where is the best to go to get a loan for a wedding

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xlaurenx

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i am hoping to get married next year i will need a lone to do it. my partner is a member of the credit union and has been for years, he never missed a payment but already owes them 10,000 do ya think he would get another 20,000 of them?
 
Hi Lauren,

Welcome to AAM.

Best advice is to clear the already outstanding debt and save for a small wedding. My advice may be cruel but in the long run its kind.
 
Hi Lauren
I would go along with Sue Ellen's advice, do not go into this level of debt for one day. If you can't save for the dream wedding then scale it down or save until you can. You really don't want to start married life with an unnecessary burden, the glamour of the day itself will all to quickly fade into memory if life throws a few curve-balls at you.
 
xlaurenx said:
i am hoping to get married next year i will need a lone to do it. my partner is a member of the credit union and has been for years, he never missed a payment but already owes them 10,000 do ya think he would get another 20,000 of them?
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I don't think he'll be missing a payment for some time in the future either.

By all means get married but 20,000 is a lot, especially if you have to borrow it. Having done this myself, do up a wedding budget and see how cheaply you can get each item for, eg our photographer also gave his merc for transport. Stipulate cash as the preferred wedding gift from your guests, even €50 from 100 guests is 5000 euro. You can still get a credit union loan but a more modest one is more prudent and quicker to repay.
 
Stipulating cash as a wedding gift is fairly low in my opinion, and I would be very careful about banking on getting any amount of money in the current climate. We got married last year an there was no crock of gold at the end of the day as some people seem to think, we paid for our wedding up front so it made no odds to us, but if your already 10k in debt I would be adding another 20k to that.
 
Hi Lauren,

It's your own business what you want to do for your wedding, whether you want to take on the debt etc. AS for your original question, I would make an appointment with the CU. All they can say is yes or no or give some advice. Getting married myself next summer so I know what it's like trying to pay deposits, save and pay off loans. Another thing to consider is any new wedding loan will probably be paid by both of you.
 
i completely understand where ye're comin from but we really want to make it the best day we can.we have looked into how much the repayments will be its not alot more then were paying already, we r even planning on paying off extra each week so as to pay it off sooner. we already have a house nd both have steady jobs. we dont want to relay on presents as a means for paying for it we could be left very disappointed.if we were to save for it it could be years which we both dont want as we have a daughter nearly two and would love to be married by the time she is in school.
 
thanks nickyk

I think thats the best thing to do its just a bit daunting if they say no we're not left with much options. do you think we should wait till we have all the money to book,is this what you did or are you paying bit by bit? I've never even been to a wedding as I'm the first in my family and of my friends to get married so am really in the dark as to where to start.
 
Hi Lauren
Its your business ; but i would not recommend starting off married life with a 20k noose around your necks - a small wedding or a less formal one would be just as much fun & the day is Special whether it is 10 or 300
 
I know this is off the point from your original query but I think it would be worth spending an evening or two on some of the wedding planning websites for ideas for the wedding, and then for indications on budget. How did you arrive at the 20k figure? What did you want included for that amount? think about whats important for your day and investigate prices. If you download some of the tools on wedding websites you should be able to find a budget tool or a checklist that should help you break down the costs and understand how much you will need and when and then you can figure out how much you might need to borrow - at that stage you could approach the credit union.
 
thanks millieforbes'

I am looking on the internet all day for ideas and am going to continue to do so i also have started a budget. a lot of the wedsites dont give prices so am finding it really hard to come up with a figure.the 20,000 is just an estimate.I would love to do it cheaper i just don't no where to start
 
Op I think youd be mad to borrow 20k for a wedding. Its ONE day. Its a party! Thats it! I have a lot of married friends who went the traditional route and pretty much all of them say now that they regret spending so much and they themselves didnt enjoy the day so much as it was so stressful etc...

You can get married for a lot less than 20k and still have a lovely day and a party. Ultimately you can have a civil ceremony for the grand sum of 150 euro - if its the marriage itself that the important thing to you.

