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just_dandy
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(Originally posted on: 03-22-11 05:54:53 PM)
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I really need money in the short term. I'm employed, but I just got the job and I need to pay for my wedding, which I intend to do for 5000.

I don't have it at the moment. I would be able to afford payments and such, obviously.

But. Uh. What should I do, you guys? What kind of loan? Credit card? Suggestions on specifics?

I've been trying to build my credit for a couple of years but to my chagrin the only thing showing on my history thusfar is a single credit card in good standing. I would be applying jointly with my fiance, who has fair credit history.

I'm so out of my element here. Help.
Koalas have sharp claws but they are weak. They all small and fat and they be climing trees. I hope a storm just come while theyjust chilling up in the tree thinking they is hard and they're will all just fall off. They just break they neck and shit. When they fall they claws are going to fall off and they going to be crying like some little bitches.
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Reply 1 of 30 (Originally posted on: 03-22-11 07:00:05 PM)
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Have you gone to speak with your bank? They'd be able to offer you a few different options and help you more than we could because they'd have all the needed information at their fingertips.

I can tell you to stay the hell away from a credit card, especially if you're looking to go 5k in debt right away.
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Reply 2 of 30 (Originally posted on: 03-22-11 07:02:33 PM)
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I would avoid putting it on Credit card unless you have a very short and specific time frame for paying it off (at 18% interest a 5k loan would accrue almost a thousand dollars in a year. Better loans are availible from banks and credit unions but would usually (I think) require some sort of collateral. My bank routine advertises loans for small home renovations and vacations I would suggest checking a bank in which you have some positive relationship (checking account ect...)

for instance my bank is currently offering a 16% APR personal loan (no collateral needed) at 5k for three years, which is really not good now that I look at it

It should be noted that, if you plan to pay the expense off sooner rather then latter, many cards have a 6 month 0% interest introductory rate and that may actually serve you well (it may also lead to financial ruin too)
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Reply 3 of 30 (Originally posted on: 03-22-11 07:46:00 PM)
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marry someone with moar money.
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Reply 4 of 30 (Originally posted on: 03-23-11 07:08:16 AM)
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you are unable to get parents to lend you the money? that would be much preferred over building up credit
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Reply 5 of 30 (Originally posted on: 03-23-11 02:13:51 PM)
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The adult thing to do is save your money. Credit is terrible.
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Reply 6 of 30 (Originally posted on: 03-23-11 02:41:52 PM)
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Personal experience with banks - line of credit. Easy to be approved for, lower interest rate, and they're limited to small amounts so banks aren't as picky about them. I needed $2,000 real quick-like and paid it off real quick-like. No biggie, and now TRC has his fake vagina. Everybody's happy.
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Reply 7 of 30 (Originally posted on: 03-23-11 04:35:03 PM)
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How come you can't wait until you can afford it yourselves? Just curious.
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Reply 8 of 30 (Originally posted on: 03-23-11 05:00:41 PM)
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In my case, it was easier to get $500 four times instead of $2000 once. As far as a wedding, it probably is worth it to ask why you can't wait until you already have the money? That's what a lot of people do, and it doesn't result in interest.
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Reply 9 of 30 (Originally posted on: 03-23-11 05:24:32 PM)
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Loans for weddings are generally a bad idea. Credit card debt is a no-no; the rates are really high and it's too easy to screw up. Wedding loans (i.e. loans marketed as "wedding loans") are as bad as credit card debt, and sometimes worse. Personal bank loans are marginally better, but are usually pretty high interest, too.

Another thing to consider about these loans is that interest rates and other terms of the agreement are often set by credit score and/or assets - as you can tell, this biases them against the people most likely to need them. I'm guessing from your question that you fall into this category.

Loans for weddings also seem like a bad idea just because I would guess that there are lots of expenses around when you get married. More so if you decide to have kids in the next few years. That's a bad time to damage your finances further.

Why not either wait until you can afford it, or do a cheaper wedding?

EDIT: The more I think about this, the dumber it sounds. If you can't save $5000 in a relatively short amount of time, then you can't pay it off in that time either. And if you are unwilling to wait a short amount of time while saving, then you need to get your priorities straight.
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This reply was last edited on 03-23-11 05:31:00 PM by emtilt.
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Reply 10 of 30 (Originally posted on: 03-23-11 07:02:13 PM)
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Elope. Then throw a BYOB party. If your parents don't like it, then tell them that the alternative is to pay for it.

