This may be a naive question, but have any of you successfully taken a loan to pay for your weddings? Our wedding will be fairly inexpensive, but we have had a very expensive year this year and don't have much in our savings. I'd love to be able to buy things as I see them rather than saving up and going back for them early next year. If we went to the bank and asked for a loan for our wedding are we likely to get one? We are both employed full time and have been for years, we have one other small loan with only 2 months left on it, and OH has a credit card. No other debts though.
I wouldn't consider it a naive question. We took out quite a big CU loan before our wedding and didn't have much problem. We were both working full time and I had a car loan and we both had CC (but paid them off every month fully). We had most of the wedding saved for but it ended up I had medical related costs a few months before the wedding that ran up to a couple of thousand euro, so we just wanted an extra safety net. We went in and explained our reasoning and showed them our savings etc... they were grand about it tbh. Good luck.
TBH I know alot of people who do this, like abridging (?) loan and then lodge any cash gifts or the like that you may get into the account. The OH works in the Credit Union and said that its a very common thing to do.. And that he sees alot of people put back in in gifts what they take out! Lucky Ducks!!
We recently applied for a car loan, for €3k, from Bank of Ireland and were turned down. Hubby is full time job, I'm part-time and we have a huge chunk of savings with them, plus more in the post office and a long-term bond with the BOI and they wouldn't even consider us. We ended up buying the car outright from our savings. We just thought about the loan because we thought we'd hold on to our capital like, as a 3k loan would be paid back very easily and quickly. It was just an idea so we made the application. But they said no way, no how. They didn't even give a reason for the no, to be honest. THey just said they didn't think we'd be able to pay it back, despite the money going in every month. We've no other loans, credit cards, nothing. Only the mortgage and gas/electricity/UPC go out of our account, we're very frugal. But they said no.
We were very surprised and a bit annoyed to be honest. All our savings are with them, been saving for years, paid for our wedding outright with no debt and are good customers. The 3k would have been paid back in 18 months like and we woudln't have had to touch our savings...but it was a no.
Don't want to be negative, just to let you know that they were very strict with us for a very small amount of money.
I thinking approaching a credit union for a loan for your wedding would be a better option than the banks.
[quote="Dollydel":xsc4j1k6]I thinking approaching a credit union for a loan for your wedding would be a better option than the banks.[/quote:xsc4j1k6]
We are planning to this. CU's still run credit checks etc but I always find them more personable.
Does it matter that I'm not with a Credit Union or that H2B only has a dormant account that he hasn't touched in about 5 years? I thought you had to have an active account with them to go for a loan.
[quote="shoveover":2g4b0sry]Does it matter that I'm not with a Credit Union or that H2B only has a dormant account that he hasn't touched in about 5 years? I thought you had to have an active account with them to go for a loan.[/quote:2g4b0sry]
I think you would have to be saving regularly with the credit union in order to get a loan from them.We are planning to get a loan from CU also.
You would definitely have to have an active savings account with the Cu to be able to get a loan.
I also think you have to have a certain percentage in your savings of the amount you want to take a This may have changed but I remember years ago it certainly was the case.
[quote="shoveover":mg7k853m]Does it matter that I'm not with a Credit Union or that H2B only has a dormant account that he hasn't touched in about 5 years? I thought you had to have an active account with them to go for a loan.[/quote:mg7k853m]
You definitely need an active account as they will want to see evidence of regular savings. Depends on how much you want but I remember for small loans they would always look back a few months. I think it differes from CU to CU but in mine you can only borrow 4x yours savings.