crazy question what is different about wedding loans and home loans
Posted by jayepyt
crazy question what is different about wedding loans and home loans
o ok
Posted by TheLadyJ
Posted by jayepyt
crazy question what is different about wedding loans and home loans
I'm going to say that a wedding loan is unsecured. A home loan, you are borrowing against a house - which the bank can take. A wedding loan will probably have higher interest because you are not putting anything up for collateral. At least I think so....
Anyway, I wouldn't get a loan for the wedding. Do what you can afford. Stay within a budget.
Posted by vicandbarbara09
I apprciate all your input ladies it is very helpful.
Thank soo much!!!
With all the info from you I decided against a wedding loan. I want a beautiful wedding but do not want to be in debt for it
You can do a nice wedding of a reasonable budget it's a challenge but after awhile it becomes a game to get the best for the best price, fm me if you need any help with vendors. We waited almost 2 years from engagement to get married, this was my idea i didn't want to feel stressed about money. FH was not all about for awhile but he agress now it was the best descion for the two of us.
Just try and pay as much as you can and then at the end if you need 5000 / 10,000 take out a personal loan and pay it right after the wedding -
Posted by Riag24
Just try and pay as much as you can and then at the end if you need 5000 / 10,000 take out a personal loan and pay it right after the wedding -
Posted by jeanettelovesjason
Posted by Riag24
Just try and pay as much as you can and then at the end if you need 5000 / 10,000 take out a personal loan and pay it right after the wedding -
I agree. Try and pay as much as you can and then if you need some extra take out a small loan. A few thousand isnt going to hurt you. Other people can say what they want but its easier said and done when you make over a 100k. I have a tight budget and am having nothing extravagant but its still hard. You can pay it off right away, the same way you saved up all the rest of the money for your wedding![]()
Posted by Espo22
Posted by jeanettelovesjason
Posted by Riag24
Just try and pay as much as you can and then at the end if you need 5000 / 10,000 take out a personal loan and pay it right after the wedding -
I agree. Try and pay as much as you can and then if you need some extra take out a small loan. A few thousand isnt going to hurt you. Other people can say what they want but its easier said and done when you make over a 100k. I have a tight budget and am having nothing extravagant but its still hard. You can pay it off right away, the same way you saved up all the rest of the money for your wedding![]()
i didnt make over 100k during the wedding planning at all. Its all about restricting yourself and budgeting. I paid for most things alone, didnt make close to 100k. Had 275 guests, and still was able to do things i wanted, and also didnt pay anything on CC or with a loan. Just made a budget when i started planning. I added up what the total might be for my wedding, did the rh which that i had and then estimates on all vendors and also added a little more since theres always things you dont think about in the beginning. I realized how much i would have to put away each paycheck to get to that amount, and thats what i did, and never spent that amount. Whatever was left over then that i knew i could spend freely.
My whole advice was bc you never know what can happen and EVERYONE says they'll pay it off right away after but doesnt happen that way. You could never expect how much youre going to make back so cant depend on that. ALOT of girls on here always post how they got back less than they expected and couldnt do what they wanted to with the money. BUT the biggest issue is that 1-personal loans arent even really given out anymore. Even school loans now they are giving out alot less. There was actually a freeze on giving out personal loans, not sure if they are allowing it now. But if they allow it and a bank will do it, its going to be 10x harder to get one. Not only that but interest rates are EXTREMELY high on personal loans. If she doesnt pay back the full amount right away, then whats going to happen is that she will end up paying more for her wedding than what it actually cost.
2-IF she wants to buy a house or apt after the wedding, or lets say get a loan for a new car or anything like that. Then with having a personal loan on her credit report, its going to screw her over. If its lets say $10k-20k then guess what that 10k-20k is going to get added to her debt, and when you want to get a house or apt, its not just credit rating they look at, its also debt to income ratio and even if your credit rating is good but your debt to income ratio is not then you wont get approved. Trust me bc dh has great credit but his school loans are showing and its hurting his debt to income ratio and we had problems. What they do is take the amount you have on all cc's, any loans, then also other monthly payments you have, they subtract that from your annual salary, before your debt to income ratio was alot less strict now its alot harder. So lets just say somebody is making $50k, but is going to show 20k-30k of debt then you can get denied bc they see it as you only have $20k to give a year to all your loans, cc's, mortgage, car payments and all of that.
