Was anyone else planning on taking out a small loan to help them pay for the wedding? FH and I were and now we r afraid that me might not be able to get one because of all the c rap thats been going on!! Is anyone else feeling the stress?
Cacarina
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Re: Taking a loan out to pay for wedding
FH and I have discussed doing this. I am kind of scared now too, because we may not be given the loan!!! Hopefully in a year things will be a little more stable!!!
Dr Meg
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Re: Taking a loan out to pay for wedding
We were considering it for at least our second payment to the hall in March (it is for 50% of the cost). However we talked to my parents last night and they mentioned the same thing-that we might not be able to. Luckily they offered to loan us the $10k and we'll pay them back when we can.
GT143EA
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Re: Taking a loan out to pay for wedding
Posted by Dr Meg
We were considering it for at least our second payment to the hall in March (it is for 50% of the cost). However we talked to my parents last night and they mentioned the same thing-that we might not be able to. Luckily they offered to loan us the $10k and we'll pay them back when we can.
Thats so nice of them to offer you the money! FH has a bunch of money saved but we wanted to save it incase of an emergency(car breaks down, furnice breaks , ....) I dont really think of the wedding as an emergency but I guess if we have no choice we will take the money out of that account.
Espo22
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Re: Taking a loan out to pay for wedding
i'll be honest and say that you should try other ways first before thinking of a loan. First of all, like you said, its going to be SOOO hard to get a loan. Yesterday many private lenders and banks have stopped giving out student loans and all loans will be hard to get so a personal loan is going to be even harder than any other loan to get, normally is harder to begin with.
Interest rates for personal loans can be pretty high and MANY of them you have to start paying soon after. In the end you will end up paying double for your wedding with the interest rate. So lets say you are going to pay $20k towards your hall, after interest rates you will be a little less than double that amount, so youre paying more than what its actually worth.
We paid everything in cash, and even stayed away from paying with CC's, you dont want to be in debt after the wedding. BUT if you need some help, do you have CC's with very low interest rates, or 0%.
FuTuRe MrS MaZz
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Re: Taking a loan out to pay for wedding
dont do it!!!! that may be the stupidest thing ever that people do... if this wedding is truly about celebrating you're marriage to one another instead of some extravagent 1 day event, you wont see the need in takin out a loan.... you can def go the bargain route and/or have a smaller, more intimate affair... you have no idea how much ive been regretting lately that we are spending as much as we are... when i think of what we could have done with that money, i cringe
Just Cindy
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Re: Taking a loan out to pay for wedding
I dont mean to be rude but to be brutally honest I would NEVER ever take a loan out for a party. I would downsize the party to whatever you can afford and if you cant afford it now I would postpone. JMO but loans are meant for major purchases like a house or car, home improvements, etc..... and not meant to be used for 4-5 hrs of your life.
Dani777
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Re: Taking a loan out to pay for wedding
Rather then doing a load we are going to hope and pry that his parents will fork over the money about a month before the wedding and then we'll pay back right away... After the wedding of corse! We figured out after everything we're going to be like 6K short... Not too shabbey after paying well over 30K in just under 10 months...but still. So, we'll see how well that works out. I'm trying sooo hard not to stress about it just yet. I hope by March things are much more stable at least!!!
Espo22
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Re: Taking a loan out to pay for wedding
Posted by Just Cindy
I dont mean to be rude but to be brutally honest I would NEVER ever take a loan out for a party. I would downsize the party to whatever you can afford and if you cant afford it now I would postpone. JMO but loans are meant for major purchases like a house or car, home improvements, etc..... and not meant to be used for 4-5 hrs of your life.
yeah i am sorry but i agree. Especially if you plan to buy a home after the wedding, you wont even be able to bc you still have a personal loan to pay off and nobody is going to lend you money today if you still have a personal loan out. And everybody always says 'oh we'll just pay it off with the money we get at the wedding' but wouldn't you rather use that as a downpayment towards a home rather than just paying off the wedding. Its better off to find ways to cut costs rather than get a personal loan out, those are the worst out of any loan you can get and can really cause damage.
GT143EA
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Re: Taking a loan out to pay for wedding
We didnt plan on taking out a loan when we started booking everything. But we just realized that when everything is said and done we wil be about 5k over what our budget was. Like I said FH has a lot of money saved so we will probably end up taking it out of his savings.......
GT143EA
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Re: Taking a loan out to pay for wedding
Posted by Espo22
yeah i am sorry but i agree. Especially if you plan to buy a home after the wedding, you wont even be able to bc you still have a personal loan to pay off and nobody is going to lend you money today if you still have a personal loan out. And everybody always says 'oh we'll just pay it off with the money we get at the wedding' but wouldn't you rather use that as a downpayment towards a home rather than just paying off the wedding. Its better off to find ways to cut costs rather than get a personal loan out, those are the worst out of any loan you can get and can really cause damage.
