Wedding loan

Dont do it! Take on an extra job for a few months or invite less people.

OMG ahah small?!!. that's the price of my car! You would be paying that off forever and more money than that with interest. I must say as great as it sounds to have the money right there when you want it but don't do it!! Just save for the money to have the wedding you want. Or set a date far away and pay as you go. That's what I am doing. But if you have your heart set on a loan they have a ton online. I think they even show ads. on wedding wire

FMP - the vast majority of people who need to take out a $15k loan to pay for their wedding will not be able to pay it off 3 weeks after the wedding. Many will already have numerous other debts or simply not enough income (otherwise they wouldn't need a loan in the first place) and will take years to pay it off. So yes, for a small few, a loan may work well, but I suspect that is not the case for the majority.

Also, I think the OP has left the building.

Don't do it. Look at the bills you have and get rid of everything you don't need....I think we'd all be amazed at how much money gets pissed away on stuff that really isn't essential to life....coffee....eating out...cable....recreational shopping....

Change your lifestyle or change your plans.

Everyone else has nailed it, but you don't want to start your lives as a married couple in massive amounts of debt for a PARTY. A home or car is different.

Either prolong the engagement, or cut the list.

I wouldn't if you can avoid it...I work at a credit union and while our rates for personal loans are a bit lower than some banks, you also need to have nearly perfect credit AND comparable unsecured debts before they'll lend that kind of money. Also the terms can be restricted (ie we only allow 36 months for personal loans regardless of the amount) - that comes out to about $500/month with interest...if you can afford that much monthly you're better off saving for a while. Or do an intimate wedding like someone else said and have a larger vow renewal ceremony down the road. Starting with that kind of debt can be very stressful though, especially if you still have plans to buy a house etc.

Everyone is absolutely right. But, someone said it might be ok if you're finishing up law/med school and have a job lined up. NO! Neither job guarantees a substantial income in this economy and you would likely have student loans to pay off. Please do not think that being a lawyer or doctor will ensure financial stability in the future. Even if you have a great job, you could lose it at any time for a variety of reasons. It's better not to take out a loan when you really don't have to. Save that for absolute emergency situations.

What a genuinely terrible idea.

I have friends who are still paying of their loan from three years ago. Don't do it! Please don't do it! Plus, that's extra money you could put towards a house or a car or your future. If you think about it, too, all the monetary gifts that you'll receive won't even really be yours. You'll have to pay the loan off with them, if not immediately, later.

I would consider the type of wedding that your having, number of people included, what your serving, etc. You can find a venue that you don't have to pay for (a park, beach, etc), you could ask family and friends to make food and serve a buffet style lunch or dinner, do a BYOB, and that gets you off of from the alcohol. Of course, these are all just suggestions, but I highly recommend not taking out a loan.

Also- you may want to consider getting a second job? both of you maybe? That would help greatly, and I think you'll feel better if know the day of everything is paid for.

My FH and I are paying for everything in our wedding. I completely understand it's hard, but we're having to cut some corners that aren't and weren't necessary.

I'm sorry and no offense to the people who did this but paying interest on a party is dumb. Really dumb. Yeah, it "all worked out" but you paid more than you needed to for a party.

Save up for the wedding you can afford or adjust your expectations. Debt culture is incredibly normal for our society, but it's not a GOOD thing.

I agree with most of what's been said, but just have to reply to the comment that you can do a BYOB. Don't do this either! It's incredibly rude. Just have a dry wedding if you want to save on alcohol costs. There's nothing wrong with a dry wedding.

do a BYOB,

What? another terrible idea. FFS can't people adult? It's called saving, budgeting and making tough decisions.

So...I am reading everyone's comments and I have read nothing but great advice. I was just wondering what happened to the OP.

Cut the list, rent a fire hall, or a bigger party with just appetizers and cake. Move the date. Do not go into debt to be a bride for one day because that debt will follow you as a wife for years.

Lol you all are stupid. So you tell her it's not ok to go 10 to 15k in debt for one day yet half of you all spend well over that amount for one day. Pot calling the kettle. One reason why I hate this site.

^ then leave. Bye Felicia.

Yeah, but most of us aren't going to be in debt. We're telling her not to take out a loan for a party. And not all of us spent 10-15k. Many of us spent far less.

If you hate the site, then why are you here?

Yes, don't take out a loan.

I'll admit that DH and I took out a $9K loan to help with our wedding (despite what WW had to say about it). We have numerous reasons why we chose to do so and after searching around went with lendingclub.com. Super easy to use, money was directly deposited within a week and they automatically take the payments out of our account, plus you're able to pay down the balance quicker if you want, therefore we chose to use the money we were gifted and pay down the loan. Regrets? Not a single one.

ETA: The whole 'staring life together in debt' was a decision we made together, plus we weren't going into an arranged marriage where we met that day so our life together started YEARS ago. With the monthly payment being more than affordable it seriously hasn't affected us at all. Just make sure you don't borrow more than you can deal with.

First of all OP appears to be male. Second, this is simple simple budgeting, Private User. I am spending about 25k on my wedding because both of our parents generously saved up and are helping us. If that were not the case, I wouldn't take out a 25k loan. I would go to the courthouse. It's not wise to spend it IF YOU DON'T ALREADY HAVE IT. You're calling us stupid?? Kettle, meet pot.