Taking out a Loan for the Wedding? Has anyone done it?
My Fiance and I, Have to pay for the wedding ourselves, we just bought a place and Would like to have the Wedding Next Summer but there is no way we can have a wedding we want without taking out a loan. right now we have $8000 saved up but for our area and the place we picked the total wedding cost will be 20,000 we will at least have to take out $10,000 loan i was wondering if anyone has taken out a loan for their wedding?

Married: 2+ years ago
Reviews: 7
Posted On: Jul 20, 2010 at 10:58 AM • Vendors are allowed • Add to My WatchlistFlag As Inappropriate1 like

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Married: 02/19/2011
Jul 20, 2010 at 11:01 AM • Flag As Inappropriate
Honestly, it is not a smart idea to use loan for wedding. If I were you, I would change the taste in the wedding. A elegant wedding for 8k can be done :-) Trust me being in 10,000 k debt is so not worth it.

Brian Cesario Photography, LLC
Jul 20, 2010 at 11:01 AM • Flag As Inappropriate
I know people do this, and it's a totally personal decision, but ask yourself if you really want to end up paying out all that money in interest and finance charges.

Married: 05/19/2010
Reviews: 5
Jul 20, 2010 at 11:01 AM • Flag As Inappropriate
Personally I would not take out a loan. You do not want to start your married life with a lot of debt. Financial burdens can put a lot of stress on a marriage and one of the top issues that comes up in marriage. You still have a year before your wedding to save and maybe you can come up with some ideas to cut costs, like some DIY projects.

Married: 2+ years ago
Jul 20, 2010 at 11:05 AM • Flag As Inappropriate
I agree with everyone..taking a loan for wedding isn't a good idea..you would already be dealing with mortgage and other bills for the house..go with no loan and try to plan a wedding on small budget..Good luck!!

Married: 02/19/2011
Jul 20, 2010 at 11:05 AM • Flag As Inappropriate
Oh so true, so many people fight because of money issue :-/

Married: 05/08/2011
Reviews: 9
Jul 20, 2010 at 11:07 AM • Flag As Inappropriate
I would not take out a loan either. Why do you want to start your marriage with the debt from a wedding? You can have a very nice wedding for $8000--do your research in venues and everything else. You'll be paying for interest and finance charges and you don't want to do that.

With that being said, my wedding will cost between $8-10,000 (I say that because we have that cushion) and it will be a very nice, elegant wedding for us. It took some time to find a venue that we loved and was in our price range--it's smaller and "off the beaten track" a little, but my entire venue rental with linens and food was the cost of alcohol alone at one of the places we looked at.

Married: 09/05/2010
Reviews: 6
Jul 20, 2010 at 11:11 AM • Flag As Inappropriate
Yea i heard of people doin this and still paying for the loan years after. I say try changing to a fri date or early wedding to cut costs, not worth the interest cause you will pay for the wedding twice,three times in the end.

Married: 02/19/2011
Jul 20, 2010 at 11:15 AM • Flag As Inappropriate
I agree, I been paying off my 1800 dollars credit card for THREE years now and it still at 1300 dollars when it is closed for three years. Interest been taking my money. So trust me, it takes a LONG time to pay off debt.

Brian Cesario Photography, LLC
Jul 20, 2010 at 11:21 AM • Flag As Inappropriate
I just ran a simple formula calculation in MS Excel, Sandy. Assuming you get a loan for $10,000 at 10% APR (which is actually pretty good for this economy, but I also have no idea what your fiance's or your credit score looks like), payable over 60 months, your monthly payment would be $212.47. Multiply that by 60 payments, and the total amount you'd pay back would be $12,748.23. That's nearly $2,800 in interest alone!

Married: 07/30/2010
Reviews: 8
Jul 20, 2010 at 11:22 AM • Flag As Inappropriate
We did take out a loan however the half of the loan we took out was for home improvments and the other half was for the wedding. But the bulk of the wedding we saved and paid for. Also that being said we had no other major debt, all of our credit cards are & were paid off, we have one car payment, FS student loans, and our mortgage (which we've been in our house for over 2 years now).

Married: 2+ years ago
Reviews: 2
Jul 20, 2010 at 11:25 AM • Flag As Inappropriate
I agree with everyone. There are many ways to cut the budget for your wedding. You can still have a beautiful and tasteful affair without having to put youself in debt over it.

Married: 03/12/2011
Reviews: 4
Jul 20, 2010 at 11:39 AM • Flag As Inappropriate
I agree with the masses here, taking out a loan especially since you just bought a place, isn't such a great idea. Like Brian said you'd be paying over 2k in interest alone, eeek! I would suggest to do some comparison shopping and I'm sure you'll find some nice vendors and venues in your price range, my budget is 4-5k and our wedding is going to be beautiful! So with an almost doubled budget yours will be beautiful too.

Married: 02/19/2011
Jul 20, 2010 at 11:43 AM • Flag As Inappropriate
http://www.theknot.com/profiles/VickieLan/myknot/myOldBio/Index here is a example of a lady who did her wedding on 8,000 dollars budget and WOW her wedding looked GOREGOUS!!!!

Married: 11/06/2010
Reviews: 7
Jul 20, 2010 at 12:09 PM • Flag As Inappropriate
I disagree, because i HAVE taken out a loan. I took out a loan last Decemeber for $6000. I took it out a month after we got engaged to basically make the deposits that were needed to hold places and vendors. I didn't have any money saved up because i paid off my 2 credit cards, right before hand. I will have that loan paid off before the wedding, if not, right after. I have a great credit score, never a late payment, i don't have any credit card debt...I knew i could personally handle taking out a loan.

I think this is a personal issue/choice within yourself and your family.

Married: 08/20/2011
Reviews: 3
Jul 20, 2010 at 12:17 PM • Flag As Inappropriate
If you have $8k saved now, how much more can you realistically save before the wedding? I'd strongly suggest scaling back the wedding. Are you really willing to spend $20k on a single day or your life? You can do something just a pretty for much less and be debt free to take out a loan for emergency situations.

And keep in mind, personal loans have a much higher interest rate than say a home loan or a car loan. It would really cost you in the long run.
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