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While weddings tend to be joyous affairs, they can also be very expensive — the average cost for a wedding reception in 2021 was $22,500, according to The Knot.
If you don’t have this much cash on hand, a wedding loan could help you cover the cost.
Here’s what you should know about wedding loans and where to find them:
- 15 best lenders for weddings
- How to qualify for a wedding loan
- How to get the lowest interest rate on a wedding loan
- Do banks or credit unions give loans for weddings?
- Wedding loan costs
- Wedding loan pros and cons
- Alternatives to wedding loans
- Is a wedding loan right for me?
15 best lenders for weddings
A wedding loan is a type of personal loan used to cover wedding costs. If you’re considering this type of loan, it’s important to compare as many lenders as possible to find the right low interest personal loan for you.
This could make a personal loan much less expensive option when it comes to paying for a wedding compared to relying on a credit card.
Here are Credible’s partner lenders that offer personal loans for weddings:
| Lender | Fixed rates | Loan amounts | Min. credit score | Loan terms (years) | Cosigners allowed? |
|---|---|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000 to $35,000** | 550 | 2, 3, 4, 5* | No |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.79% - 20.84% APR | $10,000 to $50,000 | 730 | 3, 4, 5, 6 | No |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.99% APR | $5,000 to $35,000 | 600 | 3, 5 | No |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 24.99% APR | $2,500 - $40,000 | 660 | 3, 4, 5, 6, 7 | No |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.72% - 24.67% APR | $5,000 to $40,000 | 640 | 2, 3, 4, 5 | No |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.57% - 35.99% APR | $1,000 to $40,000 | 660 | 3, 5 | Yes |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 35.99% APR | $2,000 to $36,500 | 660 | 2, 3, 4, 5, 6 | No |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.49% - 25.49% APR with autopay | $5,000 to $100,000 | 700 | 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans) | Yes |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.0% - 35.99% APR | $1,500 to $20,000 | None | 2, 3, 4, 5 | Yes |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 17.99% APR | $600 to $50,000 (depending on loan term) | 700 | 1, 2, 3, 4, 5 | No |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 25.81% APR10 | $5,000 to $100,000 | Does not disclose | 2, 3, 4, 5, 6, 7 | Yes |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.69% - 35.99% APR7 | $1,000 to $50,000 | 560 | 3, 5, or 7 years 8 | No |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 35.99% APR | $1,000 to $50,000 | 600 | 2, 3, 5, 6 | No |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.4% - 35.99% APR4 | $1,000 to $50,0005 | 620 | 3 or 5 years4 | No |
|
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Learn More: How to Check If a Personal Loan Company Is Legitimate
How to qualify for a wedding loan
To find a wedding loan that works for you, follow these four steps:
- Consider how much money you’ll need. After you’ve talked to vendors and gotten quotes, come up with a complete budget for your wedding. Once you have a total, think about how much money you, your partner, and your families can contribute to the cost. The remaining balance is how much of a loan you might need.
- Check your credit score. When you apply for a loan, the lender will review your credit to determine your creditworthiness — so it’s a good idea to check your credit beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.
- Have documents ready. Lenders will want to verify your income as well as see what other debt you might already have. Be prepared to provide documentation that shows this, such as tax returns, pay stubs, or bank statements.
- Prequalify for a loan if possible. Many lenders allow borrowers to see their personalized rates with only a soft credit check that won’t affect their credit — for example, you can check your prequalified rates from Credible’s partner lenders with no impact on your credit.
How to get the lowest interest rate on a wedding loan
There are a few strategies that could help you find a good rate on a wedding loan, including:
- Improve your credit score. To get the lowest interest rate possible on a wedding loan, work on boosting your credit score. Pay all of your bills on time and pay down any debt you may have to improve your credit score.
- Shop around. It’s a good idea to compare offers from multiple personal loan lenders to get the best rates. Many of them will let you prequalify with just a soft credit inquiry, which has no effect on your credit score.
