Personal loan?

I know this isn't what you are asking, but- I would advise against it. I would never ever take a loan without a plan of paying it back.

As someone that is also attempting to pay their wedding off in cash, I had the same fear at work as I'm so close, yet not there when it comes to paying the final totals. About two years ago I went through a rough time and took out a personal loan with Avant. The rates weren't great, but it depends on credit score. However, it was quick and easy and helped me with what I needed. You can choose different payment plans as well. To give you an example, I took out 4500 and opted for 60 months so that my payment would be lower at 156. There is also no pre-payment penalty. Regions has also partnered with Avant for their unsecured loan line as it really doesn't take more than a credit pull and quick underwriting. Hoped this helped a bit!

What about you and your FH's savings? You do have one separate from your wedding savings, right?

Anyway yes, I have taken out a personal loan many years ago when I was young and dumb. That was when I was trying to live a champagne life on a beer budget. It took me years to pay it off, and I paid probably double what I took out for the loan thanks to interest.

How much is left? Seems like you should be able to cover from savings or credit card if you just have the last bit left. Wouldn't that be easier?

As for the loan, sorry, no real help. Just student loans and mortgages. Based on those, you'll want to get it approved now while you have a job. Agree with p.p though... Wouldn't recommend this option.

I would totally not do it. If you really think this is a possibility, cut back where you can, pick up some shifts as a cater-waiter or mystery shopping but don't go into debt for a party....

Thank you everyone for all of the advice and insight. FH and I do have savings besides the wedding fund, but we agreed we don't want to touch that just in case we're in bad shape later so we can have a way to still pay rent and other necessary living expenses. Again I'm really not expecting this all to happen before the wedding (we're only 6 weeks out and my last payment will be due about a week before), but I'd like to make sure I have some background on all of my options just in case it does.

@Celia- FH and I actually did discuss possibly picking up part time weekend shifts at Party City or some other retail store for the upcoming Halloween/holiday rush. It's looking to be our best bet right now!

Well, as far as your savings go, IF this disaster hits you, you are in bad shape since you've put deposits and payments down on everything -- and, you already know that if you don't meet your contracted fees, you're not only out of a wedding, but you're out of non-refundable money. I'd immediately go to the savings (and replenish it with wedding gifts) before I'd even consider taking out an interest bearing loan.

@Lauren thank you so much for sharing your experience. That really does help!

@Rachel I know, we are too close for comfort. It's wayy too soon to be switching the date or changing around our guest list, etc. I do think that's an option to replenish savings with gifts. We've also considered possibly taking a small loan from each of our parents instead. At least with the parents we can guarantee interest charges won't be too crazy.

Those personal loans have insane interest rates. I took one out years ago and was making payments on it for about a year. I called to get my balance and it was higher than the original amount I took out. I agree with maybe getting a 0 interest credit card. If you do have to take a loan out try to pay it off asap and pay at least 3x the minimum payment or it could take years to pay off.

@Enchanted- that is something we definitely hadn't thought of! Thank you so much!! I will have to bring it up to him and see if we can maybe do that.

No real advice more just words of encouragement.. my moms company went through a merger last year and she thought for sure she would lose her job. She had even started looking for a new job but they ended up keeping her! Hopefully the same goes for your company! I'm sure with the wedding being so close your already stressed.

If you're concerned about your job you should be actively searching for another job. Even if it takes more than two months for them to finalize their layoffs, it doesn't leave you and your FH in a good position financially. Personal loans are a big pain. You end up paying a lot in interest, and I wouldn't recommend doing that to yourself unless you've tried all other options. If you begin looking now you might be able to find another job before your wedding.

'If you're concerned about your job you should be actively searching for another job.'

Yep. Sorry OP but this is the only solution. A personal loan may help pay off leftover wedding bills but what about general living expenses? Will you end up needing to take out another loan to pay off the first one? It's a vicious cycle of debt and for a wedding it's not worth it.

Yes, definitely look for a cc with a 0% introductory rate. Borrowing money is just going to make your wedding more expensive during a time when you have less money. This is also a good reminder to build up your emergency fund as soon as you can. Start with a goal of $500, then aim to be able to cover 3 months of expenses. ETA: I work in financial capability and can't recommend the personal finance subreddit enough!

DONT do personal loans. FH and I had to do one last year and his parents had to bail us out. What they do not tell you is that the interest is over 100%. Turns out if we only did monthly payments instead of large lump sums we would've ended up paying somewhere around $100,000 on a $2,500 loan.

I would start looking for another job now, but there's also the possibility you won't even be laid off. The loan is a very temporary solution. Your main priority should be finding work to cover future expenses. Let this be a lesson to people that "having the wedding you can afford" does not mean spending all of your money. I know you said you have some savings, but sounds like not enough if you're willing to get a personal loan.

Goodness do we work at the same place? Lol my hospital is going through a merger and we are all expected to reapply for our jobs. So I'm also a little nervous there will be lay offs. But I don't reccomend a loan. Starting marriage with unnecessary debt is not a good idea, in my own opinion.

Agree! Don't get a loan.

I'd start interviewing though so you can have something lined up if you do happen to be laid off.

I hope you don't! Good luck!

Agreed with PPs re: personal loans. The interest will put you in a hole so deep that you will never be able to climb back out. They're not like mortgages or car financing. They are meant to take advantage of desperate people who don't know any better.

Start looking for a 0% APR CC instead. Although I didn't need the extra money, I opened one with a low limit of 2500 at 0% for 12mo for the sole purpose of putting our hotel suite on it (so that I could leave a CC at the front desk and not have them lock extra funds on my debit card). Paying it off promptly will also help your credit. It's a MUCH better option.