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Taking out a bank loan.

Sorry to be cheeky, but is anyone else having to take out a bank loan for thier wedding?

My partner and I are either going to have to take out a £10,000 loan or pospone the wedding! I really don't want to pospone the wedding image

I have no idea how much the bank will charge us for repayments over 2 or 3 years and my parnter can't make an appointment untill a week friday. Any ideas what this will cost?


  • We are going to be taking out a loan as well.

    fortunately, my h2b is very money savvy, and will shop aroun to get the best deal. We also plan on taking about 10k.

    I see Tesco & Sainsburys also do loans now, so he will look at those too.
  • mrsrhmrsrh Posts: 433
    Just a word of warning, think very carefully before borrowing the money. Sorry if that sounds harsh, but i've known a handful of friends over the years who have borrowed the money for their wedding day to enable them to get married quicker than they'd have liked and to have a bigger day than they can afford. . . then they've split up and are divorcing before they've repaid the money. To me, i would hate going into married life with a debt of that amount hanging over me. I'm about to get married for the 2nd time (my 1st husband died just over 6 years ago), the 1st time i got married we had a very quiet day on a budget & there's still nothing i would change about any of it. This time around it's costing a little more, but we've made great savings on ebay for invitations, favours, ribbon for the cake, etc, my dress has been bought in a sale with 70% off, we've asked friends & family with skills to help out (mum is making & decorating the cake(s) as she does cakes, another family member is doing the photo's, another is providing their car as transport for me & h2b, we are having a quiet day time - ceremony in town hall & meal in a hotel with just 18 of us, then an evening reception for everyone else, with buffet & disco, things like that to try & save money). We've had a budget from day 1 and stuck to it. It's actually been a lot of fun to try & find what we want for as little as possible and i've really been enjoying the challenge!
  • According to the loan calculators you can go on (type loan calculator into Google) if you get a £10,000 loan at 7.4% apr over 3yrs then the repayments will be £310.60pcm; over 2yrs then repayments would be £449.54pcm. Each 1% increase in the APR means about £4.50 extra per month.
  • Ms_NatalieMs_Natalie Posts: 1,997
  • Ms_NatalieMs_Natalie Posts: 1,997
    According to the loan calculators you can go on (type loan calculator into Google) if you get a £10,000 loan at 7.4% apr over 3yrs then the repayments will be £310.60pcm; over 2yrs then repayments would be £449.54pcm. Each 1% increase in the APR means about £4.50 extra per month. image



    That sounds soooo expensive!! I think maybe we did okay because we went through out bank and we are "premier" customers and have it over 5 years?

  • We are desperatley trying to budget. We are doing our own flowers. Found a good but cheap ish photographer. And am trying hard to look for bargains etc. But unfortunatley we will have to take out a loan. I will take a look at Teasco and Sainsbury's.

    Thanks KatyMay100511! My god that is more than our mortgage! We really need to have a hard think about this one.

    Definatley going to sell some stuff on ebay and save as much as we can up untill the wedding but we know this wont be enough.
  • It is a lot isn't it - made me wince! Anything you can do to bring it down would be good, but I sympathise, it's not easy. I'm resigned to putting on the credit card for those last frew bits.
  • I know it's alot. When we set the date we thought we could afford it but many things have cropped up for example buying a new car beacuse our old one had died, plus other things. We are looking at our budget all the time trying to cut corners but it's hard image
  • amyyearleyamyyearley Posts: 3,442
    how can anyone say they are money savvy and then consider taking out a 10000 loan for ONE DAY? I really can't understand this image
  • shelleyf30shelleyf30 Posts: 3,971
    if you cant afford to save £500 a month now then how do you expect to pay £500 a month on the loan, if it were me i would have a less expensive wedding, something more within means or postpone it, its true what they say and the first year of marriage is the hardest and i certainly wouldn't like to go through that with a 10k loan hanging over me, with the way the economy is at the moment i wouldn't trust any interest rates. ?See where and what you can cut back on now. cut the sky tv if you have it, stop drinking or smoking if you do those. try walking places instead of taking the car. budget your meals. there are so many ways to save money. me personally i would avoid at all costs starting married life in debt. its not the trimmings thats important its the day and the ceremony that brings your together as man and wife
  • Our wedding is on a budget - it comes to approx 11k, including the honeymoon.

