Wedding loan

Let me tell you guys a little secret...My husband and I took out a loan for the wedding. He has amazing credit so the interest rate was super low and we paid it off about 3wks after the wedding. Having 2 kids, 2 car payments, a mortgage, competitive cheer payments for our daughter (which isn't cheap at all), daycare for our son and of course all of our other bills we just couldn't save enough to have the wedding we wanted. We both agreed to take out a loan BUT we were super strict about it. We had to pay it off my the end of 2015 and we did. The only debt we have now is the mortgage and we're almost done paying for our cars....So life is good!

Don't do this.

I hope you get the idea that no one on here will tell you to take this loan out. But know that your family will and has to understand you can only do what you can afford. Trust me when i say paying off little by little works! It has worked for us in the past five months. We have all of our deposits paid, one vendor completely paid off, and we now have six months to slowly buy decorations, alterations, favors, etc.

Most of the brides here put like 200/paycheck into savings and that is how we make it work. I know it sucks not be able to pay for what you really want, but you got this!

@FMP, I think you're likely the exception to the rule. I'm curious though, if you couldn't save up for your wedding due to all those other things, how were you able to pay off the debt 3 weeks after the wedding?

I'm with FMP...we didn't take out enough to pay for a whole wedding, but enough to cover final costs. No regrets and got an incredibly low rate.

@FMP - May I ask, How you were able to pay off so quickly if you couldn't save up? Did you use wedding gift money?

Andrew - Bottom line, it's gonna cost you a lot more than $15K in the long run since the debt is unsecured. Even a credit union is going to charge somewhat high of an interest rate unless you have been a long time member with AMAZEBALLS credit. It's a personal loan so it's high risk for them. There are SOOO many other options to having a great wedding without going the personal loan route. Even if you use your credit cards at the end of planning for final payments (still not the BEST idea, but at least you might earn some points/cash back and it's not an additional loan to your name).

NOPE, don't do it girl.

If you have great credit, the best way is to either get a line of credit at 0% interest, or use a 0% interest credit card. I get offers all the time for 18 months at 0% interest. If you can't pay it off in the 18 months, transfer the balance to another 0% interest credit card (usually there is a 3% transfer fee). That's probably the best option out there.

It's like that SNL skit said... don't buy stuff you can't afford.

Doesn't matter if you want it really bad. Doesn't matter if you think it will make you happy. If you can't afford it, don't buy it.

If you can't afford your *dream wedding* without a loan, push the date back to save, or choose something more affordable. No one needs a pretty princess day to get married.

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I think it's silly to take out a loan for a party. A big wedding doesn't make you anymore married than a city hall wedding does. I live in NY and weddings here are the most expensive in the entire country so I understand how hard it is to save up the money. We're also paying for the entire wedding ourselves. We chose to have a 2 year engagement so that we could pay it all in cash. I thought 2 years sounded like forever but we're now less than 6 months away and we've had all the money saved for a couple of months now.

I understand where you are coming from with wanting to take out a loan because I was in a similar situation but i am hoping i have it figured out to where i won't have to do that anymore. If you are going to you should go to a credit union and Try to save as much as you can now. You could borrow against your savings and get a secured loan which have significantly lower interest rates than a regular personal loan. You could also look into 0% Credit cards there are several out now that have interest free for the first year or so. That my be an option as well. Just look at all available options and rate shop before applying so you know you are going with the best one! Good Luck!!

Don't start your marriage out with debt. That's definitely not a small loan, that's a car loan. I'm with the others that say have the wedding that you can afford.

Elizabeth & Ashley C. - We took out the loan 2yrs prior to the wedding and like I said we were very strict about it and made larger payments than we were supposed to.

I agree with the others, taking out a loan for the wedding day is not recommended. It's best to stay within your means, or have a longer engagement where you can put money away over time (the latter is what my FH and I are doing).

@FMP if you were able to save to make larger payments than you were supposed to, you likely could have had your wedding without a loan. I'm not saying what you did was wrong. I'm just saying that a loan was likely not even necessary and since most couples aren't like you, I think a loan for a wedding is a dangerous thing to do.

A house, yes

A car, yes

A wedding…….no. take time and save your money or go to the courthouse.

Elizabeth - It was because we were able to pay off the venue right away which was a few thousands. The loan was mainly for the venue/food. As you know vendors need money by a certain date so instead of stressing over how are we going to make that payment we just wrote the check and that was it....We found our vendors rather quickly because we had the money. It was rather stress free.

And it may be dangerous for some but it wasn't for us...It was easy, mutual decision, stress-free and we had the wedding we wanted.

Please don't! You don't want to take a loan out for your wedding. Wait until you can afford to have the wedding that you both can pay for.