Loan for a my Wedding

BUBZ

I am looking for a loan for £6000 over 6 years, I found a good rate on Post office.com but the minute I select that i am a tenant I can only get a loan for 5 years. Does anyone know where I can get a loan for 6 years as a tenant?

andy.m_2

This is the umpteenth "loan for wedding" request this week.

Be prepared for a barrage of dog's abuse.
Be prepared for "you can't afford it", "cut back in other areas", "dont start life this way" comments.

The fact is that this is the worst possible start to your married life and if there is anyway at all you can cut back or save in other areas then you really ought to try.

There are numerous stories on here about people still making payments on loans for weddings after the ink has dried on the divorce!

ExNicotineQueen

And before anyone can advise you properly they would need to know;
1. Your salary
2. Do you have any credit cards/loans/overdrafts/store cards etc?
3. What are the limits on the above and what is your current balance on them?
4. What is your credit file like, any defaults, CCJ's, missed payments, are you on electoral roll etc?

Tixy

Do you really really want to be paying for your wedding for 6 more years? that is a long period for any loan, never mind for something that lasts just a day.

If you do want the loan could you not afford the repayments over a shorter period that 5years?
Or could you not reduce the amount you need to borrow so that you could pay it off over a shorter period (there are lots of tips on reducing the cost of a wedding etc on this section of the forum - Weddings & Anniversaries - I bet you could knock a grand off the cost by reading some of those threads).

Don't forget that the rates Post office have quoted are not what you would be guaranteed to get, even if you did get accepted. Nearly half of successful applicants will be given a higher APR.

But aside from that (and that personally I think that a borrowing money for a wedding over 6years is a terrible idea) have you tried your own bank?

Apples2

If you can't afford the repayments over 5yrs, you can't afford the repayments over 6.

If things are that tight that you need £6k over such a long period, you really do need to think this through for a bit longer.

Most people would take a £6k loan over 3yrs. It suggests you cannot meet these repayments.

blacksta

I know a couple who took a wedding loan in the early 80's - i think an amount of 10k fast forward to today loan is still being paid caused they defaulted hence an IVA was setup.

RichGold

blacksta wrote: »

I know a couple who took a wedding loan in the early 80's - i think an amount of 10k fast forward to today loan is still being paid caused they defaulted hence an IVA was setup.

Thats a tough deal - One day being paid off over 30 years....