brides. She has great ideas and is saving a bundle.

Snowflake08 Posted: Feb 28, 2007 03:39 PM

Re: Can you take out a loan to pay for the wedding?

good point melanie

i have a large amount that i owe in student loans but FH and i are not using credit cards to pay for the wedding - we're spending what we have saved and can afford

its not worth going into debt for - JMO

Autumn08 Posted: Feb 28, 2007 03:55 PM

Re: Can you take out a loan to pay for the wedding?

Posted by Snowflake08

good point melanie

i have a large amount that i owe in student loans but FH and i are not using credit cards to pay for the wedding - we're spending what we have saved and can afford

its not worth going into debt for - JMO

Nope, weddings are going to be beautiful anyway. People will not remember if you put maxis in the bathroom or the CPs or any of the other little stuff.

I don't like when people say it's just one day. Even if it is, I think it's a rather important day.
And I do want it to reflect our personalities and I want everyone to have fun!

AeroJenn Posted: Feb 28, 2007 04:05 PM

Re: Can you take out a loan to pay for the wedding?

Yes you can, but it will have to be a private loan and I can tell you from experience (we ALMOST took out a private loan for something else) that the lowest interest rate we found was 17%. Its so high that you end up paying close to double what you actually took out. And the interest rates are variable with private loans of this type, which means you can start off paying 17% interest and within 6 months you can be paying 19% interest!

Believe me when I say....its not worth it. I had to take out private loans for some of my education (because NYU is retarded) and I cant even begin to tell you what kind of games these loans play and how much more you end up paying

madseason Posted: Feb 28, 2007 04:12 PM

Re: Can you take out a loan to pay for the wedding?

Yea im not going to...I jsut needed to know if it was an option. I honestly have no idea where all of this money is coming from!!

I planted that tree in my yard, but it never grew...

Ilovebriani Posted: Feb 28, 2007 04:13 PM

Re: Can you take out a loan to pay for the wedding?

after reading this post i am feeling more and more guilty paying for this wedding and not paying off my loans instead. i just called FH and asked him what he though about us using our gifts and putting them towards my loans after the wedding.....do you think that is stupid though??? (i would only plan on putting them towards my private student loans...since like Jenn said the interest rate is not fixed and goes up every year...)

not that i plan on getting 'tons' of $ in gifts either....i really have no clue i will end up getting and am not relying on this in any way. i honestly did not even realize that we would be getting gifts when we first started planning....i mean, i knew we would....but did not figure that into the planning.

bridezilla08 Posted: Feb 28, 2007 08:39 PM

Re: Can you take out a loan to pay for the wedding?

Wow! I received a partial scholarship and I graduated from a SUNY school so I guess I'm lucky I don't owe much at all. As for taking out a loan if you can avoid it then don't bother. It'll end up costing you soooo much more in the end. If you are in need of a loan, then research well for the best lowest APR.

snowcutie82 Posted: Feb 28, 2007 08:49 PM

Re: Can you take out a loan to pay for the wedding?

i think it depends on your goals. i mean ultimately u want to pay off any loans asap because u are paying interest (which means more $ than u org borrowed).

but u also want to consider when u want to buy a house etc...do u want to use your wedding $ as a down payment or to start off your house fund etc. and also...the wedding $ is shared $ so do u think the loan is mainly your responsibility or should it be shared etc.

me personally...im paying off my loans by myself and we're using our wedding $ as house $ and i plan to pay as much towards my loan as possible because i would rather only have to worry about the morgage when the time comes.

but i dont think its stupid to bring up...just depends what u both want