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Need loan to pay for a wedding!!!! Any tips???

Discussion in 'Finance and Investment' started by Adam12, Apr 16, 2007.

  1. Adam12

    Adam12 Junior Member 5+ Year Member

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    Apr 8, 2005
    My fiance and I are paying for our own wedding and will need around $30,000 for a modest wedding (unbelievable isn't it?). We don't have much in the way of savings since we are also paying off student loans and are both residents. Do any of you guys have any good suggestions on special loans or credit cards that we should consider in order to finance the wedding? Would appreciate any advice!
     
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  3. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Physician Partner Organization 10+ Year Member

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    I am rolling on the floor laughing. I cannot imagine financing my own wedding. Your definition of "modest" is bewildering to me. I suggest you save up as much as you can over the next 6-12 months, invite your friends over to a small ceremony, and then have a little party afterward. You don't need to start a marriage with a $30,000 loan hanging over your head.

    I have been to two weddings recently, both of which were held in fantastic destinations. A great time was had by all and at neither of them was anything near $30K spent. Call me cheap, but if the going rate for wedding rings is 2 months salary, do you think the going rate for a wedding is 9 month's salary? It is one thing if your parents want to throw you a great big wedding, but to purposely enslave yourselves to that kind of debt....seems foolish.

    At any rate, if you decide to do it, don't go anywhere near a credit card. There are a number of "physician loans" out there that should give you a better rate. Try something like this: http://www.nadonline.com/unsecuredloans/?gclid=CNHb7LjCyIsCFRM3VAodWAOzHQ

    Good luck.
     
  4. MJB

    MJB Senior Member Physician Moderator Emeritus 10+ Year Member

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    Apr 12, 2005
    30K is "modest"?

    Wow.

    We paid for our own, and I think the total bill (dress included and I paid for all tuxes, etc...) was less than 10K, and that's with a full dinner reception and open bar (beer and wine).

    I definitely would not go into MASSIVE debt for a wedding, at the end of the day all that matters is that you're married.

    Just my honest opinion.

    I would guess the only way you're getting a loan for that type of thing is a credit card or through a relative.
     
  5. Adam12

    Adam12 Junior Member 5+ Year Member

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    Apr 8, 2005
    I know you may think it's too much but we both come from very large families who are not well off. A lot of the money will be spent on paying for our relatives' airfare/hotel accomodations so they can even come to our wedding because financially, they wouldn't be able to otherwise. It's a bit of a cultural thing as well - you have to take good care of your guests especially close relatives or else it is a sign of disrespect. Anyway, that's why the cost will be so much - otherwise it is a very simple wedding.
     
  6. MJB

    MJB Senior Member Physician Moderator Emeritus 10+ Year Member

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    Apr 12, 2005
    Ok, good luck.
    Interesting culture.

    I think the folks at our wedding were happy with the nice meal and drinks and cake that were provided.

    Again, good luck.

    :thumbup:
     
  7. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Physician Partner Organization 10+ Year Member

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    You pay for their airfare and hotel accomodations? Interesting culture indeed. At my wedding the guests and relatives not only paid their own airfare and hotel accomodations but they brought me a present too.
     
  8. Pox in a box

    Pox in a box 1K Member 10+ Year Member

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    30K is not a modest wedding. You shouldn't be paying for your family to fly to come see your wedding...
     
  9. Twitch

    Twitch 7+ Year Member

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    Since a large chunk of the $30k is for travel: most of the airlines/hotels offer group discounts - talk the them directly and set this up.

    In your situation it'll be tough to get a loan at decent rate for a wedding. How much longer before fellowship (if you decide to go)? Your loans can be deferred during fellowship. You may also qualify for economic hardship deferral during residency depending on your income and debt - ask your lender. Another option is forebearance for your student loan. All of this will save you a little bit but no where near the $30k you need.

    My suggestion - Get married in Vegas and splurge on a nice honeymoon destination.
     
  10. MJB

    MJB Senior Member Physician Moderator Emeritus 10+ Year Member

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    Apr 12, 2005
    I just gotta ask...

    What culture is this where the family is too strapped to get themselves to the wedding, but expects to be "treated right" when they are there, after you've paid for them to get there?

    I'm seriously quite curious about this.

    Some friends of ours took both their families to a family resort in the caribbean for less than 30K...and they were all there for a week...including the wedding at sunset.
     
  11. TMP-SMX

    TMP-SMX Senior Member Moderator Emeritus 10+ Year Member

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    I'm confused. Are you saying that it is the bride and groom individually that have to pay for the wedding or the family that has to pay for it. Isn't it a little counterintuitive to put a couple in debt before their life together starts? I don't know any culture that would do this as it wouldn't last too long.
     
  12. rgerwin

    rgerwin Senior Member 10+ Year Member

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    I, too, am having awedding this summer. The whole thing will be less than $5K. $30K is more than the national average. Plus, the point of a wedding is for your family to help you start your life, not support them. I know it's none of anyone's business, but I would consider doing what you can to minimize their costs (i.e. room sharing, priceline,etc.) and tell those who ask you for money to stay at home. That's ridiculous, unless you are rich.

