Where can we borrow €5k for our wedding while both of us are unemployed?

[Janet]

It seems as soon as we get a bit of money together something happens to rip a chunk out of our savings.

Situation one: you save for your wedding, emergency happens and you need to use part of your wedding savings to cover emergency so wedding postponed (again). But, emergency dealt with and life goes on.

Situation two: you take out loan for wedding, emergency happens - how do you pay for emergency? Can't save much because spare income is already spoken for in repaying the loan so you don't have an emergency fund (which, if you read money saving type website, you will know it is essential to have). Maybe you have to borrow money to deal with emergency, where from? Anyway, say you do manage to borrow it from somewhere. So, emergency dealt with and life goes on with you now having two separate amounts to pay back each month. And what happens the next time an emergency comes up?

I know you decided that you were just asking for advice on where to borrow money while unemployed but you really need to try to get out of this mindset. I was stuck in it for many years, and have ended up taking even longer to get out of debt than I should have because of it. It's also amazing how I would use credit to pay for some emergency and realise a year or two later that it really wasn't an emergency after all - your priorities do change when you accept your true financial situation. I'd suggest opening another credit union account and starting to save for your wedding there. Make it off limits for really anything but dire emergencies and see how far along you get. At the same time, even though it will take you longer to achieve your goals, save the same amount in your existing CU account to have as your emergency fund. Or save 1,000 for emergency fund, then start saving for wedding, for example.

By the way, you've said a couple of times that getting married in Ireland would be too much hassle (or something like that). You should start another thread on why that is - I bet you people here would be able to come up with lots of creative solutions. Like, if it's because of family, just go and get married in the registry office and then get some photos done with a Carribean background - still lots cheaper than going there. I suggest that only because I have a friend who did go to Jamaica to get married (to avoid the costs of a huge family wedding as well as avoiding the necessity of inviting hundreds of relatives she had no interest in seeing) and most of her photos, gorgeous though they were, were so idyllic that they really did look fake at first glance.

 

[Brendan Burgess]

get some photos done with a Carribean background - still lots cheaper than going there.

I saw that suggestion in the handy hints column of Viz. magazine once. Where can you get this photography service in Dublin?

You could probably go on a round the world (photographic) tour.

 

[flattea2]

On a 5k loan over 5 years you will pay back approximately 6660 over the course of the 5 years at approx 111 a month.

If you save 111 a month you will have 5k saved in 45 months ie less than 4 years. You will also have avoided the interest cost (1.6k) plus access to funds for a rainy day.

Make an effort to bump that 111 to 200 a month and you will have the wedding paid for in just over 2 years. Or just bump up a little to 150 would give you 5k in 33 months.

Wedding and Financial decisions are separate processes involving different emotions. You make decide the emotional benefits of getting married now and taking this loan are worth it rather than wait.

The financials say wait, the emotions may say get married now. Only you can decide which is more important.

Edit:
Just read the op again, I'm curious when you say this though:
" I honestly don't think we will be able to save."

So what makes you think you can pay the loan back then? I'm not picking at you, but if you say you can't save it what makes you think you can repay borrowing it considering borrowing will be a bigger monthly outlay than saving?

 

[Leo]

So what makes you think you can pay the loan back then?

I think that's the key issue here. If you can't afford the repayments, will the marriage survive the pressure of ever increasing debts? Will you be back in a few years seeking advice on how to get a divorce on the cheap?

 

[BeachBride]

I didn't want to give away too much personal info in case it made us identifiable but at this stage, feck it. The idea was to visit some of his family while we were there. He's originally from Martinique and he doesn't exactly get back very often. We'd like our child to meet some more of that side of the family.

 

[Brendan Burgess]

So you are asking a Credit Union to lend €5,000 to

• two unemployed people
• who have no savings
• who are unable to save
• one of whom is not from this country
• to go on a holiday to the Caribbean
• to get married while they are there?

 

[Ezdezat]

Nonsense.

Ok we can afford to get married. Let me rephrase - we have other things more pressing to pay for than a 5k holiday in the Caribbean, or a wedding party. The OP asked for opinions and mine is if she is unemployed and with no other income, she can't afford it. That was the point.

 

[Ezdezat]

You can surely afford to get married. It doesn't cost much. (Wedding parties are of course a different affair).

Your second point is irrelevant. Everyone pays taxes.

On the first point see my last post.

On the second, not entirely. Everyone pays taxes, a huge chunk of which funds a social welfare system, which is there to allow people an income with which to live, pay for necessities, etc. Again my point is that I think the OP should use her income for more practical uses.

Apologies to Beachbride if my original post wasn't clear. It wasn't meant as a personal attack, I just think that borrowing 5k over 5 years in her position isn't a good idea. She did ask for opinions....

 

[TommyB]

Only in Ireland could two unemployed persons be seriously considering a €5k holiday to the other side of the world.

 

[Boyd]

This thread is a joke. There is zero hope of any institution lending you 5k in these circumstances.

 

[MrEarl]

Only in Ireland could two unemployed persons be seriously considering a €5k holiday to the other side of the world.

I agree.

Infact, I'd go a step further and suggest people would be more willing to assist with helping to raise the €5k, if the funds were being used to help the couple relocate to a new country to start again ... try and find work etc.

Regards

Mr. Earl.

 

[browtal]

Loan for Wedding

I recall that in 1990 when Ireland played in Italy in the World Cup and a great number of Irish Fans travelled to see the matches.

It was funny to see so many return home before the final round because they had to return to work, while the unemployed stayed on to see the matches.

I wonder who suffered. I hate to think as a tax payer that I am supporting these people with little common sense.
I have worked without break all my life and now am seeing the Government stealing from my Pension Pot and cutting back on the services that I should have available to me.
Browtal

 

[Gerry Canning]

BeachBride;

I wish you both well , BUT please do not borrow for the wedding. With being unemployed the repaying of k5 for years on the wedding would hang very heavily on you both.
Ask you both this; If you cannot save today for a future wedding ,how can you figure you can repay after?

 

[Dermot]

I would also wish you both well but I have a question mark in my head about the maturity of your thinking.
There is not a hope of any institution lending you 5k and it would also be for your own good.
Adjust your expectations to what you can afford and not what you think you can afford.