i'll never save enough and 20% is just stupid.
2007-01-05 08:25:07 · 17 answers · asked by Susan 2 in Family & Relationships ➔ Weddings
Get a personal loan , not a wedding loan, lie about it !
2007-01-05 08:27:47 · answer #1 · answered by ♥RN♥ 4 · 0⤊ 1⤋
Oh my goodness. I imagine they do offer these type of loans, but that doesn't mean they are a smart move. It is a seriously terrible idea to go into debt to have a wedding.
We are having a wedding for under $5000, for approx 140 people. If you're smart about budgeting and can sacrifice the stupid unnecessary trimmings and stuff, a lower cost wedding really is possible!
I made a lot of money mistakes in my 20s, and that put me in a really tight spot now that I'm in my 30's-- I mean, things are EXTREMELY tough for us, financially, on a daily basis. We are really struggling, mostly because of my old debt, and also b/c my fiance never saved any money for the future either.
I bring this up because: The fact that you are saying you "could never save enough" makes me worry about your money picture in general. You should check out books by Mary Hunt, Suze Orman, etc about making over your money situation.
Getting married doesn't solve your problems, it just gets you married. Your money problems will still be there.
2007-01-06 08:51:36 · answer #2 · answered by Etiquette Gal 5 · 0⤊ 0⤋
The 20% interest is because a wedding is not a tangible asset that the bank can recover in case of no-payment, so is a high-risk loan. Also, you credit history or the lack of plays a big role in the interest rate.
I suggest for you to get a 0% interest introductiry rate credit card instead. The 0% is normally up to a year.
I also suggest for you to have a wedding that you can afford. Have a small guest list and a budget wisely.
Getting in debt is not a way to start a marriage, you don't need the stress paying thousands of dollars on a 20% interest as a newlywed.
Good luck and congratulations
2007-01-05 17:03:25 · answer #3 · answered by Blunt 7 · 1⤊ 0⤋
I don't think anyone gives out "wedding loans." It would have to be some sort of personal loan, and you would end up getting yourself in debt for one day. Just keep it low-budget and fairly small. My wedding was small, but fun, and I loved it. There are a million websites that can help you plan a great wedding on a budget, and that way you won't go broke, and enter into a marriage with debt problems which would cause both of you major stress. Good luck!
2007-01-05 16:31:02 · answer #4 · answered by Lindsay M 5 · 1⤊ 0⤋
I'm planning a wedding too, and have no interest in going in to debt any more than I already am (student loans). To help off set the cost I've opened a Hi-yield savings account. Money from each paycheck is deposited automatically. You may not get the Platinum wedding, saving this way, but it's a good way to get closer to your goal.
2007-01-12 02:06:12 · answer #5 · answered by alana_nay 1 · 0⤊ 0⤋
Even with a low interest loan you are asking to start your married life off in debt. When we got married I could either put a down payment on a house or have a big wedding, I chose the house and now we are (28 years later) paper millionaires. Don't be foolish, if you can't afford a wedding on the scale you want and refuse to wait or have a smaller do you can afford, its the party you want and not the marriage.
2007-01-05 16:30:58 · answer #6 · answered by justa 7 · 2⤊ 0⤋
Most brides these days want the "big show". We watch them on TV, we read magazines and yeah they are beautiful and we want them. We want personalized everything, special and unique things and a wedding planner. But realistically only a few people can have " dream" weddings. The main problem with weddings these days is that because big showy weddings are in demand, all wedding vendor are expensive. We all deserve big fancy weddings, but there is no need for a loan. Look to make the wedding fit your budget, not the budget fit your wedding plans. Look for packages or ask family to help provide a serivce you would normally pay for.(pictures, flowers, video, venue, food). The days of church weddings and family members making those little winnies and meatballs in the fellowship hall have been outdated by The Style Channel!!!!!!!!!!!!!!!!!!!!!!!
2007-01-05 16:53:33 · answer #7 · answered by escapeinthepalms 2 · 2⤊ 0⤋
Don't go into debt just to get married. You will not be any less married if you have a small wedding that you can afford vs. a larger one. Try having a scaled down version of your dream wedding, it's a special day but thats just it... it's only one day. Debt is one of the main causes of marital tension. Good luck with whatever you decide to do. (ps- it's not called a wedding loan... it's a personal loan)
2007-01-05 16:29:31 · answer #8 · answered by Me 6 · 1⤊ 0⤋
Okay, you need to take a step back and examine your priorities. Taking out a loan to pay for a wedding...ONE DAY...is NOT a good idea. You are getting married because you want to spend the rest of your life with the man you love. The party isn't important. Elope, have a small wedding, etc., but don't take out a loan!
2007-01-06 01:49:47 · answer #9 · answered by Pink Denial 6 · 1⤊ 0⤋
You shouldnt go into debt for a wedding. You can only have what you can afford together. Starting a new life together will be much harder if you fall into a hole of debt for just one magical day. If you must, postpone the wedding until you have saved enough money. Going into debt for this is a silly idea and not a good way to begin a marriage.
2007-01-05 16:29:08 · answer #10 · answered by surfer_grl_ca 4 · 2⤊ 0⤋
You have to ask for a personal loan...banks don't give "wedding" loans, but paying for a wedding does fall under a personal loan. It depends on your credit score and the amount of money you're looking to borrow, etc. Most will only let you get 20k or less...anything more than that, and you'll need a number of loans.
2007-01-05 17:49:59 · answer #11 · answered by VAWeddingSpecialist 6 · 1⤊ 0⤋