Personal loan to pay for the wedding?

Hi folks. I hope there's still someone around here to help me out. So, we've just got married, and we have a wedding loan to be paid off. So, we'd like to know if the bank will give us a home loan if we still have a personal loan. What's the probability?

We also took a loan for our wedding. A lot of people do this way.

Its great you decided to decline on the idea of personal loan. Its not worth to start your marriage with payments to clear the repayment. Savings does help to put some amount aside when you get paid every time and pay your vendors as you have the date set for deposits. Work together as a team putting a folder/binder with all the information/contracts together for contact numbers and preparation of anything happening otherwise.

The one thing I did on the safe side was to scan the document to the vendor once signed and got the copy with their signature too.

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Glad we could help

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No worries! Glad we can help. Even if the loan is small, like only $2000 or something, I would still highly advise against it. The credit utilization alone makes it a bad idea.

Good luck with planning!

View quoted message Thank you! Now that I know vendors don’t require payment until a month before, I’ll definitely just save up.

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View quoted message That’s a very good point! And that’s the silly thing, we CAN save that much, but the person I was talking to just had me convinced that the loan would be an easier option. Yikes. Thanks for your input!

View quoted message I wasn’t planning on that, I actually haven’t ever heard of a stag and doe, so that is something to consider! Thank you!

View quoted message Hi Hank! Thanks for your input! The loan wouldn’t have been for the full wedding budget, I think the person was suggesting a small loan to just pay for the biggest venues up front then have the loan paid off within a couple months. After reading all the comments, I now see how stupid this idea is lol the person who suggested it made it seem like it’s a common way to do things, but I now see that it definitely isn’t. Thanks again for your help!

I don't know who gave you that idea but they need a lesson in personal finances. You already mentioned the interest - so the question is why would you unnecessarily pay interest to a bank if you're able to save the $25K in the 16-18 months to your wedding? This person is literally telling you to spend more money for no reason. And interest rates on loans are not like credit cards - they accumulate daily. That means every day your balance is not zero, you add more to what you owe, regardless of how timely your monthly payments are. Not to mention how your credit rating will absolutely tank the minute you blow the entire loan on the wedding because of 100% credit utilization and this will last for the duration of the repayment. I honestly can't reiterate enough how stupid this suggestion is.

And this isn't even factoring how you might or your fiance might not qualify. I honestly can't imagine any bank in this economy approving $25K as a personal loan for a wedding.

Then there's the risk of vendors going bankrupt or closing shop. Unlike a credit card, loans are converted to cash before use. Should anything happen to the vendor, you'd lose that cash. At least a credit card deposit can be potentially retrievable depending on circumstances.

The big payments you make up front are deposits for vendors. The other payments usually come after the event. Are you planning on having a bridal shower or stag and doe? Those events tend to raise a lot of money.

I don't think any couple should start their marriage with that much debt. You've got time to save up for final payments, and if you can try to space out the deposits so you aren't paying everyone at the same time. Set automatic savings to remove money every week/month and use rounding savings apps/settings to make the most out of every penny you can.


If you're worried you can't save that much then you really shouldn't be spending that much on your wedding.

I agree with christiana! The only big payments you need to make upfront are deposits and the rest is likely due closer to the date. Our venue took a deposit and then has a payment schedule so 90% will be paid off prior to the wedding date (our venue also covers food, ceremony and reception etc). I personally would not take out a loan.

I would personally not be comfortable going into debt for my wedding but you should do what you’re comfortable with. Most vendors only require a deposit when you first book them and full payment within 30 days of the wedding. Since your wedding is so far away it’s possible you could save enough in the short term for your deposits and continue saving for the full amount for the next year and a half.