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Posted in Saving Money
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Robyn2992

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Applying for a personal loan
My fiancée and I are getting married in August and we were wanting to take out a personal loan of $5,000. Some people have told us not to go into marriage in debt. We feel that it would help our credit if we took out a loan. We have no other way to pay for this wedding without waiting a year or two or getting a loan. So my question is should we take out a small loan or just save?

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If you booth have decent credit scores..

Rather than taking a loan, I would suggest that you apply for a Joint credit card. Many banks are offering 0% cards for 12 to 15 months now. It may not give as long to pay off but its better than paying the interst. Plus it will help both of you build a thicker file.  If you don't have the score to get a card, chances are that you would be denied for a loan or you would0 pay much higher interest rates. 

I also suggest that you have a joint e-banking account that you both contribute to for paying the household bills. 

Congrats on the wedding and Good Luck

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