- Add a cosigner. If you have trouble getting approved for a loan, or if the interest rate is too high, ask a friend or relative with good credit and a stable income to cosign the loan with you. A cosigner is responsible for making payments on the loan if you fall behind, lessening the risk to the lender. Having one boosts your chances of getting approved and scoring a low interest rate.
If you decide to take out a personal loan, remember to compare as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Ready to find your personal loan?
Credible makes it easy to find the right loan for you.
Find My Rate
Checking rates won’t affect your credit
Do banks or credit unions give loans for weddings?
Yes, you might be able to get a personal loan for a wedding from a traditional bank or credit union.
- Banks: Not all banks offer personal loans, but some do. Keep in mind that banks sometimes have more stringent requirements compared to other types of lenders. If you already have an account with a bank, you might have an easier time qualifying with them for a personal loan — this might also score you a loyalty rate discount.
- Credit unions: Because credit unions are nonprofit organizations, they tend to have lower rates compared to banks. Keep in mind that while you typically don’t have to be a credit union member to apply for a loan, you’ll have to join if you are approved and want to accept the loan. The eligibility criteria to become a member will vary by credit union but in many cases, but requirements often include living in a certain area, working in a specific field, or joining an associated organization.
Check Out: Everything You Need to Know About Financing an Engagement Ring
Wedding loan costs
Several factors impact the cost of a wedding loan, including your interest rate and repayment term. In general, borrowers with good credit will get lower interest rates compared to borrowers with bad credit. Additionally, choosing a shorter repayment term could help you get a better rate.
However, if you chose a term of five years instead, your total interest charges would be $5,491. It’s typically a good idea to choose the shortest repayment term you can afford to save as much as you can on interest.
If you decide to take out a personal loan to cover your wedding costs, be sure to consider how much that loan will cost you over time. This way, you can prepare for any added expenses. Use our personal loan calculator below to estimate how much you’ll pay for a loan before you borrow.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
Need a personal loan?
Compare rates without affecting your credit score. 100% free!
Checking rates won’t affect your credit score.
Learn More: Where to Get a $20,000 Personal Loan Fast
Wedding loan pros and cons
Here are a few pros and cons of wedding loans to consider before you borrow:
| Pros | Cons |
|
|
Pros
- Quick access to cash: The time to fund for a personal loan is typically one week — though some lenders will fund loans as soon as the same or next business day after approval. You can then use your funds for almost any personal expense that comes up with your wedding.
- Lower interest rates than credit cards: Personal loan interest rates are usually lower compared to credit card rates. This can make a personal loan a less expensive option.
- Long repayment terms: Some lenders offer long-term personal loans with terms as long as seven years. This can help keep your monthly payments more affordable. Just remember that choosing a longer term means you’ll pay more in interest over time.
- Range of loan amounts available: With a personal loan, you can typically borrow $600 up to $100,000 or more, depending on the lender. This could offer greater flexibility when it comes to covering the costs for your dream wedding — for example, paying for an expensive venue or longer guest list.
Cons
- Could keep you in debt longer: Depending on the repayment term you choose, you could be paying for your wedding for several years. This might lead you to put off other financial goals, such as saving for retirement or buying a home.
- Fewer options available for bad credit: You’ll typically need good to excellent credit to qualify for a personal loan. While some lenders offer personal loans for bad credit, these typically come with higher interest rates compared to good credit loans — which means you’ll pay more in interest over time.
- Might come with fees: Depending on the lender, you might have to pay origination or other fees, which can add to your overall cost. Keep in mind, though, that if you take out a personal loan with one of Credible’s partner lenders, you won’t have to worry about prepayment penalties.
- Could encourage overspending: You might be able to borrow up to $100,000 or more with a personal loan. While this could be helpful for covering all of your expenses, it might tempt some borrowers to spend more than they really need to.
