I got a credit union loan two years ago to help buy my car and my experience was that you had to have a certain percentage of savings already in the credit union before they would consider you. As far as I am aware, the credit union will not give you a loan without a job as they will want to know that you have regular guaranteed income to pay it off.
I got my first credit card earlier this year. Have avoided one for years but on changing banks last year, it was recommended that I consider taking out one with a small balance as it helps in the future if you are looking for a mortgage. I didn't have any store cards etc at the time so I was refused initially. It was only when I had been in my current job for one year and could show proof of my monthly salary that I was accepted.
Not sure when your wedding is and whether you would have time to starting putting even something small away every week or month in a credit union. You'd be surprised at how quickly it adds up. Is there anything that's non essential that you could cut back on maybe or do without?
Sorry this is probably not really answering your question or giving you any advice but that was my experience. I really hope you can figure something out. Good Luck
So sorry you took it the wrong way! I was just commenting on "does the reception cover itself". I didn't realise you wanted advice on a loan. I haven't ever applied for one but I know that some of my friends have used a credit union facility if your able to apply there. I would probably say you could call around or research different banks/credit unions to see? Regardless, wish you the best with it all.
I have been approved for a loan in my CU even though I already have a car loan with them, so I'd say go for it and see what they say - they're not out to play hardball with you at all, they rely on loans to keep income coming into their business so don't be afraid to ask anyway, the sooner the better, because if they have certain criteria, they will let you know and you might have time to meet it.
I am in the same boat as regards having no savings because I've been spending it all on the wedding, and they totally understood that. I also said that I'm hoping to pay a big lump of it back as soon as the wedding's over, but they have still just adjusted my existing repayments to cover this new loan, so it's not as if I HAVE to repay it in one lump.. if I can, I will, if not, I'll just pay the new higher amount for the next few years.
The cash presents I received were twice the amount the reception cost. Very generous guests and some who gave nothing at all. So to answer your question MINE was covered. But I had the money anyway. Weddings are stressful enough, I wouldn't have booked it without the means to pay for it. I wouldn't have slept a wink from booking to the day after the wedding if I was waiting on cards to cover it!! We stayed the night after in the hotel as well, and the next morning the hotel sent our cards up before we checked out. They had them held in our safe. On that morning, we opened cards that amounted to 4k. And the majority had been given before the wedding and banked. But what would you do if you were im the hotel a couple of grand short?? What's the plan B??
So my wedding is over and yes, the reception covered itself.
250 guests at €50 per head = €12,500.
Alot of people gave wedding cards before the actual wedding day!
We had a balance of €6k due the morning after the wedding and we had the cash in the cards. We took our time and opened the cards and made a list. There was no rush or stress. We had a credit card with 3K limit as back up so everything worked out ok!
Hope it all went well and you had a fab day!!