So for some backstory, my wedding is in 30 days. This was funded by 1/3 my parents, 1/3 us, and 1/3 my fiance's parents. The agreement was that My parents would pay for flowers, alcohol and the rehearsal dinner cost. We would pay for any additional vendors we wanted, and her parents would pay for the venue cost which came up to about $7k.
Her dad had a big medical emergency come up two months ago, but never communicated that the wedding money was in jeopardy so when we called him yesterday to remind him the payment deadline was today, we were shocked to learn that he was completely broke. He had tried taking out several personal loans but couldn't get approved, and essentially the money was completely up to us.
Now, we have already cut all the corners we can with this wedding, and due to contracts and it being so close, we cannot back out. As of right now, we have a short grace period for the payment with the venue, but so far our best plan is to take out a private loan to cover this temporarily. Here is our plan, and I would appreciate some advice given our circumstances. (I am a recent graduate, credit score 690, decent amount of loans, Fiance is heading into law school, worse credit score then mine because of her student loans)
Right now, the best plan we can think of is to take out a private loan to cover that $7k leveraging her car, trying to find the lowest APR we can (right now lowest weve been approved for is 22%). We have it in writing that her parents will be paying this loan, but due to them being pretty untrustworthy with money, we will use any and all wedding money to cover the majority of the loan ourselves, and collect payments to reimburse us.