Best loan for wedding costs

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colin79ie

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Could anyone advise me on the best place to get a loan to cover our wedding costs?
We are looking to borrow about 15K and would hope to pay it all back, or at least most of it, after the wedding with our wedding gift cash etc..
I was looking at tesco and they say there are no exit penalties on their fixed loans. Does anyone know if this is correct, and what it means exactly. Can I pay back a lump sum into the loan without interest penalties?

Any advice appreciated.
 
colin79ie said:
I was looking at tesco and they say there are no exit penalties on their fixed loans. Does anyone know if this is correct, and what it means exactly. Can I pay back a lump sum into the loan without interest penalties?
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You can pay off the Tesco fixed rate loan early without penalty.
 
Any credit union beats any bank or other finance hands down. Start saving with them now. They are a lot better than banks etc. Service is better, interest rates are better and they are a lot nicer generally.
 
I would question the wisdom of a 15k loan for a wedding. I would be surprised if you raised significant cash from wedding gift cash. Maybe this is not an issue, if so apologies.
 
bassface said:
Any credit union beats any bank or other finance hands down. Start saving with them now. They are a lot better than banks etc. Service is better, interest rates are better and they are a lot nicer generally.
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This is simply not true - some CU's have better intrest rates and some have huge rates. The one plus is that they know you and your partner so when you get gifts of cheques you can lodge then into your accounts with less rigmorole than maybe the banks. maybe. I found that but my CU teller was local and the locals knew i was married recently and to whom etc.

I would be wary of hoping for 15k gifts - its pot luck I'm afraid and you will be surprised as I was at some gifts, good and bad!
 
bassface said:
Any credit union beats any bank or other finance hands down. Start saving with them now. They are a lot better than banks etc. Service is better, interest rates are better and they are a lot nicer generally.
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This is not necessarily true. See this thread and the many others about CUs, their lending practices and the oft propagated myth that they are necessarily/always the "best" lender.

12% interest on Credit union
 
nelly said:
I would be wary of hoping for 15k gifts - its pot luck I'm afraid and you will be surprised as I was at some gifts, good and bad!
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It depends really...putting "cash gifts only" on invitations is the height of ignorance but you can let it be known through the grapevine (ie mothers!) that you'd prefer cash. Assuming you've about 150 going and you would hope to get 75*€150 = €11250 (€150 seems to be the standard cash gift nowadays)
Congratulations anyways!
 
Gosh I think you are mad borrowing like that for a wedding on the pretext that you are going to get money as gifts, as the previous poster said it's rude to ask that. I can't believe the amount of debt people are prepared to risk for one day, when in reality it's all about the couple getting married and their close family & friends. We had 40 of the closest people in our lives at our wedding and it was brilliant, guests actually still talk about it especially the meal!!, we paid for it ourselves by keeping aside x amount of salaries over 4 months and we did it all for €6k...it was great not owing anything to anybody for the day. We did get cash gifts which we were surprised at but delighted. Do you really need to borrow??..just my opinion but is there a way to scale it down??. BTW I had the fantastic dress aswell & the gear for the men, flowers and pressies for mothers etc. If you sit down you can do it yourself affordably and have a memorable day!. Just something to think about.
 
KalEl said:
It depends really...putting "cash gifts only" on invitations is the height of ignorance but you can let it be known through the grapevine (ie mothers!) that you'd prefer cash. Assuming you've about 150 going and you would hope to get 75*€150 = €11250 (€150 seems to be the standard cash gift nowadays)
Congratulations anyways!
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i agree its rude to ask but most people don't ask and people give cash gifts anyhow. the assumption that ALL guests would be giving cash is also an dnagerous one to have. some of our guests were very generous with cash gifts but we do have an attic full of gifts which were not cash.
So if you can't afford it i would advise you to be careful before borrowing so much - you would be better off rulling out some of the optional extras and bringing down the cost that way.
 
aircobra19 said:
I seriously doubt it.
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€50 more like as cash gifts. Perhaps €150-200 from parents but don't be under any illusion that each attendee will be giving over €50!!..seriously. It's almost like the time your man Eddie Hobbs had that couple on who were getting married and were borrowing for it and relying on cash gifts...absurd and rude!. Granted they did do well BUT imagine if any of the guests were watching and realized they partially paid for the day out even after buying their outfits and buying drinks all day and night!!:mad:
 
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Tbh money is much more useful than recieving stuff you'll never use. I just would be wary of a big loan against very speculative income.

KalEl said:
Why? In my experience this seems to be the standard (per couple) cash gift at a wedding.
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Last few weddings I was at they specifically asked for no gifts, or gifts to specified charity. That said I would say 50 per person more likely but far from as sure thing. I'm imagining elderly relatives, possibly retired, non working younger relations, guests, etc etc.
 
aircobra19 said:
Tbh money is much more useful than recieving stuff you'll never use. I just would be wary of a big loan against very speculative income.
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Very true, the money is better as the presents are always useless but again be careful of overspeculating on what you think you will recieve.
 
my cousins wedding - they wanted cash gifts only, which i found very rude. a gift is the choice of the giver not the choice of the receiver.i didn't go to the wedding in the end and she got nothing off me. also, my aunts/uncles clubbed together approx 50e each or per couple. the bundle of cash looked better in the card.requesting money is mean and selfish in my opinion.
 
I diagree. It's for the couple to decide on what they want. Of course it's also the prerogative of those who don't like things to opt out as you did. I've more respect for somebody who does this than somebody who tags along but moans about matters.
 
susie1 said:
my cousins wedding - they wanted cash gifts only, which i found very rude. a gift is the choice of the giver not the choice of the receiver.i didn't go to the wedding in the end and she got nothing off me. also, my aunts/uncles clubbed together approx 50e each or per couple. the bundle of cash looked better in the card.requesting money is mean and selfish in my opinion.
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It is mean to specifically request it but it can be done in a subtle way.
The reality is nowadays most people have everything before they get married so cash is usually the best solution...the days of wedding lists with toasters and cutlery are long gone. Plus why try and impose your taste on people...cash is king!
 
Can we just say that it is dangerous to assume that you will receive X amount of cash (especially if you are relying on cash to pay off debt) and leave it at that as this discussion is likely to veer into Letting off Steam very quickly.


I suggested Tesco. Another poster made sweeping statements about Credit Unions which have been debated in another thread (linked to by ClubMan). Any other suggestions as to how to finance the wedding (assuming the OP isn't prepared to wait until they have enough savings)?
 
i don't think asking for cash gifts only is very mannerly and think people are far more accepting of it if it comes from the mothers when asked. Its a shameful waste when gifts that are not the couples taste being consigned to the attic or charity shop.
 
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