Wedding Loans
Is anyone else out there taking out a loan to pay for your special day? We took out a 10k loan to cover half the costs. We are already going into this marriage with a bunch of college debt, so we figured what the heck, might as well take out the loan and put our extra money towards credit cards.

Married: 05/19/2012
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Posted On: Apr 18, 2012 at 11:20 AM • Vendors are allowed • Add to My WatchlistFlag As Inappropriate0 likes


Married: 06/09/2012
Reviews: 1
Apr 18, 2012 at 11:23 AM • Flag As Inappropriate
Wow. You won't find many brides on here that will say yes. The consensus is it is not a good idea to do that. I hope that it works out for you. Best of luck.

Gee O. aka Happily Wifed Up
Married: 06/24/2012
Reviews: 2
Apr 18, 2012 at 11:25 AM • Flag As Inappropriate
10k for half the costs? Wow that a lotta money. Personally I hate debts and just the idea, i dont even have a credit card to myself(where I am originally form we never did credit, everything was cash), but I am getting better since I figured living in North America debt is somewhat seen as "good" to build credit and all, however i am still very cautious with the idea but I definitely wont take out loans for a wedding though....
Edited On: Apr 18, 2012 at 11:28 AM

Married: 08/24/2013
Reviews: 7
Apr 18, 2012 at 11:28 AM • Flag As Inappropriate
Our feeling is, if you have to take out a loan to pay for it, then it's preparinga wedding beyond our means.

Married: 04/27/2012
Reviews: 10
Apr 18, 2012 at 11:31 AM • Flag As Inappropriate
I would never do that, because the economy is so bad, people never know if they will even have jobs next week to pay for stuff. For us, it was cash or we don't get it. ONE exception is that we did both sign up at Amscot for emergency loan availability IN CASE the night before some major catastrophe happens that we didn't expect, we have about $500 available that we won't need to pay back until after the honeymoon.

Everything is already paid for, but it was like hmmm what IF we forgot something? We don't have to take the emergency loan ($500 costs $50 to pay back, and only if we borrow), but it's there if we want it.

We are starting on saving for a new house and we didn't want to tie up credit with another installment payment, either.

Married: 09/22/2012
Apr 18, 2012 at 11:32 AM • Flag As Inappropriate
I am buying things as I get paid. I am not going to go into debt over it, I am just too cheap, period. If you guys have the urge to do it though, hell, go crazy, it's your hard earned money, just remember that intrest is a pain in the ass!!! Good luck!!

Married: 05/05/2012
Reviews: 6
Apr 18, 2012 at 11:32 AM • Flag As Inappropriate
Nope. Never. Money is such a HUGE stress in marriages. To start off your marriage in more debt than necessary is a bad idea. You should have a wedding you can afford. If you can't afford the wedding you want, scale it down or wait and save.

Hayley C™
Married: 2+ years ago
Reviews: 1
Apr 18, 2012 at 11:34 AM • Flag As Inappropriate
ouch, no, send it back, don't do it..... I don't know what else to say.

If you were approved for 16.00% APR and a 60-month term, your monthly payment is around $243.18. The total you will pay back is $14,590.83.
That means you'll be paying out $4,590.83 in interest alone!

Let's say you can afford that monthly payment. $244 a month is $57 a week. Let's round it to $60. That means FH and you Both need to cut $30 out of your weekly spending (bring a lunch to work, no drive thru, no starbucks)
If you save $60 a week, and Had pushed your wedding back one year, 57 weeks x $60, would have been another $3420 to put towards the wedding on top of what you already had saved.

Please pay off that loan as soon as you can. Live w/out cable, coupon clip, no more movie theatre date night. Cut some expenses to pay it off. Good luck.

Mrs. J-Mo
Married: 07/21/2012
Reviews: 11
Apr 18, 2012 at 11:39 AM • Flag As Inappropriate
No loan, but I do have a ton of student loan debt (around 130k), so I understand.

Married: 03/12/2012
Reviews: 1
Apr 18, 2012 at 11:39 AM • Flag As Inappropriate
Yeah......I'll filter myself. Most of the ladies here agree that it is a bad idea to take out a loan for something, that essentially has no long term good to it. A wedding is one day of your life, and the only concrete thing that comes out of it is the marriage license. Everything else is fluff. I don't understand your thinking. You have debt already so you decided to add to it, and put the money that you would have paid for the wedding with towards credit cards?

Mrs. Reese's Pieces
Married: 10/20/2012
Reviews: 10
Apr 18, 2012 at 11:40 AM • Flag As Inappropriate
No, No, and No..

If you can't afford to pay for it up front... then you don't need it. Period.

Good luck with that.

Married: 09/08/2012
Reviews: 5
Apr 18, 2012 at 11:41 AM • Flag As Inappropriate
Fh and I have a ton of college debt between the two of us as well so we made sure to stay within our means for the wedding. We have been paying things off as we get the money and just paying along the way.