I think the advice everybody is giving is best. Figure out what you can spend and then budget vendors and what you will do according to that.
I am also going to try to make payments to most of my vendors advance so that I don't have this huge bill due 2 weeks before my wedding. I don' t want to be overwhelmed by it...
I am not comfortable with taking out a loan. Plus..FH won't let us lol
Posted by jeanettelovesjason
Posted by Espo22
Posted by jeanettelovesjason
Posted by Riag24
Just try and pay as much as you can and then at the end if you need 5000 / 10,000 take out a personal loan and pay it right after the wedding -
I agree. Try and pay as much as you can and then if you need some extra take out a small loan. A few thousand isnt going to hurt you. Other people can say what they want but its easier said and done when you make over a 100k. I have a tight budget and am having nothing extravagant but its still hard. You can pay it off right away, the same way you saved up all the rest of the money for your wedding![]()
i didnt make over 100k during the wedding planning at all. Its all about restricting yourself and budgeting. I paid for most things alone, didnt make close to 100k. Had 275 guests, and still was able to do things i wanted, and also didnt pay anything on CC or with a loan. Just made a budget when i started planning. I added up what the total might be for my wedding, did the rh which that i had and then estimates on all vendors and also added a little more since theres always things you dont think about in the beginning. I realized how much i would have to put away each paycheck to get to that amount, and thats what i did, and never spent that amount. Whatever was left over then that i knew i could spend freely.
My whole advice was bc you never know what can happen and EVERYONE says they'll pay it off right away after but doesnt happen that way. You could never expect how much youre going to make back so cant depend on that. ALOT of girls on here always post how they got back less than they expected and couldnt do what they wanted to with the money. BUT the biggest issue is that 1-personal loans arent even really given out anymore. Even school loans now they are giving out alot less. There was actually a freeze on giving out personal loans, not sure if they are allowing it now. But if they allow it and a bank will do it, its going to be 10x harder to get one. Not only that but interest rates are EXTREMELY high on personal loans. If she doesnt pay back the full amount right away, then whats going to happen is that she will end up paying more for her wedding than what it actually cost.
2-IF she wants to buy a house or apt after the wedding, or lets say get a loan for a new car or anything like that. Then with having a personal loan on her credit report, its going to screw her over. If its lets say $10k-20k then guess what that 10k-20k is going to get added to her debt, and when you want to get a house or apt, its not just credit rating they look at, its also debt to income ratio and even if your credit rating is good but your debt to income ratio is not then you wont get approved. Trust me bc dh has great credit but his school loans are showing and its hurting his debt to income ratio and we had problems. What they do is take the amount you have on all cc's, any loans, then also other monthly payments you have, they subtract that from your annual salary, before your debt to income ratio was alot less strict now its alot harder. So lets just say somebody is making $50k, but is going to show 20k-30k of debt then you can get denied bc they see it as you only have $20k to give a year to all your loans, cc's, mortgage, car payments and all of that.
I think the advice everybody is giving is best. Figure out what you can spend and then budget vendors and what you will do according to that.
I understand what you are saying, i know how loans work.! And I mentioned 100 grand because the person who said she thought it was irresponsible already told us that she makes over 100 k., and I know most of us dont. But we all have our own opinions! Im paying for everything myself. Thats your opinion and mine is mine, I know how to budget but sometimes things maybe not even wedding related happen and you cant just postpone a wedding, so sometimes its the only option. Im not argiung about this im just stating my opinion!
I think you are making the right decision by not taking out a loan. Do what you can with the money you have. We're doing everything cash only, no CCs - it's tough but I'm not putting myself into debt for this wedding.
