Wedding Loans

I don’t understand why you would do this unless those vendors are requiring payment in full now and you don’t have it. Personal loans typically have high interest rates so I wouldn’t take one out unless it was a necessity.

We didn’t take out any loans for our wedding. Anything that could go on the credit card for points did and it got paid off every month. Other than that we paid everything in cash.

I personally wouldn’t do this because I don’t feel a wedding is something worth going into debt over. I agree with the sentiment of “have the wedding you can afford.” Your wedding isn’t until May, so you don’t have to pay your vendors off in full right away. Just pay the deposit and then you’ll owe a remaining balance which is usually due no more than a month out from the date. I don’t recommend paying vendors off in full so far our anyway, out of fear they will take my money and not show up.

I wouldn't. We were fortunate enough to have my parents, they paid for our entire wedding. Then we paid for our entire honeymoon. No one went into debt for either. If my parents didn't pay, we planned on eloping because we didn't think a party was worth debt.

I would push the wedding out further in the future or cut the guest list. Basically, anything to avoid taking out a loan. It’s one day and the marriage matters so much more than the actual wedding.

I don't agree with taking out a loan for a wedding, but everyone's situation is different I suppose. I will say that I definitely agree with Nykole about not paying your vendors in full until you're contractually obligated to. A lot can happen between now and May, you may have to change the date for emergency reasons that come up and you may not be able to get those payments refunded. Losing a deposit is one thing, but an entire chunk of your budget for a vendor you can't use anymore would be really bad.

I would push my date back as far as necessary in order to have the wedding I wanted and not start my married life in debt. Getting married costs <$50. Throwing a big party to celebrate is just that, a party. It's not worth going into debt over.

If you do this you will end up paying more in the long run. Most vendors require a deposit and will accept payments to be completed by a certain date that is dependent on your wedding date. A loan will charge interest where vendors do not charge additional. This is why many couples choose long engagements. I would not recommend this at all.

My former MIL did this and regretted it....they got divorce and she was still paying on this debt. You should definitely not go into debt for a wedding, which is only one day. Plan a wedding that you can afford. Good luck.

I wouldnt go into debt for a wedding. I'd sooner have eloped!

I didn't. A friend of mine did though and I don't really agree with it because it's starting off marriage kind of badly by being in debt. He totally was in debt from a wedding that was too extravagant and not within his means.

I completely understand where you’re coming from. We have thought about taking out a loan also but so far we haven’t had to. Our wedding is in April and we have done everything we can to stay on a budget. We are paying EVERYTHING ourselves. It can get overwhelming.

I am VERY picky about my credit and I would never get a personal loan to pay off a vendor. Interest rates are high, your credit will get docked for opening a new loan, when you go to make big purchases you will have that on your record. When we bought our house we had to explain every loan and line of credit we had in detail. Not saying you will come up with this, but why borrow money when you don't need to? A wedding is literally just a party.

$10,000 is a lot and you will likely be paying back MORE money than the $10,000 by the time you have it paid off. Not worth it.

I can't think of a single reason to take out a personal loan for a wedding, barring a financial catastrophe at the very last minute that meant a loan was the only way to not cancel the wedding.

We didn't take out any loans, we did put payments on credit cards & then paid it off that month (for the points). It also helped the credit score go higher, as we had revolving credit (that was paid in full) every month.