Taking out a Loan for the Wedding? Has anyone done it?

Honestly, it is not a smart idea to use loan for wedding. If I were you, I would change the taste in the wedding. A elegant wedding for 8k can be done :-) Trust me being in 10,000 k debt is so not worth it.

Personally I would not take out a loan. You do not want to start your married life with a lot of debt. Financial burdens can put a lot of stress on a marriage and one of the top issues that comes up in marriage. You still have a year before your wedding to save and maybe you can come up with some ideas to cut costs, like some DIY projects.

I agree with everyone..taking a loan for wedding isn't a good idea..you would already be dealing with mortgage and other bills for the house..go with no loan and try to plan a wedding on small budget..Good luck!!

Oh so true, so many people fight because of money issue :-/

I would not take out a loan either. Why do you want to start your marriage with the debt from a wedding? You can have a very nice wedding for $8000--do your research in venues and everything else. You'll be paying for interest and finance charges and you don't want to do that.

With that being said, my wedding will cost between $8-10,000 (I say that because we have that cushion) and it will be a very nice, elegant wedding for us. It took some time to find a venue that we loved and was in our price range--it's smaller and "off the beaten track" a little, but my entire venue rental with linens and food was the cost of alcohol alone at one of the places we looked at.

Yea i heard of people doin this and still paying for the loan years after. I say try changing to a fri date or early wedding to cut costs, not worth the interest cause you will pay for the wedding twice,three times in the end.

I agree, I been paying off my 1800 dollars credit card for THREE years now and it still at 1300 dollars when it is closed for three years. Interest been taking my money. So trust me, it takes a LONG time to pay off debt.

We did take out a loan however the half of the loan we took out was for home improvments and the other half was for the wedding. But the bulk of the wedding we saved and paid for. Also that being said we had no other major debt, all of our credit cards are & were paid off, we have one car payment, FS student loans, and our mortgage (which we've been in our house for over 2 years now).

I agree with everyone. There are many ways to cut the budget for your wedding. You can still have a beautiful and tasteful affair without having to put youself in debt over it.

I agree with the masses here, taking out a loan especially since you just bought a place, isn't such a great idea. Like Brian said you'd be paying over 2k in interest alone, eeek! I would suggest to do some comparison shopping and I'm sure you'll find some nice vendors and venues in your price range, my budget is 4-5k and our wedding is going to be beautiful! So with an almost doubled budget yours will be beautiful too.

Http://www.theknot.com/profiles/VickieLan/myknot/myOldBio/Index here is a example of a lady who did her wedding on 8,000 dollars budget and WOW her wedding looked GOREGOUS!!!!

I disagree, because i HAVE taken out a loan. I took out a loan last Decemeber for $6000. I took it out a month after we got engaged to basically make the deposits that were needed to hold places and vendors. I didn't have any money saved up because i paid off my 2 credit cards, right before hand. I will have that loan paid off before the wedding, if not, right after. I have a great credit score, never a late payment, i don't have any credit card debt...I knew i could personally handle taking out a loan.

I think this is a personal issue/choice within yourself and your family.

If you have $8k saved now, how much more can you realistically save before the wedding? I'd strongly suggest scaling back the wedding. Are you really willing to spend $20k on a single day or your life? You can do something just a pretty for much less and be debt free to take out a loan for emergency situations.

And keep in mind, personal loans have a much higher interest rate than say a home loan or a car loan. It would really cost you in the long run.