Wedding loan

I personally would NEVER take out a loan for a wedding, but what we do is put all of the wedding expenses on our Chase Sapphire credit card. We have enough points to fly 2 of our bridesmaids out and enough for our honeymoon to Cabo San Lucas (if we're still going - I am starting a new job Monday and don't know about vacation time yet)). Just make sure you pay the credit card off in full every month or you'll seriously screw yourself.

A loan for a wedding? I'm opposed to credit being used for weddings (my life experience tells me that loans are for mortgages, cars, and emergencies, not weddings). My advice is to start saving for your wedding, and with eight months to go, if you can save $75 a week between the two of you, you'll have nearly $10K. You can cut your guest list to match that budget, or you can borrow money and pay interest on it. It's up to you.

Please tell me this is a joke.

If you can't afford a wedding, don't have one. Borrowing money for a party is about the dumbest thing you can possibly do.

Instead of taking out a loan why don't you think about moving the date back so you have more time to save? It seems like so much money... but interest on top of money you don't have is an awful way to start a marriage. My personal opinion.

I agree....I would never take out a loan for a wedding. I don't know of anyone who ever has.

I wasn't asking to be called dumb I was asking if anyone has everyone's situation is different we will have most of the money saved but notnu til the wedding and there are things tinoay for now we need it for. And bc of family and school we are on a limited time frame of when we can get married. Was just asking if anyone had expierence with it

No one is calling you dumb. We are simply saying that unnecessary debt is not the ideal way to start out a marriage. Instead of pulling out a loan, why not have a small, intimate wedding that you can afford?

Don't borrow money. Do a small, sweet wedding that you can afford. Or postpone.

Why is your time frame small?

No loans. Go with what you can afford and it'll be better for you.

I would not suggest taking a loan out. Plan a longer engagement and save up as much as you can. I have a bit saved up but it's still not enough to cover all of my wedding expenses so that's why we are not getting married until 2017 - more time to save and plan.

My best friend took out one for her wedding, and it allowed her and her husband to pay small amounts at the time rather than spending big chunks all at once. She did hers as a $15,000 through First South Bank as a personal loan. They had the best interest rate at the time.

Ideally, you shouldn't take out a loan to pay for your wedding but if you absolutely have to, please go through a legitimate bank or credit union. Those companies that cater specifically towards wedding will rack you over the coals with interest.

We opened a new credit card with 0% interest for a year. It also has cash back rewards. I would never take out a loan for a party, more or less.

We were going to do the credit card option but decided not to because our venue charges a 3% fee when you use a credit card so we didn't want to spend extra money there.

We pushed back our wedding date so we would have more time to save for the wedding. We put away $200 from each paycheck into a savings account and just waited until we had enough to put deposits down. If you borrow money you will end up paying interest that may not make much of a difference than the 3% cc charge the venue has. Make sure to compare the cost options if you do go the money lending route.

I'm assuming though that the 3% venue fee for using a credit card is going to be much lower than the interest fee on your loan. Seriously, I would advise over taking out a loan for a wedding. Just host the wedding that you and FH can afford or postpone to save more.

I agree with JaKLyn- seems like 3% is a significantly lower rate to be paying than a loan.

Either way- I'd do my best to NOT be taking on additional debt to pay for a party. Debt is crippling- don't do it.

You realize that a loan will have interest higher than 3%, right? I'm pretty sure mortgage rates are like 4-5% and those are lower because they're secured by the house. An unsecured, personal loan will have much higher interest.

Yes but they charge a 3% fee plus what ever the interest on the CC would be if we didn't pay it off in full would be so we would end up paying more interest on the CC.