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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To consider a loan to pay for wedding.

138 replies

InTheBirdBox · 04/01/2019 12:08

Me and DP are engaged.

We've suggested late next year for our wedding and are saving up accordingly with a view to book shortly.

Would I be unreasonable to consider just taking out a loan instead purely because I'm impatient?!

I have checked it out with my bank who have confirmed they would likely approve the request and the monthly payments are no more than what I was planning to save per month.

I know we could do it when we planned by saving but frankly, I just don't want to wait! Feel a bit childish being so impatient but I really would like to do it sooner rather than later.

OP posts:
Alpacanorange · 04/01/2019 12:13

Do not do this.
Spend what you have when the time comes.

freeAnneBoleyn · 04/01/2019 12:13

No way would I get into debt for a wedding. Wait, or scale back accordingly. Anything else is just foolish.

echt · 04/01/2019 12:14

Two words: Las. Vegas.

NoArmaniNoPunani · 04/01/2019 12:15

Depends how big the loan is, what the interest is, how secure your job is, loads of factors

ShatnersBassoon · 04/01/2019 12:16

Scale back your wedding plans to something you can afford. Getting into debt to get married is a really stupid idea.

Original poster
InTheBirdBox · 04/01/2019 12:16

Just to clarify, it would be for the same amount as I am planning to spend either way and is very budgeted (under 5k) not completely overboard, white wedding, 20k worth of debt kind of thing.

OP posts:
Pachyderm1 · 04/01/2019 12:16

If you can definitely afford the repayments, I don’t see a problem. People (on MN particularly) think weddings are absurd frivolities and that taking on debt to pay for them is The Worst Thing You Can Do. But if the debt is absolutely affordable and isn’t going to leave you stressing about repayments, or paying the wedding off for years and years to come, I don’t see that it’s worse than spending money on a new kitchen or a car or anything else people get loans for.

Bluewidow · 04/01/2019 12:17

Nope nope nope. Get into debt for things that are imperative and when you are struggling if you have too. But not for a wedding. You never know what’s around the corner job wise etc. If you don’t have it don’t spend it.

I also think that if you do this your more likely to overspend.

echt · 04/01/2019 12:17

Still, you need a loan for it, so not a good idea.

adaline · 04/01/2019 12:18

Don't go into debt for a wedding - that way madness lies!

freeAnneBoleyn · 04/01/2019 12:18

What’s the rate of interest? Because I can’t imagine that’s a better deal than saving.

paap1975 · 04/01/2019 12:18

No, don't spend money you don't have

ShatnersBassoon · 04/01/2019 12:18

If it's because you really can't wait any longer to get married, have a cheaper wedding.

Original poster
InTheBirdBox · 04/01/2019 12:19

I have already got my prices etc... From all suppliers and venues so the loan would be for the same amount as I am planning to spend in a year and a half.

Re my job, I have worked in the same job for a long time and so don't have any worries in that department.

I've not decided yet I'm just looking into things!

OP posts:
WillowPeach · 04/01/2019 12:20

Haven’t got an answer to your question but I feel your impatient pain haha. We’re booked for September 2021 Shock

FrazzyAndFrumpled · 04/01/2019 12:21

I’m with Pachyderm1!

Justkeepsmiling12 · 04/01/2019 12:24

Personally I wouldnt..... Chances are you will only be paying deposits until close to the wedding anyway so the money would just be sat in your account. But if you plan on paying everything outright then I don't see any harm really...a lot of people do. My sil had a huge wedding on loans and asked for money for gifts to help pay it off.

Do you have credit cards? We paid everything for our wedding using credit cards but paid off straight away using our savings.... It just gives you a bit more security should anything go wrong

ExplodedPeach · 04/01/2019 12:24

If you don't have 5k in savings then it's a stupid amount to spend on a wedding!

Personally my rule for non-essential spending is that if I can't afford to buy it twice, I can't afford it.

Twistering · 04/01/2019 12:24

Clearly depends on your situation (yours sounds eminently sensible) but it’s a big outlay like anything else so why wouldn’t you consider a loan? Obviously not if it’s a ridiculous bankrupt yourself amount but if affordable and sensible, fine.

We borrowed 7k for ours which covered majority inc honeymoon. Paid off between us in a year. No biggie at all. Congrats!

Twistering · 04/01/2019 12:25

Ps. Credit card money transfers are cheaper than loans now!

arranbubonicplague · 04/01/2019 12:26

I wouldn't do it but I am at the extreme end of risk averse when it comes to finances and basically don't trust life to turn out OK or according to plan. Grin

Luckingfovely · 04/01/2019 12:27

I think you have thought it through and it seems sensible. Pachyderm is right about mn on this.

Fantababy · 04/01/2019 12:28

I wouldn't, personally, but if your friends and family are anything like the people on the other wedding thread (suggesting that guests pay for their own meals) you may have to! Quite a number of people are deeply offended by the concept of not being fed by the happy couple! Wink

TinkerSpy · 04/01/2019 12:28

Yes OP, it would be ridiculous reason to get into debt.

I don’t see that it’s worse than spending money on a new kitchen or a car or anything else people get loans for

Um, a kitchen or car last longer than One. Day. Kitchen can add value to a home, a car is used to get to/from work and can always be sold on so you're not out of your full investment.

NeverTwerkNaked · 04/01/2019 12:28

I wouldn’t, bring in debt isn’t a great start to married life and it only takes illness or something to make a manageable debt suddenly feel very stressful