My partner and I are wanting to get a loan to pay for our wedding. I don't work as I look after the house and our daughter.
My partner is slowly fixing his credit rating by getting a small personal loan and car loan. We have no problem paying it off weekly but now can't find anyone who will give us another loan.
Can anyone recommend a company that will guarantee us a loan of around $25000?
Wedding Cost Loan
Wedding Cost Loan
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Money
12 Replies
I suspect by saying no they are doing you a favour. Going into debt over a wedding when you have credit rating issues sounds like your digging a hole for yourselves. I'd be changing my expectations over my wedding or saving up.
Borrowing $25000 doesn't mean the whole amount is for the wedding I'd never spend that amount on our wedding.
WOW that is an awful lot for a wedding, especially if you are borrowing :/ I would recommend just saving or buying things along the way and saving them up. We only spent just over $5000 and that was for everything and it was amazing. The only way you could look at borrowing that amount would be to go through the current bank you are with so they can see the income and if you have a good saving history or anything. Best of luck x
The wedding isn't $25000, I wouldn't part with that much money for 1 day lol.
Fixing up credit rating as it is not perfect the bank won't lend i assume.
We also have a large family if only it was easy as spending $5000 for ours we definitely would
If he has a car loan and a personal loan I would assume noone will give him another loan until they are completely paid off.
Creditors have to abide by the safe lending criteria and giving it is a one income home with 2 loans and living expenses it would go above the allowed % he can afford for another loan.
I don't want judgement on the amount for a wedding because it's our day. Also its not going to be costing anywhere near that much either
part of the problem you have is it would be an unsecured loan on top of a car loan and another personal loan in a one income family, no matter what the money is used for. Unsecured loans -the bank cannot recoup if there is a default. If you had a home loan and had equity you may be in a better position to get your home loan increased. I think the way you worded the question makes it seem like the 25000 was entirely for the wedding.
I'm sorry to the poster because I'm not really sure what you are after. I highly doubt that there is any company that will give you a third loan for the circumstances you outlined, for the reasons previous people have listed. Also, people assumed you were spending 25000 on your wedding as you said in your question that that was what you wanted a loan for.
I had a small wedding , I tried to do it classy but as cheap as possible . Only 60 guests and it still cost us $27000 . I have no idea how all these people did it for $4000 :/
NOT have 60 guests...... ;)
That is a lot of money for an unsecured loan for a family in your financial situation (one wage, a child, 2 x other loans). They don't want to lend you the money because the risk of you defaulting on the loan (due to just not being able to afford the repayments + life + a child etc, not because of bad credit). No credit institution will lend you more than you can afford to pay back. And taking out lots of loans does not fix your credit rating - getting rid of all your debt does.
Best wishes for your wedding, while you are working out what you are going to do - start banking the same amout as what your weekly repayment would be - saving money is always a better way to get the things you want than borrowing it :) :)
Please listen to the advice given to you and don't take out another loan! Work on paying off the ones you have as soon as you possibly can and put any extra money for the week away in a savings account for your wedding. We managed to pay for a $15000 wedding and honeymoon last year by slowing putting money away each week on my husbands income. You don't want to start off your married life with such a huge debt. Best of luck :)