But with a current loan of 10k, and looking to add another 20k of debt to that, in my opinion its madness. We are facing another harsh budget next week and god knows whats coming down the line, the steady jobs may not stay so steady. How long would it take to pay off 20k plus interest? The credit unions have high interest rates usually. How much would 20k really cost you? Is just one day worth it?
 
To me yes it is worth it. It's not for everyone i understand that. If we can cut the cost of things along the way then of course we will, we would just like to know that if there's something we really want then we have the money for it.

I see your point that if it's only about being married then we can do it for a very small amount and that is the most important part but we're only going to this once so want to make it the best day of our life's.

I didn't mention that the money will also be going towards our honeymoon.
 
You'd be mad to borrow €20k to spend on a wedding. If the 'big day' is that important to you, save up and wait for it. You can always do a quiet civil wedding on the side anytime to cover off the schools thing.

We are entering a very, very difficult few years now. No industry will go untouched. What happens when a no.2 child comes along, or maybe what happens when no.2 child turns out to be no.2, no.3 and no.4 all at the same time.

This kind of borrowing will cost you an awful lot of interest - money that should be going into your family, not into a credit union.
 
xlaurenx said:
To me yes it is worth it. It's not for everyone i understand that.
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Well I doubt any of us will persuade you otherwise, but I'll give it a go - based on what you have said so far, I take it we are actually talking about a mortgage, 10K plus maybe credit cards and another 20K on top! right?

xlaurenx said:
If we can cut the cost of things along the way then of course we will, we would just like to know that if there's something we really want then we have the money for it.
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But here is the point, you don't have the money, you are borrowing to do it and that is different!

xlaurenx said:
I see your point that if it's only about being married then we can do it for a very small amount and that is the most important part but we're only going to this once so want to make it the best day of our life's.
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What I'm hearing is "if I spend enough money it will be the best day of our lives". The reality is that most people don't enjoy the day because there is far to much stress involved for a start! There is no reason that having a good day has to be associated with spending lots of cash!

One thing you should think about is that by taking out this extra loan you could be putting yourself and your family at serious financial risk - what happens if you hit a bad patch and need to pay for lets say school uniforms, school books, extra tuition fees, replace a big ticket item in the household or possibly even a car. Or what happens in one of you loose your job or are sick for a long period? Have you got savings that can cover all of this?

One of the big things that struck me when I moved to Switzerland was how careful people are with money! I've been to seven or eight weddings of professional people over here and I have yet to go to one that was held in a hotel! Club houses and farm barns may times, but never a hotel... Most couples hire a club house, a party service and a band (often the local buskers!) - everyone has a good time and no one spends the next two years paying off the bank.

Good luck with your decision.
 
Jim2007 said:
I take it we are actually talking about a mortgage, 10K plus maybe credit cards and another 20K on top! right?
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no we don't have a mortgage because our house was bought and paid for years ago and handed down to us, we are very lucky lots of people start out married life having to buy there house, which leaves them over 100'000 in dept.
I think if people can handle that then surly we can handle less then a 1/3 of that.

I know ye're only trying to make me see that I don't need spend this kind of money on 1 day but this isn't a decision we came to lightly, we wouldn't be doing this if we didn't think we could handle it.
 
Understand the desire to have a good day but you can have a good day without paying 20k. A lot depends on the numbers you invite. If you have large families then you may feel obliged to invite the whole lot of them. How many were you thinking off.

Good country hotels will do packages €35-€45 per head and usually there is room for negotiation on additional things like a few free bedrooms for a night thrown in.

One option is if you have people who would be giving a present is that rather then giving a toaster or something that will end up in the attic, could they provide a service instease. In my own case, that was how we got the wedding car and the cake, family and friends provided the car and baked the cake instead of another present.

Big thing to ask youself is when you are doing the budget is to ask, is this thing really necessary? Do you, for example, really need 4 or 5 bridesmaids, butterflys or doves flutering around, a chocolate fountain, table gifts for guests etc etc. Answer in our case was no and we still had a great day. People want a good feed in a decent place with a good band, most other things get forgotton about. Bear in mind as well, the more things you have, the more things you will have to stress you out

Good luck but I would really try and cut it back from 20k and be prepared to haggle
 
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