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Dealing with the Financial Strain of Weddings

by Prosper on 05/26/08

These days, many couples who are planning to get married want to pay for the wedding costs themselves.  After all, some couples are getting engaged and married later in life, rather than in their early 20′s.  Therefore, a great number of these men and women have well-developed careers with substantial incomes — so, they feel that they should pay for their own wedding costs.

This usually comes as a relief to the bride’s family, as most people are simply not in a financial position to easily afford to pay for a wedding and the bride’s family has traditionally been responsible for the wedding costs.

So, this arrangement works out well for everyone involved — at least at first, anyway.

Marrying couples feel the financial strain of paying for all of the wedding costs.  Costs quickly add up to the point where they can become stressful.  Very few things associated with weddings are inexpensive… most are quite large budget-drainers.  To make matters worse, it has been suggested that vendors price gouge anyone that they think is planning a wedding.

Couples don’t want to head to their families and ask for money, for a couple of different reasons.  First of all, the couples realize that their families really cannot afford to help out with the wedding costs.  Secondly, couples may feel as if going back and asking their families for monetary help would be like stepping back into their childhood when they would ask Mom and Dad for cash.  It just isn’t a good feeling as an adult to go back to your parents to ask for financial assistance.

Instead, couples often opt for obtaining a loan.  Prosper is a great place to get that personal loan.

Why Prosper?  Well, Prosper is an active online community where lenders and borrowers meet.  Marrying couples can join Prosper as individuals and get an individual loan for the amount they need to cover the wedding costs.  This way, they can still pay for their own wedding costs without turning to their families for assistance.  If their families want to help they can join Prosper as a lender and help by bidding on the loan and giving an endorsement as a friend.

Getting a loan through Prosper is simple and quick, too.  Borrowers simply need to join the community and post a listing telling why they need a loan.  Then, lenders make bids for the loan.  The borrower gets to choose their interest rate, and most loans close within a few days (listings are 7 days in duration.)  The loan money is then directly deposited into the borrower’s bank accounts.

This can be immensely helpful to marrying couples.  After all, applying for and receiving bank loans can take a great deal of time and effort.  Wedding services don’t wait for their payments – they want significant deposits and payment prior to delivery.  In addition, a borrower may be able to acquire interest rates through Prosper that are much better than those they could get at their local banks.

Prosper loans are incredibly convenient to repay as well.  Automatic payments are set up through the borrower’s bank account.  This is a great feature for newlyweds because – let’s face it – their minds aren’t likely to be focused on bills, are they?

Marrying couples who are in need of financial help should definitely consider joining Prosper and borrowing an individual personal loan.


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2 Responses


Chrisfs | May 26th, 2008 at 5:57 pm

Isn’t this a repeat of the post about 3 posts down?
A wedding can be an expensive thing, but the wedding couple really need to look at their income and see how big of a wedding they can afford without going into lots of debt for a couple years. There may be unpredictable events. Moves, job losses, and it’s better to keep debts low so you can respond to those events. Look at your debt to income ratio before getting a wedding loan.


RateLadder | May 26th, 2008 at 11:36 pm

They are in fact different posts, but they do have a similar themes… The Prosper Blog is moving in the direction of theme based writing.

Prosper News will take a priority as it always has, but you can expect themes on a weekly basis or biweekly basis that are relevant to the time of the year, major events, holidays, P2P lending, or social lending.


posted in Prosper News 2 comments »

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Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.