Problem solved.
just_dandy
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Reply 11 of 30 (Originally posted on: 03-23-11 07:54:33 PM)
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I can pay it off in a short period of time. I spent the last several months unfortunately unemployed, as was tim. I had had 5000 for the wedding but had to use it in living expenses until I got a job, which I juuuust did. Tim got the same one at the same time. So now we're pulling in a pretty fucking decent amount of money, and could probably have 5000 saved up *by* the wedding, but it's not like I can just buy everything on the wedding day, yeah?

And if I want to be able to put married on fafsa applications and such, I need to get married sooner rather than later if I want to go to school. I'd like to have a wedding. Nothing fancy, honestly. I don't have crazy ideas. I just want something pleasant.

My parents are nice people, but we've been financially divorced since I was 18, and that extends to help with tuition and life in general.
Koalas have sharp claws but they are weak. They all small and fat and they be climing trees. I hope a storm just come while theyjust chilling up in the tree thinking they is hard and they're will all just fall off. They just break they neck and shit. When they fall they claws are going to fall off and they going to be crying like some little bitches.
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Reply 12 of 30 (Originally posted on: 03-23-11 08:00:08 PM)
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So you both just got jobs and you're not finished school? Why not just postpone it until you're both in the financial position to afford the wedding you want?
just_dandy
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Reply 13 of 30 (Originally posted on: 03-23-11 08:24:12 PM)
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... because I want to go to school. In order to get funding for school, I need to be eligible for financial aid, which I'm not, because my parents make far too much money. they don't, however, help with my education. For the most part I've been financially stable. Had 5000 saved up. Then we fell on hard times and have been trying to get jobs. We got them. We're fine now. We just need some money in the short term, so we can do stuff for the wedding now (the day is closing in!). We'd be able to pay it off completely by August.

I just need to know where I'm likely to be able to get the money. I'm going to go into the bank and try to talk to someone about a line of credit tomorrow. Thanks.
Koalas have sharp claws but they are weak. They all small and fat and they be climing trees. I hope a storm just come while theyjust chilling up in the tree thinking they is hard and they're will all just fall off. They just break they neck and shit. When they fall they claws are going to fall off and they going to be crying like some little bitches.
emtilt

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Reply 14 of 30 (Originally posted on: 03-23-11 09:49:34 PM)
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Personally, I'd sign the papers now and then have a nice ceremony down the line when you could afford it.
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Reply 15 of 30 (Originally posted on: 03-23-11 10:09:04 PM)
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Quoted from emtilt:
Personally, I'd sign the papers now and then have a nice ceremony down the line when you could afford it.
Seriously.

Why dig yourself further in debt and/or make things harder on yourself and your soon-to-be husband? It's only going to become a wedge that could potentially drive you apart from each other. If you recently fell on hard times, why go out of your way to make things harder? Clearly you stand to gain significantly as far as financial aid goes if you are married, as opposed to single under your parents financial umbrella, so why dig yourself in a hole just to come out even in the long run? Just elope and have a ceremony and party when your finances rebound.
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Reply 16 of 30 (Originally posted on: 03-23-11 10:28:16 PM)
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Quoted from Sandamnit:
Elope. Then throw a BYOB party. If your parents don't like it, then tell them that the alternative is to pay for it.

Problem solved.


This post made me wish INTL had a like button.

2nd Edit: Kinda gay /\/\

I think the best idea in the world is to start the rest of your life with someone is to dive into debt and immediately put financial strain upon yourselves. This is a bad idea. A better idea is to have a small private ceremony and then begin saving money for the most amazing honeymoon ever on your first anniversary. Your wedding is about you and your husband, not your family. Fuck them, spend your money on yourselves and go to Hawaii and have relations on a white beach if you still love each other your first year.

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This reply was last edited on 03-23-11 10:34:36 PM by Nickolati.
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Reply 17 of 30 (Originally posted on: 03-24-11 02:28:07 AM)
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So you want an expensive wedding, but you can't afford it right now? You answered your own question. If you can't afford it, don't do it. The reason Americans are in so much debt is because we live in this culture of want, want, want, now, now, now, and just charge my Visa! The "grown-up" thing to do is to save the money until you can afford it. In the meantime, get eloped.
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Reply 18 of 30 (Originally posted on: 03-24-11 04:47:01 AM)
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So, to be clear, even if this will be paid of incredibly shortly (within, say, 3 months max), it's still a bad idea? I wouldn't entertain the idea if I thought we'd be paying off our wedding for years, but we live in a $200/month apartment, don't have cable, and not many extras. Basically, most of our money could go toward paying it off afterward and it'd be paid pretty dang quickly. Also, 5000 is probably a pretty high estimate. I could easily do one for a lot cheaper. I'm buying a dress for $150, the venue was all of $60, etc.
Koalas have sharp claws but they are weak. They all small and fat and they be climing trees. I hope a storm just come while theyjust chilling up in the tree thinking they is hard and they're will all just fall off. They just break they neck and shit. When they fall they claws are going to fall off and they going to be crying like some little bitches.
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Reply 19 of 30 (Originally posted on: 03-24-11 07:52:05 AM)
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Quoted from Sandamnit:
Elope. Then throw a BYOB party. If your parents don't like it, then tell them that the alternative is to pay for it.

