Need some info on personal loans

[blunomore]

Some excellent advice given in this thread. Why do people want to spend that much on something so trivial?

It is not the wedding that matters, it is the marriage.

 

[dyanamo]

To answer the op's question: Go get a loan at one of the big banks (Absa/FNB/NedBank/Standard or Capitec). The higher the loan the lower the interest. The higher your income the lower the interest. They will check your affordability first to see if you can repay them comfortably. I have a 130k loan at 14.5%. I am paying back about 195k over 72 months. My repayments per month are 2696.96. You will also need to motivate and banks see weddings as good motivation. Im with ABSA. On a side note I had to reduce my Credit Card max amount with them which i was fine with. R59k to R5k.

 

[F1 Fan]

Got married six months ago, living on a budget, and luckily other than our home loan, we are debt free. Had we had any debt, it would have put major strain on our relationship.....so I would wait if I were you....

 

[Ancalagon]

Rather take everyone to spur if you have to!

I hate it when people make photos the focus of a wedding.

 

[^^vampire^^]

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.

The only time a loan is ever acceptable is:
* if it is to get a car which you require to do a job or gain income if you really can't afford one and a bus won't suffice. A Hyunadai Atos is acceptable here, a BMW 320i is not a necessity and a waste of money and creates debt. If you can't afford the Atos you definitely can't afford the BMW
* To buy a house as it is basically impossible to finance this yourself.

Any other time is for crap you don't need and you should not be getting a loan for it. If you can't afford you do without!

The wedding you wanted or the debt you wind up living with?
1 day and (hopefully only) 5-10 years repayments or 3-5 years saving.

Weddings have just become a faux to try and impress people you more than likely don't like/haven't met/don't actually give a **** about you/you don't give a **** about and show off all the money you (don't actually) have.

Anybody that encourages you in any way to get a loan ever is an absolute clown and should not be trusted/listened to.

 

[MisterBigglesworth]

When I was 19, I didnt have enough money or a decent credit record to finance a car. They would, however, grant me a personal loan of R20 000. One of the biggest mistakes I have made to date was taking out that damn personal loan. Over the 5 years payment plan, I made the last payment and checked how much I paid in total. It came to R34 000. So to borrow R20 000, it cost me R14 000.

Stay away! Financially not in the best place now...but not a chance in hell I will ever go that route again, no matter how bad things get. Hell...I would even be a waiter again for extra cash than borrow money from a bank...

Dude...stay away from personal loans!!! You have any idea how much interest you would have to pay back over the loan period? For that amount you want to borrow...I dont even want to know!! :wtf:

 

[RexxGrim]

When I was 19, I didnt have enough money or a decent credit record to finance a car. They would, however, grant me a personal loan of R20 000. One of the biggest mistakes I have made to date was taking out that damn personal loan. Over the 5 years payment plan, I made the last payment and checked how much I paid in total. It came to R34 000. So to borrow R20 000, it cost me R14 000.

Stay away! Financially not in the best place now...but not a chance in hell I will ever go that route again, no matter how bad things get. Hell...I would even be a waiter again for extra cash than borrow money from a bank...

Dude...stay away from personal loans!!! You have any idea how much interest you would have to pay back over the loan period? For that amount you want to borrow...I dont even want to know!! :wtf:

Loan of R100k @ 15% per annum

Repayment of +-R2400 per month

Total payments of R143k

so R43k in interest over 5 years.

 

[giovannidc]

Thanks for the advice and concern guys. Think I'll stay clear of this option.

I am curious however and I'll use the above example of taking a loan of R100K @ 15% for a period of 5 years. My total repayment is R143K. But what if I repay the entire loan back in 3 months, do I still owe the 43K or do i just pay the interest for the 3 months?

 

[deweyzeph]

Thanks for the advice and concern guys. Think I'll stay clear of this option.

I am curious however and I'll use the above example of taking a loan of R100K @ 15% for a period of 5 years. My total repayment is R143K. But what if I repay the entire loan back in 3 months, do I still owe the 43K or do i just pay the interest for the 3 months?

No, but you might be liable for an early repayment penalty. Check the fine print.

 

[Chevron]

Thanks for the advice and concern guys. Think I'll stay clear of this option.

I am curious however and I'll use the above example of taking a loan of R100K @ 15% for a period of 5 years. My total repayment is R143K. But what if I repay the entire loan back in 3 months, do I still owe the 43K or do i just pay the interest for the 3 months?

Think that depends on the type of loan.

If you tell the bank you plan to pay it off in 3 months they may increase you interest rate. So word your questions carefully.

 

[MisterBigglesworth]

Loan of R100k @ 15% per annum

Repayment of +-R2400 per month

Total payments of R143k

so R43k in interest over 5 years.

O...M... nut sack! :wtf:

Thanks for the advice and concern guys. Think I'll stay clear of this option.

I am curious however and I'll use the above example of taking a loan of R100K @ 15% for a period of 5 years. My total repayment is R143K. But what if I repay the entire loan back in 3 months, do I still owe the 43K or do i just pay the interest for the 3 months?

I asked the same question, settling early like 8 months...the penalty amount was not worth it...

 

[Sly21C]

I only read the original post. To the OP, times are changing and it's time for people to stop spending a lot of money on lavish weddings. I'd rather get a home loan to buy a house than to have a 3 day ceremony. Why be in debt for something that you want rather than something you need? A wedding ceremony is a want, not a need. People should start differentiating between needs and wants. If we do that the country wouldn't be in this mess that we are in, i.e. heavily indebted households.

 

[Dolby]

How do you get such low interest rates on your personal loans?

 

[zippy]

Thanks for the advice and concern guys. Think I'll stay clear of this option.

I am curious however and I'll use the above example of taking a loan of R100K @ 15% for a period of 5 years. My total repayment is R143K. But what if I repay the entire loan back in 3 months, do I still owe the 43K or do i just pay the interest for the 3 months?

if you can repay 100k loan in 3 months, then you dont need a loan. Just wait 3 months..... and save yourself 3months worth interest.

 

[Cool E]

if you can repay 100k loan in 3 months, then you dont need a loan. Just wait 3 months..... and save yourself 3months worth interest.

Remember after the wedding he will be loaded with gifts and cash.

 

[F1 Fan]

Remember after the wedding he will be loaded with gifts and cash.

Not a certainty so you can't plan like that.

 

[Beachless]

Not a certainty so you can't plan like that.

Maybe the new wife will go work in the potato fields to repay the loan.

 

[Slootvreter]

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.

What's so hilarious about renting a house and being married?

 

[deweyzeph]

What's so hilarious about renting a house and being married?

It's hilarious when you do it after borrowing R100k to finance your wedding.

 

[Slootvreter]

It's hilarious when you do it after borrowing R100k to finance your wedding.

Hey it's not me doing it

But even with a R100k deposit on a house, who says the bond repayments will be as affordable as rent?