Loan for wedding-which bank to go with

27col

Haylescom wrote: »

Why not use the money you were going to pay of the loan with to save up for the wedding?

I get asked on a monthly basid when me and OH are getting married so I now ask them to contribute to a crowd-funding site to pay for it, seeing as they're all so keen

Presumably, when they see that, they suddenly lose interest as to when you're getting married.

catflap11

Utter utter madness....my wedding cost £200, its about making a commitment, not showing off.:mad:

pjcox2005

Perhaps we should run a thread on what things is it acceptable to take a loan or other form of debt for, as basically the answer in all cases is going to be save or buy something cheaper.


Wedding? You don't need debt, save or have a cheaper wedding.
Car? Use cheaper transport until you can afford it or buy an old used car for the first year or so etc etc.


I would suggest you draw up a budget including everything you are intending to have at the wedding? Look where you can potentially compromise on/don't actually see value in/haggle on prices.


Based on that, deduct savings, and commit to the balance being paid off within 12 months. Assuming it's a smaller number, then credit card with a long 0% on purchases would probably be more cost effective than a loan. These are coming back in with longer interest free periods so should work but you need a clear plan for ultimately settling the balance.

burlington6

Can you imagine how many fights occur throughout the country between couples who split after being married for a short period of time but have a debt between them to pay.

lazer

The OP did not ask for opinions on if her should get a loan, they asked where to get a loan.


How many people giving off at the OP for a loan for a flashy wedding drive a car bought on finance or any car "better" than a corsa, clio, etc, there is no need for a "flashy" car.


There is no need for an expensive wedding, but they want it, and can afford the repayments (Op - do think about what you would do if you lost your job, perhaps consider some form of insurance, or would redundancy pay cover it etc?)


Maybe they don't have time to save, perhaps they want to be married before having children, don't want to live in sin etc, ultimately its their decision.


OP - I know you said no to credit cards, but a 0% credit card is the cheapest option as long as you think you have the discipline to pay it back.

dealer_wins

Whats better.... one extravagant day, or many years without a loan repayment every month??

burlington6

There's currently a question on this forum from a member who spent all her money on a wedding and now can't afford to extend her house. She needs to due to an expanding family.

https://forums.moneysavingexpert.com/discussion/5410393

Have a think OP

Mahsroh

Putting to one side people's concerns about borrowing to fund a wedding........ without getting into too much detail, how much are we talking? Depending on the value you're looking to borrow you might actually be better finding an interest free credit card if you're disciplined with the repayments.

I would agree with others though and say that if you can afford the repayments then delay the wedding and save what would be your repayments to fund it.

Nasqueron

lazer wrote: »

How many people giving off at the OP for a loan for a flashy wedding drive a car bought on finance or any car "better" than a corsa, clio, etc, there is no need for a "flashy" car.


There is no need for an expensive wedding, but they want it, and can afford the repayments (Op - do think about what you would do if you lost your job, perhaps consider some form of insurance, or would redundancy pay cover it etc?)


Maybe they don't have time to save, perhaps they want to be married before having children, don't want to live in sin etc, ultimately its their decision.


OP - I know you said no to credit cards, but a 0% credit card is the cheapest option as long as you think you have the discipline to pay it back.

I bought a car on finance - at 0% - so I have the cash I was going to use earning me interest in a bank account.

Living in sin is a funny concept, Romans 13:8, Romans 13:7 and Proverbs 22:7 cover debt being a bad thing as well

If OP can afford the repayments then simply save the money up and have the wedding later, if they can't save now then how will they pay the loan?

Impatience is not a reason to get into debt for a single day of partying (plus associated costs of hen/stag do and all the other stuff that will ramp up the borrowing needed). Starting married life with income being curtailed due to debt repayments is a recipe for arguments.

The point will always come back down to this: if the repayment is "comfortably affordable" then why isn't the money in the bank as a savings fund?

Herzlos

How much do you need to borrow and over how long?