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I you received a GMACH loan, how much did you pay monthly?
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amother




Babyblue


Post  Thu, Feb 07 2019, 2:45 pm
Hi
If you received a loan for making a wedding. what were the terms? like you paid back how many $ per month for how many months? I'm trying to figure out how lucky we will be and make sure he lends us the max for a low monthly payment - it's our chasidus - afiliation gmach - so I hope they will give a generous loan
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aliavi




 
 
 


Post  Thu, Feb 07 2019, 3:59 pm
Getting the max shouldn’t be the goal. It should be sticking to what you can afford.

Mazel tov on the engagement!
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amother




Gold


Post  Thu, Feb 07 2019, 4:15 pm
We took out a gemach loan to pay off our financed car. We still owed 6k on the car. DH paid about 1000 and took out a loan to be paid back 200/month in 2 years. We had been paying monthly payments of 250 on the car so this was easier.

You're in a completely different situation. Taking out a gemach loan with no plan of how to pay it back is irresponsible at best and geneiva at worst. I know someone who lost a lot of money recently when a gemach closed down due to the people who didn't pay back their loans.

Rather fundraise or shnorrer than take out a loan (of people's hard-earned money) that you have no means of paying back. This way no one's money is lost (it's tzedaka).
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amother




Lime


Post  Thu, Feb 07 2019, 5:11 pm
This is probably not what you want to hear but I think it's fiscally irresponsible to take out a loan to finance a wedding.

You take out a loan to fund items that contribute to your long term economic well being like education or for a home. Or unfortunately a loan to fund an unexpected expense that must be paid like a medical emergency.

You don't take out a loan to fund a discretionary expense like a wedding, a vacation or furniture.
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amother




Amber


Post  Thu, Feb 07 2019, 5:17 pm
amother wrote:
This is probably not what you want to hear but I think it's fiscally irresponsible to take out a loan to finance a wedding.

You take out a loan to fund items that contribute to your long term economic well being like education or for a home. Or unfortunately a loan to fund an unexpected expense that must be paid like a medical emergency.

You don't take out a loan to fund a discretionary expense like a wedding, a vacation or furniture.


The gemachs are willing to lend for a chasunah. They will not lend money for education or a home. So your opinion is kind of irrelevant.
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amother




Lime


Post  Thu, Feb 07 2019, 5:19 pm
amother wrote:
The gemachs are willing to lend for a chasunah. They will not lend money for education or a home. So your opinion is kind of irrelevant.


Just because you can take out a loan doesn't mean it is economically prudent. I don't care if the loan was coming from the man in the moon - I wouldn't take out a loan from any source to fund a wedding and I think it's a poor economic decision to start off with debt to fund a one night party. Have a wedding that one can afford - you will be just as married for the rest of your life.

Economic advice is that loans should only be taken out to fund as I specified - education; an asset like a house - or a necessity like a car.
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amother




Goldenrod


Post  Thu, Feb 07 2019, 5:23 pm
amother wrote:
Just because you can take out a loan doesn't mean it is economically prudent. I don't care if the loan was coming from the man in the moon - I wouldn't take out a loan from any source to fund a wedding and I think it's a poor economic decision to start off with debt to fund a one night party. Have a wedding that one can afford - you will be just as married for the rest of your life.

Economic advice is that loans should only be taken out to fund as I specified - education; an asset like a house - or a necessity like a car.


This issue is totally cultural. It is the norm in some communities that parents borrow from a Gmach to pay for their children's wedding. This is done to preclude a 'disaster', as the majority of the parents in those communities are unable to pay the exorbitant costs involved.

Yes, it's a totally ridiculous, unrealistic and improper approach. But that's for a spin off.
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amother




Amber


Post  Thu, Feb 07 2019, 5:25 pm
amother wrote:
Just because you can take out a loan doesn't mean it is economically prudent. I don't care if the loan was coming from the man in the moon - I wouldn't take out a loan from any source to fund a wedding and I think it's a poor economic decision to start off with debt to fund a one night party. Have a wedding that one can afford - you will be just as married for the rest of your life.

Economic advice is that loans should only be taken out to fund as I specified - education; an asset like a house - or a necessity like a car.


You're obviously from a different community than OP and I. We think this is an important "one night party" and we take out gemach loans to fund them, if necessary.

So again, your opinion is irrelevant.
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amother




Gold


Post  Thu, Feb 07 2019, 5:29 pm
amother wrote:
This issue is totally cultural. It is the norm in some communities that parents borrow from a Gmach to pay for their children's wedding. This is done to preclude a 'disaster', as the majority of the parents in those communities are unable to pay the exorbitant costs involved.

Yes, it's a totally ridiculous, unrealistic and improper approach. But that's for a spin off.

It's not for a spin-off; it belongs right here! OP and everyone in OP's community needs a change in mentality. We have to say the buck stops here. I borrow what I can afford and beg for what I can't. Or don't beg.

But, as I posted before, taking out a loan from a gemach without having a plan to pay it back is a serious problem because people put money into the gemach and need to be able to get it back when they need it. You are stealing from these people.