    There are a million ways to cut the cost of your wedding. You'd be surprised at what you thought you neded but really don't. Get married in a park, buy your flowers whoelsale and make themyourself, get several single layer cakes with a stand instead of tiers, basic basic food, make your own invites, RSVP online, etc etc. It's all on the net. If you really feel the need to pay for other's travel, then cut corners someplace else.
     
  13. Maceo Parker

    Maceo Parker 2+ Year Member

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    Sep 8, 2006
    Chicago
    30K wedding financed by loans = retarded.
     
  14. QuantumMechanic

    QuantumMechanic Avatar=One of the Greats 5+ Year Member

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    Hilbert Space
    your reasoning is absurd.

    obviously your relatives don't understand that residents with loans aren't exactly the stereotypical doctors who have money to throw around. make them take out loans themselves to fly to your wedding. if that doesn't work, then find a way to bring the wedding to them.

    how do you expect to be treated when you are a practicing physician who is making larger sums of money? you better watch out for yourself, lest you be taken advantage of continually by your family and your fiancee's family in the future just because you happen to be wealthier than they are.


    an old post of yours, makes me think you should reconsider such a lavish expense: http://forums.studentdoctor.net/showthread.php?p=3254625#post3254625
     
  15. Ligament

    Ligament Interventional Pain Management Physician Lifetime Donor SDN Advisor Classifieds Approved 10+ Year Member

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    Go to the judge and get married for whatever couple hundred bucks that costs. Thats it. Don't throw away $30,000 on such a wasteful thing as a wedding. Use it for a down payment on a house or your education.
     
  16. Here in Wake County the fee is less than $80 which includes the Magistrate's fee.

    It makes the most sense.
     
  17. changeofheart77

    changeofheart77 2+ Year Member

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    To the OP: Try to save as much as you can in a yr. You both can will be bringing home ~80 k pre-tax. Perhaps since you're residents you can defer loan payments. Your loans will prob be at lower interest rates than any loan you plan to take out to pay for this endeavor. Also, would you consider having a simple civil wedding here and your ceremony +festivities back at 'home' where most of your relatives are so you don't worry have to worry about expensive air fare for them. Consider it like a destination wedding. If I am correct as to what culture and ethnicity you have, cost would be a lot cheaper in India? Maybe you can also have sponsors who would pay for certain things. I think in Spanish there are 'patrons' who are elder couples supposed to help and guide young couples as they start their new life together. Good luck. Weddings are so cultural and(but) really a personal preference, too.
     
  18. Miami_med

    Miami_med Moving Far Away Moderator Emeritus 7+ Year Member

    5 years ago, I can tell you from personal experience that a wedding at a Beach Resort in Florida, with over 100 guests, full bar, professional photography, catering, live DJ, and hotel rooms for all the wedding party and immediate family of the bride and groom cost less than $15K.

    Do NOT pay to fly the family in, whatever your culture is. If you have to be around family, go to them. If they could all afford to move to a bunch of different places, then they can find a way to come to you if it is actually important to them. If they can't afford it, NEITHER CAN YOU.
     
  19. Isom

    Isom New Member

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    Jun 21, 2004
    Prosper.com is the ebay of loans. You post a request for a loan, maximum $25,000 and set your starting interest rate, max is 29%, min is 7% I think. Depending on your credit history, assets, etc. you fall into a certain credit rating, AA, A, B, C, D, E, High Risk, No credit. The better your rating, the lower the interest rate, then people bid on your loan and your starting rate goes down. Not a bad place for a loan if you've got good credit.

    http://www.prosper.com/groups/group_home.aspx?group_short_name=medical

    This is a link to my group if you decide to go for a loan. I can give you a template for listing your loan and you usually get a lower rate if you're linked with a group.

    Good luck with the wedding either way. $30,000 does seem like a lot if you're footing the bill yourselves.
     
  20. mille125

    mille125 7+ Year Member

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    Dec 8, 2006


    you cannot afford this wedding and the relative should understand that...do not go into debt....you will regret it....i also read your post in April 2005.....very interesting to say the least..........good luck and dont become a statistic
     
  21. nightowl

    nightowl Senior Member 7+ Year Member

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    Jun 9, 2004
    South
    It is absurd for her family to expect you to be able to fly them in when you are a student! If none of the family is going to help with the wedding, I agree with the person who said to start saving. that, or elope. I just had my wedding and we're both med students and I was lucky to have a family who could pay the expenses. But we still managed to have the wedding in a church with 125 guests, and a reception at a bed in breakfast with a dj, champagne and wine, a meal, and a tent for less than 10,000. Plus we had a professional photographer and the money that we could have spent on the wedding, we instead put toward a week long honeymoon in Canada. We got the programs and invitations done at fedex kinko's, I cut half of the flowers out of a close friend's yard, and bought the other half wholesale, than a friend arranged them free of charge. We got the alcohol discount from a friend, and went with really reasonable prices. All in all, I couldn't have asked for more and it was under 10k. I your fiance can't understand the financial limitations than I say (just like many said in the last post) RUN!!!
     

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