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

B

BeachBride

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Well I guess the best way to fund a wedding is actually to save for it but my partner and I are both unemployed at the moment and I honestly don't think we will be able to save. It seems as soon as we get a bit of money together something happens to rip a chunk out of our savings.

So I seriously think the best way to finance our wedding is to borrow. We will need to borrow €4 - €5k and the idea is to pay that back over 5 years. But, with both of us out of work the chances are probably extremely slim that we will be able to borrow.

Does anybody have any experience of borrowing for a wedding, especially a similiar amount, while unemployed? Is it possible at all or will we get nothing but doors closed in our faces? If it is possible which avenue do you think would be likely to be the most suitable; credit union loan, personal loan, or even credit card? (Credit card seems a bit 'out there' but I have heard it suggested on money saving websites.)

Bottom line; we are looking for a €5k loan, repayable over 5 years and (of course) with the lowest rate of interest possible. It might not matter a jot that it's for a wedding but I thought maybe it would because it's very much a one-off 'purchase'. I'd appreciate people's thoughts and suggestions, even if your thoughts are 'you're crazy'!
 
The household income is €17,784 pa because we are not getting any help with the rent. If we were, the annual household income would be €21,364.
 
I think it is utter madness to want to spend that much money when you are unemployed. It is a luxury you cannot afford and paying interest on a debt will further reduce your future income.

You can get married without a wedding or you can wait till your situation improves. You need to get out of a debt seeking mindset.

(Credit card seems a bit 'out there' but I have heard it suggested on money saving websites.)
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PS. I'd stop reading money saving sites that have suggestions like that.
 
Bad idea to borrow especially if unemployed but if you are determined to do so then a credit union is your only hope. You will find it impossible to get a bank loan or credit card without an income other than social welfare. The credit union might, just might, look at it more sympathetically (madness in my opinion but I don't make the rules!). You would need to build up a savings record with them first.
 
What is the breakdown of your costs to arrive at 5k?(Because I know my wedding didn't cost anywhere near that amount)
 
Without casting any aspersions on your wedding plans, and I do agree that all women would love to have an all singing, all dancing wedding with strings and bows etc. But the important question is quite simple -- are the two of you happy ? If so, a small ceremony should suffice -- get married and enjoy the rest of your life. Personal happiness is the order of the day !! If you want to fill family and friends with drink, let them treat you.
 
BeachBride said:
...So I seriously think the best way to finance our wedding is to borrow. We will need to borrow €4 - €5k and the idea is to pay that back over 5 years. But, with both of us out of work the chances are probably extremely slim that we will be able to borrow.
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Have you considered that your guests may gift you up to €100 each? If you invite 100 adults, you may expect €5k-10k in gifts etc. This is not, of course, a reliable calculation but someting to think about.
 
Berni said:
If you're not able to find the money now to save, where is it going to come from to pay back the loan?
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We find the money to pay bills, but everytime we get spare money something happens to demolish an extra money.

vandriver said:
What is the breakdown of your costs to arrive at 5k?(Because I know my wedding didn't cost anywhere near that amount)
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2 weeks in the Carribean plus clotehs and rings fdor us both and then a minister and licence fee.

mercman said:
Without casting any aspersions on your wedding plans, and I do agree that all women would love to have an all singing, all dancing wedding with strings and bows etc. But the important question is quite simple -- are the two of you happy ? If so, a small ceremony should suffice -- get married and enjoy the rest of your life. Personal happiness is the order of the day !! If you want to fill family and friends with drink, let them treat you.
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Really don't want to get married over here for loads of reasons!

Slim said:
Have you considered that your guests may gift you up to €100 each? If you invite 100 adults, you may expect €5k-10k in gifts etc. This is not, of course, a reliable calculation but someting to think about.
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There won't be any guests.

Thank you everyone for your replies. I'm not being short, I'm rushing out the door right now to a doctor's appointment for my baby. All comments welcome!
 
So you're basically looking for advice on how to fund a 2 week holiday in the Caribbean?
Do you really think that's advisable? Would you not rather have that money available for spending on your child?
 
I think you'd be mad to get a loan to fund a 2 week holiday to the Caribbean. Do a small registry wedding here and go on a small trip with your child. €25 a week may not sound like a lot to be paying back each week but i really think you'd be better saving it for your child and your future.

Children get more expensive as they get older, i don't know how old your child is, but i can guarantee that €25 every week will come in handy for school stuff, pocket money, phone credit and all the rest that goes with having the little treasures.
 
Please don't take this personal, because its not intended to be, but going to the Caribbean while on social welfare sounds like a crazy idea.

Myself & my gf can't afford to get married, and we're both in what would be considered to be good jobs.

The fact I'm also indirectly paying towards the countries massive social welfare costs, through the extortionate amount of taxes I pay, also springs to mind here.

Do you really need a piece of paper or a ring to be happy?
 
I don't remember asking for opinions regarding our intentions! Just advice on borrowing €5k while unemployed. Thank you to the one person who suggested Credit Union.
 
I know it's your life and hopefully this partnership is for life, but it would be crazy in my opinion with a household income of 17K to blow 5 grand on a 2 week event at this point in your life. If you want and need to get married then suggest a low key affair closer to home (great value nama hotels too) with a resolve do the Caribbean thing when you get back on your feet properly. It's not about being mean or mean spirited, it's common sense your already hard life will be made no better. As for borrowing under these experiences your gut feeling should tell you the answer, very, very hard and there is no such thing as cheap credit anymore.
 
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