    I have made all the stationary myself, my aunty is making our cake, we have haggled and shopped around for everything and saved money on our venue, photographer, cars and suits. I am a savvy ebayer and have bought lots of little items from there.

    It seems the moment you mention the W word, everyone inflates their prices. Alongside this there is the rise in VAT, and the fact that both mine & H2B's pay has been frozen due to the economic situation.

    My H2B is irish, and as such we have to invite a large number of his family (dont ask), and as a consequence, we cannot cut the number of guests down to save money.

    Whilst i appreciate the advice that has been given in this thread, I have been able to save money and spend wisely. We dont smoke, we dont drink, we have no social life as we are saving for the wedding, but we are still short of funds.

    Our day is by no means over the top - we only have 2 BM's (they are buying their shoes and accessories etc), and 1 usher and 1 best man, so our wedding party is small enough.

    I'm sorry if this is a little ranty - but i am sure that there are other B2B's on here that are taking out loans and spending frivolously. I would love to have a larger venue, more guests, a larger wedding party, videographer, more exotic & longer honeymoon, more extravagant meal, free bar, more expensive gifts & flowers and have my invites done professionally, but i cant and so we are making the best of what we have. Considering the average wedding these days costs 18-20K, I think we have/are doing brilliantly on a tight budget.
  • Polly27Polly27 Posts: 682 New bride
    I think people are just giving friendly advise. If you know you'll be fine with repayments and aren't stressed about it then I reckon it's ok. Our wedding is costing approx £17,500 (not including dress and honeymoon as my family are paying for that). We have been saving since last July and by June this year if we keep up with my budget (which we have so far) we should have saved £14,500. This leaves us a short fall of £3000 which I think we're going to have to get a loan for. I'm not worried in the least about repaying this amount seeing as though during our time saving we have been able to save £4000 in just 3 months. I didn't want to put my wedding back as I didn't want it in the Winter and next summer three of my friends are getting married which would have made it quite hectic. (I'm irish and have a massive family so like you struggled to cut guest list down - 170 day guests!)
  • MrsDMDaviesMrsDMDavies Posts: 1,794 New bride
    When are you planning on getting married? If it is still a while off I would do as Shelley said and save the equivalent of what the loan would cost each month. I'd also scale back and borrow as little as possible if you still really need a loan. Remember it's just one day in your lives and getting into a lot of debt for it is quite scary. My sister had a beautiful wedding that totalled about £3k including the honeymoon so it can be done. Good luck!

  • I'm not sure where you are getting £500 a month from shelleyf30? Not been funny but how do you know Shelley30 what I have saved already and how much I can pay off a month?

    We are only having immediate family and a few friends. 1 Bridesamid and a Best man. So our wedding party is small. Unlike many people, we are paying for the wedding ourselves and it os proving to be difficult to cut back anywhere else. I am making my own intiviations which are costing £40. We are having a cheese wedding cake instead of a traditional wedding cake which is woring out much cheaper than a cake.

    As for drinking, I rarley drink and don't smoke. We never go our for drinks and meals so there is nothing we can cut back there.

    Brideybear - I sympathise. We have been saving for the wedding too, but still our funds will not stretch. Unforseen circumstances has forced us to take out £8,000 out of our savings which has letf us up the creek! We really don't want to pospone the wedding as we are hoping to try for another child next years and also for other personal reasons.

    As for starting married life with debt, I don't think this will effect us. When we met we were both slightly in debt and we just pulled together and paid it off.
  • shelleyf30shelleyf30 Posts: 3,971
    Woah there! I didn't mean to upset you i was only trying to be practical in offering suggestions. others had pointed out the loan repayments, ok so i was £50 out no need to send me to the chopping block. Its your wedding and your life and i know nothing about either of them and never stated too!

