I know most of you are paying for your wedding on your own. FH and I got some really bad news on Friday. My mother had left me some money before she passed away and I was planning to use it for our wedding but we found out that we could not get an advance on the money.
So there is a possibility that we might need to postpone the wedding. I have to quit my job due to school and take on a part-time paid internship and FH still has his job but all of our savings is going towards me going to school.
So my question is, did any of you take out a personal loan, how long does it take to get approved and over how many years will you be paying it off? Also do you have any money saving ideas.
FH is willing to postpone the wedding but knowing I was upset about that wants to do everything he can so we can get married next year. Any advice will be super helpful.
reneemarie2
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IMHO, I would recommend postponing and paying in cash, then taking out a loan for the wedding.
wo0shply
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thanks for the advice, but why cash? Do they give you a tax break if you pay cash?
bemyyoko
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this is just MY opinion, so don't be offended or upset...
I don't think it makes too much sense to take out a loan to pay for your wedding. Money is one of the major reasons people get divorced or have relationship issues in general. The stress of starting off your marriage in debt just doesnt seem to be worth it.
with that said, Credit Unions, like the Bethpage Federal Credit Union, tend to have the best rates on loans if you are determined to go that way.
Espo22
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Posted by reneemarie2
IMHO, I would recommend postponing and paying in cash, then taking out a loan for the wedding.
i agree, first sit down and really talk to Fh about it and see how much you two can save up until the wedding, if its not enough then postpone it.
Alot of personal loans have a high interest, and you'll be paying almost twice as much as what the wedding itself actually costs. Not only that but after the wedding, im sure you're gonna want to buy a house/apt or whatever and its gonna be hard when you also have to pay a loan off. FH is paying off his school loans and credit cards now and its a pain but he wants to do this now before we are married so we don't have to deal with this later.
How much would the loan be for? I don't recommend it but if its a small amount that can be paid off very quickly then maybe but otherwise starting a new life together and having to pay a $20k-50k or whatever amount is gonna be a burden
sorry this happened, but you two will work everything out im sure
Espo22
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Posted by wo0shply
thanks for the advice, but why cash? Do they give you a tax break if you pay cash?
the reason why is so you aren't in debt after the wedding. Just like loans, if you pay most of the things with your CC again you'll owe alot of money after the wedding, and like i previously said whatever something costs you end up paying twice as much for bc of the interest rate. It's better that once the wedding is over, thats it you're done with it, no money to owe and you can use your money towards other things
reneemarie2
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Posted by wo0shply
thanks for the advice, but why cash? Do they give you a tax break if you pay cash?
I just said cash, so it's all paid off and you don't have to worry about.
Ilovebriani
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how long would you have to postpone the wedding? i would not recommend taking out a loan....speaking from experience dealing with loans (i have lots of student loans)....the interest rate may make you pay almost double what you borrowed when all is said and done! the interest rates on private loans are much higher than that on student loans. I guess a big part of your decision will lie in how much $ you will have coming to you, when you can get it, and how much of a loan u would have to take out for the wedding. If you did take out a loan make sure they dont penalize you for paying it off early. you could always pay the balance off early if you are able to get the $ soon to avoid paying too much interest, but you would need to find out the details of the loan and what they allow.
angl2001
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Posted by reneemarie2
IMHO, I would recommend postponing and paying in cash, then taking out a loan for the wedding.
I agree you dont wanna take out a loan or use Credit cards and start your new life in debt. I hope it works out for you
jcslady
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I would not put myself in debt, it sounds like it is just not the right time. I know you are probably upset but I think it is good to wait.
wo0shply
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Thanks for all the advice. I have a feeling FH and I will just have to wait untill I'm finished with school. Hopefully everything will work out in the end.
jcslady
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that is what i did sister waited until i finished school because you will have something that you earned! best of luck
jgl
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Posted by bemyyoko
this is just MY opinion, so don't be offended or upset...