We already have a house so we dont need to worry about getting a loan for that.
Just Cindy
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Re: Taking a loan out to pay for wedding
better to tap into savings than a loan that can hurt your credit in the long run.
Espo22
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Re: Taking a loan out to pay for wedding
Posted by GT143EA
We didnt plan on taking out a loan when we started booking everything. But we just realized that when everything is said and done we wil be about 5k over what our budget was. Like I said FH has a lot of money saved so we will probably end up taking it out of his savings.......
if its just for $5k i wouldnt even bother then. Depending on terms of the loan, how many years you do it for. Your interest rate can be anywhere from 10%-18%. Since you have time, i would figure out a way to save that extra $5k. Look at ways to cut down on spending, and to put more away each paycheck. Figure out the amount of time you have left until the wedding, how many paychecks you'll get until then for the both of you, and see how much you both can put away each paycheck to get close to that. Also if theres any extras that arent necessary, then just cut it out, you wont miss it on your wedding day.
megsher
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Re: Taking a loan out to pay for wedding
It's actually smart to pay everything with credit cards rather than cash. If you use credit cards, you can dispute charges if you are upset with service. W/ cash there isn't much of a record. Of course, try your hardest to pay them off on time!
Espo22
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Re: Taking a loan out to pay for wedding
Posted by GT143EA
Posted by Espo22
yeah i am sorry but i agree. Especially if you plan to buy a home after the wedding, you wont even be able to bc you still have a personal loan to pay off and nobody is going to lend you money today if you still have a personal loan out. And everybody always says 'oh we'll just pay it off with the money we get at the wedding' but wouldn't you rather use that as a downpayment towards a home rather than just paying off the wedding. Its better off to find ways to cut costs rather than get a personal loan out, those are the worst out of any loan you can get and can really cause damage.
We already have a house so we dont need to worry about getting a loan for that.
i am sure you'd rather use it for other things though. If youre going to be paying a mortgage and a personal loan back at the same time, it can get hard. I mean its up to you but not sure how anyone will even get a personal loan now.
JennyAPH
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Re: Taking a loan out to pay for wedding
If you can dip into the savings a little instead of taking out a loan i would do that. JMO. If you do find a bank to give you a loan the interest rate will probably be insane. Also, you will make the money back at the wedding so your savings will only take a hit for a little while. I have no idea where we are getting the money from! Trying to save as much as I can but I have a house too so I know how hard it is
You will figure it out!
GT143EA
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Re: Taking a loan out to pay for wedding
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
FuTuRe MrS MaZz
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Re: Taking a loan out to pay for wedding
Posted by megsher
It's actually smart to pay everything with credit cards rather than cash. If you use credit cards, you can dispute charges if you are upset with service. W/ cash there isn't much of a record. Of course, try your hardest to pay them off on time!
I use my CC for everything... not only is it very helpful to dispute charges, but i get cash back on everything which adds up over time! you'd be surprised... it all gets paid on time in full bc we know what we have to work with.... ive also earned close to $500 in my savings for the year by keeping our funds in a savings acct... every little bit helps!
Espo22
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Re: Taking a loan out to pay for wedding
Posted by megsher
It's actually smart to pay everything with credit cards rather than cash. If you use credit cards, you can dispute charges if you are upset with service. W/ cash there isn't much of a record. Of course, try your hardest to pay them off on time!
You do get receipts for everything and they write it in your contract when you've paid for something. It can be harder when disputing but i took the chance which worked out bc i didnt have to pay an interest rate on anything i paid for. If i had paid interest on anything then the cost of the wedding would've been even more money. Or what i did was use a debit card if i had to but same thing as paying cash. Some things we paid with paypal, not all vendors take it of course but i only had a problem with 1 vendor and that was invitations, never received them. Thank god we used paypal for this and it just took money directly out of DH's bank account. But with paypal we got our money back the same week we disputed it.
if youre paying off the bill as soon as you get them then its different.
FuTuRe MrS MaZz
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Re: Taking a loan out to pay for wedding
Posted by GT143EA
I hear what you are all saying and I appreciate your input. 4 of that 5k was because we want to take a hm right after the wedding. Maybe we will wait to take the hm or maybe we can get a credit card that is 0% interest for a year or so and pay it off that way.
whatever CC you have now... if you've been loyal to the company, call them up and ask for a rate reduction (not sure how easily that will work now with the economy the way it is) but i did that late last yr, and got it reduced dramatically!
