It's undeniable that sometimes life does not pan out the way you expected. You get to have unexpected bills, unexpected turn of events due to health issues, death and job loss. These things might cause you to take loans and for good reason. However, there are certain events that I personally feel we should be wary of when considering to get loans to sponsor them.
Weddings are one of them. Many people have their idea of what their wedding should look like. They've probably dreamed for years about the decor, the dress, who they will invite, the guest artist and so on. These dreams are fantastic and not harmless. It is nice to dream, if not how would you discover how much you could achieve something. However just as dreams sometimes seem to be far from our realities when we wake up, wedding dreams can also be our of reach of our budget. And I understand that something you've held on for so long can be hard to let go. The question now though is, is it wise to spend your savings on a wedding that will last for a day just to fulfill a fantasy?
Is it wise to take a loan at all for this event? I won't say the answer is a solid NO even though I'm tilting more to this opinion. It of course depends on whether you can afford to pay back within a very short time and what exactly you're hoping on to be able to pay back this money. Are you generally financially stable? Do you have a job? Again you need to be open with your partner about what you can actually afford. Some men single handedly take out all the loans and then bring the debt they were not open about to their wives to handle. Maybe if she'd known you were borrowing for the event, she would have said no to a lot of things just to cut costs.
It is definitely unwise to take a loan if you do have know what money you're hoping on getting to pay back the loan. Or even have a concrete payment plan of the amount. If you're already deep in debt, it's even more reason to probably hold off the wedding till when you can afford it, because really what point is there if you've taken so much already from the bank and friends and family and exhausted the places you normally would turn to for a quick loan if you don't pay them back? Those people will be less willing to lend to you anymore.
Also, consider that you're starting a new life and especially consider that you're starting a young married life where you want to be able to come home to a relaxed atmosphere. The tension and pressure of multiple loans or even one huge loan hanging over your head is not going to help you feel at ease. And that's how fights over money begin.
So in the end I recommend that rather than borrowing, perhaps postpone till you're more stable financially and if you don't want to do that, ateast cut your expenses in a way that does not have you repaying a debt over many months or years. Better to do these fancy things at a later date and build your life today in peace.
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