I am almost ashamed to write this post. It’s like I’ve failed. But here goes the admission: I cannot afford the rest of the wedding without help.
We have done so well! With our pinching pennies, and a little help from my parents, we have paid for so much but we couldn’t make it stretch to the end. The move and the fact that I am the only source of income for our family right now puts us really behind.
The other challenge is that the last large chunk I have to pay off is the venue, who doesn’t take credit cards. So today I answer the question: How do you get the money you need at the lowest cost to you.
1) Personal Loans from a credit union. Credit Unions typically have the lowest interest rates. However, this is for the couples with stellar credit, and not too many loans out already. If you are going to file for a personal loan, you may want to file together to strengthen your income, provided you both are squeaky clean in the financial department.
Sadly, because I just started my new job, and because of the loans I have out now, I was declined for a personal loan.
Tip: Do not apply for loans at a bunch of different places, it can’t lower your credit score and looks bad to future lenders.
2) Credit cards. This is where you have to be really savvy. The first thing you have to do is search for the best interest-free credit card you can find. I chose Citi Simplicity, no annual fee and 0% APR for 18 months on purchases and balance transfers. Second, ask tons of questions. Make sure you know exactly what you are signing up for.
No interest on balance transfers is key for me in my situation. You can get balance transfer checks in order to pay those vendors that cannot receive credit card payments.
I do not recommend putting a large sum on credit. Remember you do have to pay this sum off in the 18 month period and if you don’t, all the interest you would have accrued during the 18 months will be tacked on at the end!
These are the two best options, in my opinion, to get money at the lowest cost to you. Anyone else have any ideas? I would love to know what you think!