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Wedding Loan

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  • 14-12-2009 1:23pm
    #1
    Liam79
    Closed Accounts Posts: 463 ✭✭


    Anyone got one? how do they work? do u agree to repay the bulk after the wedding from cash gifts and then repay the outstanding balance over time at a set repayment rate? Or is an O/D for the occasion a better route and just pay it off once the wedding is over?

    Also are they easy/difficult loans to get?

    I have had many loans with my bank down the years and repayed them all in full with no missed payments.

    I do have a current loan with the CU and car finance with my bank.

    Have a large CC balance but again have never missed a payment with that either, not has my fiance.

    So I would having had plenty loans, and never missed a payment on any of them, my credit rating should be ok....shouldnt it?


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    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Liam79 wrote: »
    Anyone got one? how do they work? do u agree to repay the bulk after the wedding from cash gifts and then repay the outstanding balance over time at a set repayment rate? Or is an O/D for the occasion a better route and just pay it off once the wedding is over?

    Also are they easy/difficult loans to get?

    I have had many loans with my bank down the years and repayed them all in full with no missed payments.

    I do have a current loan with the CU and car finance with my bank.

    Have a large CC balance but again have never missed a payment with that either, not has my fiance.

    So I would having had plenty loans, and never missed a payment on any of them, my credit rating should be ok....shouldnt it?

    Regardless of what you call it, a loan is a loan.

    The basic principle of borrowing money is a term called "repayment capacity" - i.e the amount you have left based on your incomings and outgoings.

    I'm sure you're well aware of the cost of a wedding; unless you earn a crazy amount per month, you won't be financing a wedding with an overdraft. The level of an overdraft (for personal customers) should not exceed your weekly / monthy wage.

    Anyhow, a term loan is your only option here.


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