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Affordable Wedding Finance with Personal Lending

by Prosper on 05/20/08

Many years ago, it was a given that the bride’s family would take on the responsibility of paying for the wedding costs.  The groom’s family generally paid for the rehearsal dinner and the honeymoon, but other than that, all other costs were usually taken care of by the family of the bride.

These days, though, things are much different.  Due to inflation and financial difficulties among many families, many engaged couples must pay for at least some of their own wedding costs.

For a small number of couples, this change in how wedding costs are handled hasn’t been a big problem; these people may have solid jobs with significant incomes.  But, for most couples, having to pay for their own wedding costs can be quite a burden.

And, no matter how much a couple tries to economize, wedding costs are certain to be rather sizeable.  From the engagement ring to the wedding itself, from the reception to the honeymoon-all of these costs add up, regardless of how thrifty a couple tries to be.

Even if a couple decides to elope, deciding to skip conventional wedding-related events such as the rehearsal dinner, there are still some hefty costs involved.  Just because you elope doesn’t mean that there isn’t a honeymoon.  After all, there are still rings to be purchased-and no couple wants to buy bargain basement priced engagement and wedding rings, right?

This is where getting a loan can make great sense.  Either member of the couple can get an individual personal loan for an amount that will cover the wedding costs.  And, by getting a loan, the couple can afford to pay for the rising wedding costs.  They can afford to have the wedding they want to have, complete with the exact decorations, food, entertainment, and honeymoon that they want.   And, the couple can get the very best diamond engagement and wedding rings with which to express their love for each other.

And, these days, couples are lucky-they can join Prosper.  Prosper is an online community where people can come to borrow money.  This online lending community is ideal for anyone looking for a loan because it allows a borrower (such as one of the partners of a wedding couple) to choose their own loan.

To get a loan, all a person needs to do is join Prosper and create a listing.  In the listing, the person tells about why he or she needs a loan-in this case, to pay for wedding costs.  Then, lenders will bid to fund the loan…and all the borrower has to do is select the interest rate and wait for lenders to match it.  After a few days of bidding, lenders may even get competitive and offer a better interest rate!

And here is where Prosper can really help wedding couples-after the loan bid is won, the money is directly deposited into the borrowers account within a few days.  This gives instant access to the money…no waiting period, no delays.

Getting an individual online loan with Prosper can really help deal with all of the costs involved in with weddings-it’s quick, easy, and it makes sense.

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13 Responses

g4nz0 | May 20th, 2008 at 12:46 pm

As a Prosper lender, I appreciate the marketing of the service to prospective borrowers.

However, I have reservations when this leads to encouraging young couples to start their married life with additional debt burden.

If you need to borrow to pay for wedding expenses, I would suggest that you skip the expenses. You’ll be happier for it.

LoanChimp | May 20th, 2008 at 1:23 pm

The author of this piece was not fully recongnized for their work.

Certainly the Prosper Blog does not write itself?

lowmagnet | May 20th, 2008 at 1:35 pm

I too, am troubled by this go-into-debt as you start your new life together. After seeing a number of listings from people looking to recover from their debt in a financially disastrous divorce, I tend to think that money is a big factor here, and starting out one foot in the whole together only feeds this problem.

Yankeefan | May 20th, 2008 at 1:58 pm

If you have to borrow to fund your wedding, you’re spending too much!

One of my rules on prosper is to NOT lend for weddings.

Start out in love, not debt. Spend what you can afford on the wedding, so your memories won’t be of how much stress there was paying for the cake and gown for three or more years.

RateLadder | May 20th, 2008 at 5:13 pm


The Prosper Blog operates under marketing. Posts without specific authors are attributable only to the Prosper Blog.

Chrisfs | May 20th, 2008 at 9:18 pm

I would recommend that borrowers look at their overall credit picture before borrowing. A wedding loan with a DTI of 25% or more (I remember one with 50% DTI) is not an attractive listing.

Lazy Man and Money | May 21st, 2008 at 12:20 am

What’s wrong with bargain basement engagement and wedding rings? Titanium bands can be had for $100 or so and look better than platinum or white goal in my opinion.

Chrisfs | May 21st, 2008 at 9:59 am

I know a couple that had a fabulous wedding in a big hall with lots of people and a fancy reception. And I know a couple that had a fabulous wedding at their house, with a friend presiding, reception in the garage with a boom box and tons of take out food. Both were great

pioneer11 | May 21st, 2008 at 7:50 pm

Prosper was not around when I got married. I had to sell my motorcycle to pay for it..sniff..

GetReal | May 21st, 2008 at 8:19 pm

I agree with Yankeefan. All of the trappings of ONE DAY are not worth going into debt over. If it’s “til death do us part”, the honeymoon and fancy rings can wait.

JV | May 22nd, 2008 at 1:42 pm

Absolutely Terrible Advice!

If you wonder why there are thousands of Americans in over their head due to the home price slump, it is this type of attitude that creates it. Giving advice to young people that if your parents can’t help you with your wedding, go into personal debt to impress your friends and family is a horrible recommendation. This the attitude the made people borrow against their house to buy cars/HDTVs/vacations they couldn’t afford, just becasue they wanted to live beyond their means to impress others and credit is easy to get. My advice to young people, if you don’t get help with your wedding from parents, do it within your means today and celebrate big on a 10/15/20-year anniversary when you have more income down the road. Don’t start out life in a ‘heap’ of trouble.

g4nz0 | May 23rd, 2008 at 9:13 am

I am one of those people who hate payday loans not because they lend at outrages rates, but because they market loans for the wrong reasons.

To me, this blog post borders on the marketing tactics payday lenders use and I hope Prosper backs away from this strategy.

I was under the impression that Prosper was about responsible borrowing and lending. In my opinion, this blog does not promote responsible borrowing/lending.

Frugal Babe | May 26th, 2008 at 10:55 pm

I have to agree with most of the comments here – going into debt for pay for a wedding is a very bad idea. A wedding is not an investment. It only lasts one day, unlike the debt that can take years to pay back. My husband and I eloped, and I have a ring with a man-made diamond in it that gets compliments all the time (people actually tell me that they’re impressed with what a good quality diamond it is – we got it for $230). Starting off your married life with wedding debt (on top of the credit card debt and student loans that a lot of people have) is a big bummer. Don’t do it.

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