I don't think it makes too much sense to take out a loan to pay for your wedding. Money is one of the major reasons people get divorced or have relationship issues in general. The stress of starting off your marriage in debt just doesnt seem to be worth it.
with that said, Credit Unions, like the Bethpage Federal Credit Union, tend to have the best rates on loans if you are determined to go that way.
i agree... dont let money cause you stress in your marriage. You can postpone the wedding, or nix the big wedding plans and have a very small gathering.
kellybean
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I think a loan puta an added burden on you after the wedding ..and now....once you take it in most cases you have to start paying it........I hope everything works out!
dazies1011
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09ner crashing....... This was something I considered, a loan but, I think we are going to wait til early 2010 to do it, instead of the loan thing. It's only a few months difference and we can save the money from the wedding for a house instead of paying it off. Best of luck!!!!
graezie
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oh sweetie, don't take out a loan just for the wedding.
i think you should postpone the wedding and save money. also, adjust your wedding plans/budget. take out things that are not necessary.
good luck!
tiff940
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Okay...I Totally disagree with everyone else....If You have already booked vendors and told people (like sent out save the dates) I would take out a loan... And if you plan on getting a lump sum of money soon then you can pay off the loan with that...there are pretty of low interest rates loans out there if you have good credit
Maybe others take on money differently then me...but While I do believe in saving and good spending habits I do believe you only live one life.
Espo22
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Posted by tiff940
Okay...I Totally disagree with everyone else....If You have already booked vendors and told people (like sent out save the dates) I would take out a loan... And if you plan on getting a lump sum of money soon then you can pay off the loan with that...there are pretty of low interest rates loans out there if you have good credit
Maybe others take on money differently then me...but While I do believe in saving and good spending habits I do believe you only live one life.
its a good point if she already booked vendors.
But the money she makes from the wedding can be used towards a house...If they take out a loan to pay for the wedding, and then any money that they get right after goes to pay off the loan then they wont have money to put down for a house or an apartment. What are they gonna do after the wedding? i am all for you only live once, but to live for one day and then screw yourself over for years after that is hard. I mean starting off a new life together means having to pay mortgages, car payments and so on and paying back a loan is gonna make it hard, and until you pay back a loan it shows as debt you are in and it will be hard to buy a house if they wanted to.
my other problem is that youre gonna pay more for things than what they actually cost...if you pay for example $10,000 for the rh after interest on the loan it can ending being $15-20,000
you can get good interest rates on loans but personal loans are hard. Its easier if you have other things to show for, such as a house or that you own something. Personal loans are harder to get
BNBride60
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I'm in the middle on this one...
You seem to have money coming to you from your mother's passing, but - when is this money coming? Is it coming a year after the wedding? If it is, then maybe it's worth it to take a loan, so long as you PAY IT BACK RIGHT AWAY as soon as that money becomes available. The interest you'd accrue in one year is probably the same or less than the amount of vendor deposits you'd lose if you have several vendors already booked now. Then, you could also use the money you have from wedding gifts to get a house. OR, you could use your wedding gifts to pay off the loan and then use this money from your Mom as a downpayment for a house if you can hold off until it becomes available.
So, the ultimate considerations are 1) when is this money you will inherit going to become accessible and 2) is your credit good enough to get a loan at a low rate.
failurebydsign
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let me give you my point of view
i think if you want to hurry up and get married..do it when you plan on it..
if it means a loan then do it..but i would use something with more collateral like maybe a car so the interest can be lower..we did that last year when we needed money
im in the same situation we thought we werent going to be able to make enough by the time we needed to..and i actually had my mom take out a home equity loan and the interest in under 3% and with the wedding money we get ( if any) it will go right to that loan to be paid in full being that there are no penalties..she isnt doing the loan until jan ( 1 onth before ..so really it will only be a loan for a month
do what you have to do..because you take a loan out does not mean thatyou are going to get divorced due to financial problems
if you are going to get divorced..which i hope you will never..it will not be because you took out a loan for your wedding