Married: 07/13/2013
Apr 18, 2012 at 11:43 AM • Flag As Inappropriate
the biggest difference between school debt and wedding debt is good debt and bad debt! DO NOT DO NOT DO NOT take our a loan for your wedding. there is a lot of ways you can have a BEAUTIFUL wedding for under 10 k. i no a wedding is important but its ONE DAY. is it worth 3 years of debt for one day? it isnt for most people

Married: 01/05/2012
Reviews: 1
Apr 18, 2012 at 11:45 AM • Flag As Inappropriate
I can't stand debt.. I have a CC, a car loan and medical bills, that's all the debt I want. We may take out some student loans in the future, but not without a plan to pay it off.. but as far as the wedding goes, I don't care about it enough to put it on a loan.. we're having a smaller wedding instead, one we can afford.
I think loans are OK as long as you have a good portion of it saved up to pay off and if you have a plan..

That one chick who's married to that one dude
Married: 2+ years ago
Reviews: 5
Apr 18, 2012 at 11:50 AM • Flag As Inappropriate
I would NEVER take a loan out for a wedding. It's not worth the cost. It's only one day of your ENTIRE marriage. The whole point of the wedding is for the marriage. You are too focus on one day. Think long term and how this extra debt will affect your marriage.

Married: 2+ years ago
Apr 18, 2012 at 11:55 AM • Flag As Inappropriate
We aren't taking out loans. We decided we would have a long engagement (total of 19 months), so we can pay for the wedding in cash with no debt. That was extremely important to us.

Shannon S.
Married: 2+ years ago
Apr 18, 2012 at 11:58 AM • Flag As Inappropriate
Oh, wow. NO. No, we did not take out a loan. We had a perfectly nice wedding in an expensive town (DC) for 10K. Total. Which we paid for with cash.

There are a couple of things going on here:

1. Clearly, you and FH can't tell the difference between "need" and "want." All you NEED is an officiant, a license, and, depending on the state, witnesses. Everything else is a "want." Go into (reasonable) debt for what you need, such as an education, job training, medicine, or a roof over your head. NEVER go into debt for a want, such as a wedding, a new car, or credit card debt from dinners out and shopping.

2. An attitude of, "Well, we're already in debt, so let's have MORE DEBT!" is financially irresponsible and will lead to tension and stress in your marriage. Eventually you will have to pay the piper and it won't be pretty. And, no, you can't just declare bankruptcy. Student loans never get wiped, and it's gotten a lot harder to declare bankruptcy anyway.

Edited On: Apr 18, 2012 at 1:12 PM

Married: 07/02/2012
Apr 18, 2012 at 11:59 AM • Flag As Inappropriate
No debt is good debt. (School, Mortgage, Car... all debt = bad debt)

You guys are perfect for checking out Dave Ramsey's Total Money Makeover. Go to your library, borrow it, and read it.

The Fiance and I have to fork out almost 10k in cash for our wedding. We started saving (and slowly buying some things, making desposits), last October. We'll have no problem having the money by July. We're doing what we can afford.

We do have help from our parents, but if we didn't, we'd cut back even more.

Married: 05/05/2012
Reviews: 6
Apr 18, 2012 at 12:00 PM • Flag As Inappropriate
Jen, I agree I hate debt as well. I have a credit card but I pay it off every single month. I have never paid the credit card company a cent of interest. There is necessary debt and unnecessary debt. School, house, car, medical bills in case of an emergency, that is necessary in life. Debt over clothes or shoes, not necessary in life. Debt over wedding, not necessary in life.

Heck, even with my car loan, a couple years ago when my grandmom passed away, my dad gave each my brother and I 10k to pay off our cars. I could have kept with my minimum monthly payments and kept that 10k for other fun stuff from day to day. Nope, I paid off the entire remaining balance right away as I didn't want to pay a penny more in interest that I had to.

Married: 06/02/2012
Apr 18, 2012 at 12:04 PM • Flag As Inappropriate
Your wedding is May 12, so it's obviously too late to say cut your costs. I would say develop a plan to pay back those loans in the next 12 months so you can celebrate your anniversary with a clean slate. Also consider what you are doing with any monetary wedding gifts to insure you and FH are on the same page as to if that should be used to clear off debt or used for fun stuff. Communication about money is a serious concern in most marriages so make sure you are both on the same page in regards to the wedding funding.

Married: 09/02/2012
Apr 18, 2012 at 12:06 PM • Flag As Inappropriate
No we would never take out a loan for our wedding...I'm too fearful of having anymore debt! I break out in a sweat when I think about how much I owe in student loans :/ and thats considered good debt (if there is such a thing).

Me and FH entered into our engagement knowing that if we couldnt afford certain things for the wedding we would go for the next alternative. We set aside each month out of our salaries to take care of the expenses.
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