What are the interest rates like for a wedding loan? Would you recommend going this route or not?

My finace and I orginally wanted to save the money for out wedding and pay it outright, but it's looking like that would take two years. We're really NOT wanting to have to wait two years to get married and were curious about the option of taking out a wedding loan. He's really nervous and unsure about this? What do you think, and what do you know about it?

What are the interest rates like for a wedding loan? Would you recommend going this route or not?
DON'T DO IT!!!


I am speaking from experience here. I got a bunch of credit cards to pay for mine, then when married got a consolidation loan. I got married almost 5 years ago and if I would've stuck to the loan it would be paid off in 4 months. However, starting a marriage off in debt was a bad decision and led to more debt and I ended up putting that loan into my Chapter 13 Bankruptcy filing.


Now that I look back at spending that much for a wedding it doesn't matter. Does it matter now that I had pretty center pieces? Nope, does anyone who was there still care? Nope, cause they've all been to like 100 weddings since. Think about the future and not the now.


Just my advice, but have a great wedding if you splurge!
Reply:A wedding loan, REALLY? Let's be practical about this. As a banker, I would be glad to lend anyone money who is going to pay it back. But also as someone who has seen his share of credit problems in young people, don't take out a loan. Have a smaller, practical wedding. This PARTY does not need to end up on MTV.
Reply:i would rather wait two years than start our marriage in debt!


when i got married one of the things we talked about was how money was always a problem in a couples relationship, so to avoid that path we were engaged for two years and made payments here and there and saved as we went along.





Will be Happily married for 9 years tomorrow!!
Reply:it might not be a good idea to start out in debt , and if you two don't want to wait the 2 extra years, how about trying to scale down on what you want at your wedding.


There are many ideas out there for saving money at weddings and a lot of things you and your family can make yourselves that will cut costs.
Reply:I think you mean like a personal loan from the bank or another institution? Where can you get a wedding loan? Personally I wouldn't do it! You must be having one hell of a wedding! I have a girlfriend who had her honeymoon online and guest would put money into an account for them to go on there honeymoon with. She used flowers from a friends garden and read alot of Marthat Stewarts wedding books. She swears that saved her a lot! You know what else, she bought a Vera Wang bridesmaid dress in cream and then had alterations done to it to look more like a wedding dress! It was gorgeous and she only paid $350! There are ways of saving money and I would try! Maybe that would help. As far as the interest rate, depends on your credit!
Reply:If you're wedding will be so expensive that you need a loan to pay for it, you are probably planning to big of an extravaganza. You should scale back somewhat.





The marriage is more important than the wedding, and being in debt when you start out isn't the best way to begin a marriage.
Reply:I think if you are needing a loan for you wedding, you might want to reconsider some of the wedding costs. It is a very important day in your life, but it is only 1 day. There are thousands after that day that are just as important but not as symbolic.
Reply:everyone is different and not everyone has parents who can pay. i wouldnt want to start married life in debt kinda bad karma, why not wait 2 years what difference does it make you have a lifetime together so 2 years isnt a lot, if you have spare time why not do something from home together there are lots of jobs like that stuffing envelopes etc and use this as extra wedding money, try ebay for wedding dresses and invitations start buying the small things now, do your own flowers and catering there are lots of ways to cut back. it doesnt have to be a lavish affair to let every1 know how much you love each other.


godd luck and have a happy worry free day when it comes xx
Reply:I didn't even know someone could get a wedding loan. Why not just cut back on some of the expenses?
Reply:My advice is to have a small gathering and keep the expenses down. It's not good to start off a marriage with big financial burdens.
Reply:I would not recommend getting a loan for a wedding. If it would take two years to save for that amount, it will take longer to pay off the loan because of interest. Unless you are expecting a lot of cash gifts to cover it, opt for a simpler wedding and perhaps put more money into the honeymoon.

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