    I agree with MrsDMDavies2b, there are other ways to save money and maybe lowering your expectations would be a good start, you can have a full on wedding breakfast in the holiday inn for 2k, i have seen pictures of old school friends who have done this.

  • We wanted to get a loan, but can't...

    H2B has no credit history (he's a baby) and I have bad credit (nothing major just 3 late payments for a catalogue 2 years because I thought the DD was monthly but it was 4 weekly) We have tried both banks, mortgage company and all the lenders and been rejected by all.

    Good luck image
  • Shelleyf30 - I just felt you really didn't understand my situation. image

    We had save around £8,000 last year but had to spend most of it on other things that needed to be bougth for the house. So we are back to square one really. Unfortunatley we have already booked the deposit for the hotel. Which I think is quite reasonable for £39.50 per head for a 3 course meal. That is the probelm, I do have high expectations, so I think I will have to come down a peg or two as 10k is a heck of alot to borrow, but then again I know we could pay most of it off in the next year. We will just have to see if the bank will consider us for a loan. The way things are at the moment, they might tell us it's a big fat no!

    I am glad I'm not the only one considering a loan. One minute everything is fine then, booom! everything goes titis up (excuse the expression). xx
  • VictoriaPVictoriaP Posts: 174
    I took out a loan with alliance & leicester (now santander) for £10k and it costs me £250 a month, I did take that out over four years though and I am so happy to say my last payment is in June then I will be debt free!!

    I don't want to advise you on your financial situation but after getting myself in £25k of debt by the time I was 19 I wouldn't get one just for one day or maybe try to work out if you can cut back on anything for the wedding and get a smaller loan. £5k between two of you isn't too huge an amount if it would help you out and make your day special xx
  • Having read through the thread i think attitude to debt can vary massively. Some people find saving difficult which in the current climate is perfectly understandable.

    For my wedding the budget is around £5k paid for by us with no outside help. This doesnt include a honeymoon as we cant afford it yet and the wedding will be small partly due to budget and partly due to me wanting it that way image

    We have decided to use debt to finance our wedding i think cleverly (though some people may disagree) - my partner paid for the major things on his credit card and then i opened a new credit card with 15 months interest free and transfered the balance across. There was a fee for this but this was substantially less than loan interest. I must stress that we havent paid for everything with his method - just the venue mainly and we did calculate the it would be almost fully paid off by the end of the 15 months.

    in an ideal world i would have loved to have paid for the whole thing without debt but we couldnt. So we researched and came up with a solution that suited us.

    We made the decision as a couple and i think that is the most important thing. Couples can argue just as much about money in the bank as debt.
  • we booked our wedding in dec 09 and have saved nothing like others on here things cropped up needing new car etc!! we are now at the point where we are paying £350 a month and i am going to do it and see what happens i am hoping it is enough and i am paying the most important first like venue and suits then going down the list lol
  • When my husband and I were in the States, we decided to get married. We decided not to take the credit in the bank and the company on the Internet, as we are so it was easier. They also expelled all at stake and we did not even go to see them. Probably so, and you get to do

  • Emily54Emily54 Posts: 266 New bride

    I didn't have to take out a loan for our wedding. But I have lost my grandparents and I had my inhertiance. Believe me I would have preferred to take out a loan 😔

    If you can afford the repayments do it. Be savvy like you said you will be and look for the best rates. 

    This is your wedding, please don't scrape on anything (within reason of course) 

    Life is to short to hang around go for it and be happy xx 

  • bella2015bella2015 Posts: 1,903 New bride

    The original post is from 2011! A spam poster has bumped it up.

  • Emily54Emily54 Posts: 266 New bride

    Ha I didn't even notice lol. Let's hope she's sorted it out and and paid off the loan 😂 X 

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