Wedding Loans....good or bad idea

Bad idea. Going into debt for a party is always a bad idea. How much do you have to pay? People's advice will depend on how much you need to make up.

Let this be a cautionary tale to lurkers to not count on money offered until it is in your hands/accounts.

Never go into debt for a wedding.

Also never plan a wedding until the cash is at hand when some offers to assist.

This is why we advocate to plan a wedding you can afford because sometimes people fall through and it leads to this.

Sorry you have to go through this.

Bad idea! It sucks that you are going through this so close to your wedding, but you never want to start your marriage out in debt!

Not to make you into an object lesson, but it is said here often; until you've cashed the check, you don't have the money to spend. "Once stated" is not "here's the check".

Don't take out a loan, especially for a party. You'll absolutely regret it and it's an irresponsible way to start your marriage.

Talk to your venues and vendors and see if there is anything you can cut back; guests,menu, hours of photography, hours or extra dj services, decor, unfortunately gifts too.

I'm sorry you're going through this. I considered using a credit card to pay for last minute expenses due to an emergency popping up out of no where. However, the last thing that you want to be stressed over is another bill to pay after your wedding. I'm praying everything works out. Take care.

I totally get where you're coming from. We both work full time and drive for ride shares on the side to pay for the wedding. You need to take care of yourself though, too. Just know what you can afford and have a concrete plan to pay it back, if that's your last resort.

We are down by 3 thousand dollars unfortunately. I was trusting other people actions.

I was in your shoes and stressed to the max as I went over what I could afford. It resulted in cut backs I didn't want to make but had to. You've still got some time to make changes so depending on what you've got left to pay for you should reevaluate what all you truly need to have and what you're willing to cut out.

I agree with @Celia. Talk with your vendors about what you can cut back on. Also, take a look at what you haven't completed yet. Any decor you could scale back on?

Personal loans like that usually have very high interest rates. If you could save the money (by cutting back on things) it would be much better than borrowing the money.

Of course going into debt for party is a bad idea, however, it seems like you're stuck with little choice. You are 63 days out with many deposits / payments already made. Driving Uber is not good when you're already stressed out and you have migraines. For the $3000 you have left to pay, I would take out the loan. This will relieve a ton of stress and pressure for you. But first, talk to your venue and see if there is anything you can cut to reduce your final payment.

For a loan, try to find the lowest interest option you can find. After the wedding, make a firm plan for paying it back aggressively and don't waver from that.

Sorry you're going through this but it's never a good idea to go into debt for your wedding. Like the PP have said, don't rely on others unless the money is actually in your hand.

Can you cut back on anything?

Are there unnecessary vendors you have like video, photo booth, late night snack, transportation?

Can you downscale decor?

Can you switch from open bar to beer and wine only?

Have you sent invites? If you didn't send STDs, can you cut back your invite list?

I think you have realized not to trust other peoples' word when it comes to money-no matter how close they are to you.

I agree, try to do as many cut backs as possible and make it work. However, considering your time frame I don't think a loan at this point would be a bad thing. Is it ideal? No. Is it necessary? Maybe. Weddings are stressful, no doubt. But if cutbacks won't work and you're stressed this much, a loan may help. Go for the lowest amount and shop around for the lowest interest rate.

With that being said, any wedding gifts you do receive (not counting on them, just if you get any), should go towards paying off that loan immediately.

Again, the loan should be a last option but it is an option.

I suggest a CC. The Citibank card has no interest charges for 21 months.

I am staunchly opposed to wedding loans. However, few things are a black and white rule and making you feel bad about what happened at this point isn't going to help. Given the time you have left, I imagine there's not much you can do to cut things without losing a deposit? If $3000 is something you can pay off in under 3 months, I'd say yes, get the loan, have the wedding the way it should have been. In the long run it won't matter. Otherwise, cut what you can to get it down past that 3 month period.

In the future, all of PPs advice is accurate. This is an emergency it should not become a habit

That's a terrible idea. You should always host the wedding YOU can afford, regardless of anyone telling you they'll help pay for it. For reasons just like this...

Have invites gone out yet? Does the venue have a minimum number of people? Agree with PP, go with simpler flowers, etc. and try to keep amount of loan to a minimum.

ETA -- If I was not clear, cut number of guests

Oh and I'd potentially cut out some guests who these "family" members wanted to invite. Cause I'd be a bitch about it too.

I'm so sorry you're going through this - it all sounds very stressful. Make sure you're doing some self-care, because stressful work situations can wreak havoc on your mind and body and possibly contribute to your migraines.

Can your fiancé or a family member help you contact vendors to find ways to cut back? I would assess the situation, though you may be held to revenue minimums in some places depending on your contracts (e.g. photography hours, catering, etc.). Cut back on decor, travel, maybe cake and anything else that isn't already booked or purchased to the absolute bare minimum.

If you're still over, I would recommend a reputable credit card over a personal loan.

A lot of lenders can really try to take advantage of people who are in a pinch and need a little extra cash. You can go on credit card websites and plug in your information to find cards you're pre-approved for to reduce your chances of being denied and tanking your credit score. Look for one with no annual fee and no interest for the first year, and try to pay everything off within that time frame.

Good luck!

Nope, don't do it. If you need to postpone or cancel, do that. Don't go into debt.