Need some info on personal loans

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giovannidc

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Hi guys, I'm looking at getting a personal loan of R100k-R150k. I would normally never consider a loan as I would just save my money until I had acquired the amount I needed. Don't spend what you don't have is what I've been taught.

Unfortunately this time I do not have enough time to save up as I'm getting married in a few months and the financing of this event has fallen completely on my shoulders. I've never borrowed money before so I could do with some advice.

What do I need to look for and be aware of. Any recommended financial institutions I could approach? And institutions i should just stay clear of? What type of questions do I need to ask?

Thanks in advance.
 
Hi

I work in the industry and see stupid people come through our doors all day everyday looking for loans.
Just don't!

I really can't understand why people take out loans for weddings. My friends have done it and are now paying off R100k for their wedding while paying off other personal loans, car loans, rent etc. They have lived their whole life in debt and are just digging themselves in deeper and deeper. While I own a car and house, they are still paying off mountains of debt and I'm one person; they are 2. This should illustrate just how bad loans and debt are.

The best option is to wait. If your spouse cared about you at all as well as your family and family-to-be, they will understand if you put the wedding off for 1, 2 or even 3 years. No doubt you more than likely won't take this advice but it's your choice.

Just remember that if you get retrenched or something happens to you (and with most people when one little hiccup occurs), you will probably miss payments and then need debt counselling and will then be paying off debt for most of your life - I see it all day everyday!

Don't spend what you don't have is what I've been taught.
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Exactly this -> you don't have the money so you don't have a wedding - end of the story if you're smart.
 
Cancel the wedding, or postpone it until you have the money.


The WORST possible way to start a longterm relationship would be with -R150 000 + Interest.

How did it magically "fall" on your shoulders"? If someone else is pushing it onto you simply tell them to bugger off until it's possible.

Especially if you are doing a prenuptial because then all that credit is yours and yours alone.

*****

Also 150k for a wedding is absolutely insane, especially so if you don't even have the money to begin with.

Scale it down, you can do it for <50k.
 
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You'll have a rad wedding but you will fight with your wife every single day from day 2 of being married, and the thing you will be fighting about is this massive debt that you have at such a high interest rate. Not worth it for one day imo.

I would suggest that you sit down and have an honest conversation with your fiance (congrats btw!) about exactly how much you can afford in real world. It is so important to remember that the significance and intimacy and quality of your memories will actually have almost no correlation to how much you spend on facilities and services.
 
Just don't. You're crazy to borrow so much money for a wedding. If your bride-to-be insists on such a lavish wedding that you need to borrow so much money to finance it then you're marrying the wrong woman. Go get married at Home Affairs if you have to.
 
Don't make debt for a wedding. Rather elope.

EDIT: Simple rule. If you pay for the wedding, you have the say in the wedding expenses. Doesn't matter what she says. And if the Monster-in-law flies in from the side on her broom, tell her there is a cover charge for her and her family. :p But seriously, don't make debt for a wedding. It will add additional strain on your marriage. Trust me, I've seen it too many times.
 
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AlmightyBender said:
You'll have a rad wedding but you will fight with your wife every single day from day 2 of being married, and the thing you will be fighting about is this massive debt that you have at such a high interest rate. Not worth it for one day imo.

I would suggest that you sit down and have an honest conversation with your fiance (congrats btw!) about exactly how much you can afford in real world. It is so important to remember that the significance and intimacy and quality of your memories will actually have almost no correlation to how much you spend on facilities and services.
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+1

This will put HUGE strain on your relationship (if you have a normal paying job and trying to pay that mofo, except if you have rich parents/spouse).

R100k could rather go towards a house. Fck the wedding. In a months time nobody remembers the wedding, execpt for you guys.
 
giovannidc said:
Hi guys, I'm looking at getting a personal loan of R100k-R150k. I would normally never consider a loan as I would just save my money until I had acquired the amount I needed. Don't spend what you don't have is what I've been taught.

Unfortunately this time I do not have enough time to save up as I'm getting married in a few months and the financing of this event has fallen completely on my shoulders. I've never borrowed money before so I could do with some advice.

What do I need to look for and be aware of. Any recommended financial institutions I could approach? And institutions i should just stay clear of? What type of questions do I need to ask?

Thanks in advance.
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So what you're actually telling us is that you can't afford to get married now and you're not sure how to tell the fiancee?
 
TelkomUseless said:
+1

This will put HUGE strain on your relationship (if you have a normal paying job and trying to pay that mofo, except if you have rich parents/spouse).

R100k could rather go towards a house. Fck the wedding. In a months time nobody remembers the wedding, execpt for you guys.
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ANother possibility: what if she dumps him after wedding?
 
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Cool E said:
ANother possibility: what is she dumps him after wedding?
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Didn't want to say that out loud :D

But normally kids follow very soon (depends on age of couple). Then the expenses start going thru the roof.
 
giovannidc said:
Hi guys, I'm looking at getting a personal loan of R100k-R150k. I would normally never consider a loan as I would just save my money until I had acquired the amount I needed. Don't spend what you don't have is what I've been taught.

Unfortunately this time I do not have enough time to save up as I'm getting married in a few months and the financing of this event has fallen completely on my shoulders. I've never borrowed money before so I could do with some advice.

What do I need to look for and be aware of. Any recommended financial institutions I could approach? And institutions i should just stay clear of? What type of questions do I need to ask?

Thanks in advance.
Click to expand...

So you're not gonna rather use that cash for a deposit for a house?
 
The three rings of marriage:

First you get the engagement ring. Then the wedding ring.. and if you go through with this loan... then comes the suffer-ring
 
Cool E said:
maybe he is still staying with the parents
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Getting Married, but renting or staying with parents is hilarious.

he must rather tell the wife spend a weekend in Vegas and get a house.
 
"Honey, the peeps on mybroadband said taking a personal loan for our wedding is a bad idea."

New Thead: Need some info on how to reattach ball sack.
 
While none of the 'advice' given above is wrong, one often finds one's self in a situation where a loan is necessary. In order to get married 5 years ago we both took out revolving loans (of almost equal amounts) to cover the costs of everything. While the loans took us a couple of years to repay the memories they paid for are priceless.

If you can afford the repayments plus additional payments for early settlement then I say go for it. You will only regret not having had the wedding you both wanted. While I don't subscribe to the whole YOLO philosophy I do believe one still needs to be able to look back on one's life and feel you made the right choices, at the right time, for the right reasons.

You can apply for a revolving loan at your bank and of course you can shop around the banks for the best interest rate.
 
I'd say only consider the loan if you already own property.
 
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