Wedding Loans....good or bad idea

Everyone else has covered it. People can tell you they're going to help, but until you have the cash in hand, (meaning check has cleared, or they actually have made the payments to the venues), it isn't your money to spend.

$3000 isn't bad compared to similar situations we've seen, where couples have been on the line for even 5x that when family didn't come through.

You definitely should not be continuing to drive for rideshare companies if you are unsafe. I'm trying to figure out how you're going to afford lawsuits if you have a wreck with a customer in the car because you weren't actually fit to be driving. Stop it.

Like PP said, look into a zero APR credit card that you WILL pay off before the intro ends. Then use it for the $3k ONLY, pay it off before it starts accruing interest, and be done with it. Maybe keep it open for emergencies and keep it in a lock box or something.

Also look at OTHER options for making money on the side. Can you get a job at McDonald's or Walmart on the weekends? Could you do overnight stocking at a store on your days off? They often pay them decently, and you can still work your regular job.

I would do whatever you had to work-wise to get this figured out. Also look at having a garage sale or selling things you don't need for extra cash too.

She can't cut out certain guests if invites have already gone out. And at 63 days out, it's likely they have.

And it does not make sense to cancel an event where she has likely already spent more than the $3k that she owes.

Accruing debt at the start of a marriage is a terrible idea. If you can't afford it start cutting your guest list and modify your decorations etc to reduce costs.

Emily, 63 days out is 9 weeks. And I count more than 63 days between 6/4 and 8/12, but maybe she changed her wedding date after she registered on WW. In any event, most people advise sending out invites between 6 and 8 weeks before the wedding (unless a destination wedding). Now if OP sent out STDs (which I do not recommend, or limit to VIPs), or sent out invites early, yes, that is a problem. But if all she has done was order invites, she should cut invite list.

Karen, obviously I know the recommended time to send invites is 6-8 weeks. I did not sit down with a calendar and literally count out 63 days FFS. A month is roughly 30 days which puts 63 days at roughly 8 weeks.

IF invites (or STDs) have already gone out, she cannot cut anyone from the list.

I am very sorry that you are going through this situation and I know it must suck. This is why I chose my reception venue based off of what fh and I could pull off ourselves just in case my parents decide they can longer give us the money the offered. I never asked them, but once they did offer, I began to look at venues that I could easily take over with payment. We only use our credit cards to get points and rewards, but we have also paid these things off immediately. I don't recommend going into debt at the start of your marriage. I would take Celia's advice and see where you can cut back first before even giving yourself the option of debt. I really hope everything works out for you guys and you end up having a wonderful day.

You are 63 days out. Cut what you can. If you can't, find a loan with the best terms. Repay it immediately with any gifts you receive. I have a friend who borrowed from the mother in law and repaid it the day after the wedding with their gifts. Otherwise, go through old jewelry. I got $1000+ for old gold and ex boyfriend jewelry I will never wear. It financed a vacation for me once. Declutter and have a yard sale. Sell large items you will never use again on eBay. Ask your fh to uber drive if he doesn't already.

Why go into debt for 1 day event? Seriously I want everyone happy but I can't afford to make everyone happy! Please don't do it!

I'm totally against taking out a loan for a party. Try to cut back on guest if you haven't invited them already. Talk to your vendors to see where you can scale back. I'm sorry that you're going through this. Try not to stress over it though

Borrowing money to pay for your wedding is the worst idea ever! My suggestion, start scaling down on the guest list (if you can) and start cutting things from the budget.

Ultimately this is up to you. Either way you are going to get bad feedback on WW. Say you cut the open bar- then you would be accused of bad hosting.

I agree with everyone else, see what you can cut back on or out completely first, use the loan as a last resort. Maybe you could postpone your honeymoon instead.... or take any gifts you are given and use that to pay back your loans.

Do what you think is best, ultimately you know the answer to this question better than everyone on this page does.

I agree with getting a credit card with 0% interest. If both of you work on paying it off, it's $1,500 each and hopefully less with any monetary gifts. As much as we tried, we went a little over our budget too. You're almost at the finish line....finish it :-)

Emily, OP started off with 63 days out. 7 days in a week. 7 times 9 = 63, so 9 weeks.

Are there any areas you can cut back on? Decrease the number of guests to just your minimum?

I would use a credit card with low interest and cash back of you can. Also talk to your photographer, I jist realized the last payment isn't due until he gives us the proofs. Can you cut back and order albums later (or make your own on shutterfly). See where you can negotiate. Can you cut back a few appetizers or change menu choices to save a bit?

Have invites gone out yet? If they haven't, I would consider cutting some people. (If you sent out a limited amount STDs, cut the people who have not received one)

3 grand is a lot to come up with in 63 days. If you are sure you have cut everything you possibly can then go ahead and get the loan....BUT try to pay it back quicker than contracted. If your monthly payment is 85.00...give them 100.00. I'm sorry you're going thru this but please don't stress yourself into sickness

I agree with cutting out things you haven't paid for yet. Be creative. If either of you is in a credit union or in good standing with your bank, a personal loan is also an option, as opposed to a credit card. Then, open a high-yield savings account and start dumping as much as you can in there. I also have chronic migraines, and treatment alone is expensive, so you guys need to try to keep your stress levels low. What's done is done. You and FH team up. Come up with ideas and then carry them out. Remember that in 10 years, this will be but a blip on the screen of life. Hugs.

For that amount, I'd say do it, as long as you can afford the monthly payments on the loan PLUS more so you're not paying a bunch of interest.

Before you decide on a CC over a loan, you need to first check if you can even pay with a CC. Our venue (and most in our area) only accepts cash or a certified bank check.

Also, although you can take out a cash advance with a CC, the APR is extremely high (Chase Freedom is 25.74%). So in that case, a loan with a lower interest rate might be better.

Of course, I'm totally against loans to begin with...