Problem solved.


This is what I'm doing, FYI.

Of course, my version of eloping is going to Jamaica for a week, but then we're having a big BBQ/beerfest a couple weeks after we get back.

e: You guys should all know not to try and talk a chick down from having a wedding. You're playing with fire.
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Reply 20 of 30 (Originally posted on: 03-24-11 07:58:46 AM)
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While it sounds like you've got some sort of plan for this, you fell on hard times once already, so you know it could happen again during those three months it would apparently take to pay off the loan. Falling on hard times is one thing, but when you're in debt as well, that's just a huge mess. Why not just postpone by three months and pay for it without needing to take out a loan?

If it's just the absolute necessity to get the financial aid for school, then you might as well elope, and have an "official" ceremony/reception/celebration later, as has already been suggested.

You've made your priorities clear, but putting a bunch of risk and stress into it just sounds like a bad idea to me. You can get what you want, so why not do so in a relatively safe and secure way?
how is this for a quote
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Reply 21 of 30 (Originally posted on: 03-24-11 08:02:21 AM)
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Also, why don't you just stop letting your parents claim you as a dependent on your taxes, and then you don't have to count their income on your FAFSA?
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just_dandy
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Reply 22 of 30 (Originally posted on: 03-24-11 08:37:02 AM)
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Quoted from Tonto Goldstein:
Also, why don't you just stop letting your parents claim you as a dependent on your taxes, and then you don't have to count their income on your FAFSA?


they haven't claimed me as dependent since I was 18. I file completely separately. I've talked to the school about it. To be considered independent I apparently have to enlist or get married.. or be 23. I did go the route of trying to appeal, but the one thing my parents do provide is *incredibly good* health insurance, which I desperately need in the time being and that means I can't appeal. It was a circus for a few months while I tried everything I could. Before we got engaged for real we joked about/briefly considered getting married for fafsa reasons because we're both (he's not anymore though) screwed in that aspect.

Also, isn't it true that if you get married in the first half of the year you can file for the entire year as married, or am I mistaken? I have no problem doing the elope-then-wedding-later thing, but I'm trying to consider all of my options.

I do definitely know I want to marry tim, and I know that just as a bonus I can get all kinds of financial help and tax breaks, so it should be done in the first half of the year as originally planned.

and honestly? yeah, a part of me really wants a wedding. not anything fancy, but I'd like my family to be there and I'd like to wear my (albeit cheap) dress and eat cake and celebrate. Tim feels the same.
Koalas have sharp claws but they are weak. They all small and fat and they be climing trees. I hope a storm just come while theyjust chilling up in the tree thinking they is hard and they're will all just fall off. They just break they neck and shit. When they fall they claws are going to fall off and they going to be crying like some little bitches.
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Reply 23 of 30 (Originally posted on: 03-24-11 08:52:49 AM)
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you seriously have no friends / family who can front you a few thousand dollars in cash so you can pay for everything up front and return the money after the wedding?

its such short term, that's most definitely the easiest route.

I didn't say anything about taxes, as I don't know how American taxes work, but I certainly wouldn't mention the money to the man, its not much :S
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Reply 24 of 30 (Originally posted on: 03-25-11 02:01:58 PM)
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200/mo?! man where do you live!

Anyway I, like others in this thread, would probably personally wait for a more convenient time to get married. But everyone has their reasons and it seems like you're set on it, so I'll skip the preaching and just tell you that a line of credit is likely your best bet. The banks will want to hear that you've been employed for x amount of time though, that may be a snag but if you have good credit other than that and an established relationship with your bank (ie, haven't written a bad cheque, generally carry a balance in your account, etc) that will reflect in your favour.

Line of credit would likely be the easiest way, depending on how much you get approved for. They (can) work it in plateaus, like say it starts at a 2000credit limit, you start out with that $ interest, and it goes up marginally when you need to take more money (with a cap at say 5k). So you're rewarded with slightly lower interest for using less of the credit.

I'm not certain if it works the same way for americans as it does up here, but up here your LOC can function in a few different ways, some people get a credit card attached to their LOC, others get it set up with a chequebook... Often the person you talk to at the bank will listen to your needs and suggest something that would work ideally for you, they know better what they can offer and what you may need.
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