Rather take tzedaka than a loan you can't pay back.
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amother




Gold


Post  Thu, Feb 07 2019, 5:31 pm
amother wrote:
You're obviously from a different community than OP and I. We think this is an important "one night party" and we take out gemach loans to fund them, if necessary.

So again, your opinion is irrelevant.

No, people borrow money for furniture and sheva bruches outfits and linen and jewelry, not only for a one night party. And it's NOT necessary. If you can afford it , great. If you can't, get a donor or make do without. Do NOT borrow money you can't pay back because you are stealing.
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amother




Amber


Post  Thu, Feb 07 2019, 5:31 pm
amother wrote:
It's not for a spin-off; it belongs right here! OP and everyone in OP's community needs a change in mentality. We have to say the buck stops here. I borrow what I can afford and beg for what I can't. Or don't beg.

But, as I posted before, taking out a loan from a gemach without having a plan to pay it back is a serious problem because people put money into the gemach and need to be able to get it back when they need it. You are stealing from these people.

Rather take tzedaka than a loan you can't pay back.


Who said she doesn't have a plan to pay back? OP never said that. And gemachs are a form of tzedakah because you're not paying interest.
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amother




Amber


Post  Thu, Feb 07 2019, 5:32 pm
amother wrote:
No, people borrow money for furniture and sheva bruches outfits and linen and jewelry, not only for a one night party. And it's NOT necessary. If you can afford it , great. If you can't, get a donor or make do without. Do NOT borrow money you can't pay back because you are stealing.


Who said she's not paying it back?

And yes, in my opinion it's necessary. And my opinion is just as valid as yours.
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amother




Goldenrod


Post  Thu, Feb 07 2019, 5:36 pm
amother wrote:
It's not for a spin-off; it belongs right here! OP and everyone in OP's community needs a change in mentality. We have to say the buck stops here. I borrow what I can afford and beg for what I can't. Or don't beg.

But, as I posted before, taking out a loan from a gemach without having a plan to pay it back is a serious problem because people put money into the gemach and need to be able to get it back when they need it. You are stealing from these people.

Rather take tzedaka than a loan you can't pay back.


I agree 1000%! I was just pointing out that this mindset is cultural.

The mentality is so ingrained that you won't make any of them see reason. Agreeing to reason would impact their education system, the way the kids are married off, and more. Basically, it would require a lifestyle change.
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amother




Ginger


Post  Thu, Feb 07 2019, 5:38 pm
We’ve used a gemach twice. Once for a very unexpected house tax hike, and once due to (irresponsible) debt :-(. Both were smaller loans then for a wedding, a few thousand each time. Our gemachs rule is it needs to be paid back within a certain amount of time (I think five yrs), and u need to give post dated checks for the entire thing to get the loan. In our case it was $200 and $300 the next time, per month. I don’t know if all gemachs work this way but I thought it was smart, and fair. (Every person also needs two approved garauntors incase they don’t /can’t pay back the full loan.)
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amother




Goldenrod


Post  Thu, Feb 07 2019, 5:40 pm
amother wrote:
Who said she doesn't have a plan to pay back? OP never said that. And gemachs are a form of tzedakah because you're not paying interest.


One of the major reasons Gmachs go under is because people have borrowed funds to marry off their children, but are unable to do so.

Many of the plans consist of hope or unrealistic expectations. The ones who usually have a decent plans are the ones borrowing for the first child. But as the 3rd, 4th and 5th child comes round, it's just begging for miracles.
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amother




Amber


Post  Thu, Feb 07 2019, 5:42 pm
amother wrote:
One of the major reasons Gmachs go under is because people have borrowed funds to marry off their children, but are unable to do so.

Many of the plans consist of hope or unrealistic expectations. The ones who usually have a decent plans are the ones borrowing for the first child. But as the 3rd, 4th and 5th child comes round, it's just begging for miracles.


And you know this how?

I always find accusations from anonymous amothers highly suspicious.
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amother




Goldenrod


Post  Thu, Feb 07 2019, 5:46 pm
amother wrote:
And you know this how?

I always find accusations from anonymous amothers highly suspicious.


Have close family members in this line of 'business'.
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amother




Amber


Post  Thu, Feb 07 2019, 5:51 pm
amother wrote:
Have close family members in this line of 'business'.


So why do they continue to loan money for weddings? I know from experience that it's not easy to get a gemach loan, you have to have guarantors, etc and they want to see concrete proof that you will pay back. Why don't your relatives do that?
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amother




Gold


Post  Thu, Feb 07 2019, 5:51 pm
amother wrote:
Who said she doesn't have a plan to pay back? OP never said that. And gemachs are a form of tzedakah because you're not paying interest.

She didn't mention it. All she mentioned was getting lucky (as if she'd be winning the lottery) and what the max she would get.

The people who are putting their money into the gemach are not getting the interest they'd get if they'd put it into a bank so that's their tzedaka. They are, however, at risk of losing all their money if people like OP take out loans.
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amother




Gold


Post  Thu, Feb 07 2019, 5:52 pm
amother wrote:
Who said she's not paying it back?

And yes, in my opinion it's necessary. And my opinion is just as valid as yours.

No, not when it's my hard-earned money that got lost in the gemach! Money we need to pay the bills.
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