Check Out: How to Get a $50,000 Personal Loan Fast
Alternatives to wedding loans
While wedding loans might be a good option in some cases, they aren’t right for everyone. Here are a couple of alternatives to consider:
- High-yield savings account: With a high-yield savings account, you can generally earn more in interest on your savings compared to standard savings accounts. However, keep in mind that you’ll likely need to spend some significant time saving before you’ll have the funds you need, which could delay your wedding plans.
- Credit card: Another option is to use a credit card to cover your wedding costs. Unlike a personal loan, a credit card lets you repeatedly draw on and pay off your credit line. Additionally, some cards offer a 0% APR introductory period, which means you could avoid paying interest if you repay your balance before this period ends. However, if you can’t pay off the card in time, you could be stuck with some hefty interest charges.
Here’s a quick glance at how a personal loan stacks up to a credit card:
| Personal loan | Credit card | |
|---|---|---|
| Average APR | Varies | 16.15% APR (as of April 2021) |
| Loan amounts | $600 to $100,000 (with Credible partner lenders) | Up to $500,000 (depending on your credit and the company) |
| Terms | 1 to 7 years (depending on lender) | N/A (revolving line of credit) |
| Benefits |
|
|
Is a wedding loan right for me?
Personal loans can be a quick way to access the cash that you need for a wedding and allow you to spread your repayment out over one to seven years, depending on the lender. However, they aren’t the right choice for everyone.
If you decide to take out a personal loan for your wedding, remember to consider as many lenders as possible to find the right loan for you.
Below you’ll find Credible’s partner lenders that offer wedding loans. You can compare your prequalified rates from each of them in just two minutes — without affecting your credit.
- Avant
- Axos Bank
- Best Egg
- Discover
- LendingClub
- LendingPoint
- LightStream
- OneMain Financial
- PenFed
- SoFi
- Universal Credit
- Upgrade
- Upstart
Avant
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Provides options for borrowers with poor or fair credit
- Fast loan funding
Cons
- Charges an origination fee (up to 4.75%)
- Charges late fees ($25)
Axos Bank
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast loan funding
- Offers other banking products
Cons
- Might be hard to qualify if you don’t have good credit
- Charges late fees ($15)
Best Egg
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast loan funding
- Provides options for borrowers with poor or fair credit
Cons
- Charges an origination fee (0.99% to 8.99%)
- Not available in Iowa; Vermont; Washington, D.C.; or West Virginia
Discover
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
$2,500 - $40,000
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Long repayment terms available (three to seven years)
- If you decide you don’t want your Discover loan within 30 days, you can return the funds without paying interest
Cons
- Might be hard to qualify if you have bad credit
- Charges late fees ($39)
LendingClub
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Accepts cosigners
- Provides options for borrowers with poor or fair credit
Cons
- Limited repayment options
- Charges an origination fee (3% to 8%)
LendingPoint
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Provides options for borrowers with poor or fair credit
- Fast loan funding
Cons
- Not available in Nevada or West Virginia
- Charges an origination fee (0% to 10%)
LightStream
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast loan funding
- Offers large loan amounts ($100,000 loan maximum)
Cons
- Might be hard to qualify if you have poor credit
- Must borrow at least $5,000
OneMain Financial
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Doesn’t require a minimum credit score
- Fast loan funding
Cons
- Larger loan amounts might require collateral
- Less competitive rates for borrowers with good credit
PenFed
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- No fees
- Can apply with a cosigner
Cons
- Might be hard to qualify if you have poor or fair credit
- Sends funds through the mail instead of direct deposit
SoFi
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Offers large loan amounts ($100,000 loan maximum)
- No fees
Cons
- Doesn’t disclose minimum credit requirements
- Not available in Mississippi
Universal Credit
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Provides options for borrowers with poor or fair credit
- Fast funding
Cons
- Charges origination fees from 5.25% to 8.99%
- Not available in South Carolina; Washington, D.C.; or West Virginia
Upgrade
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Fast funding
- Provides options for borrowers with poor or fair credit
Cons
- Charges origination fees (1.85% to 8.99%)
- Not available in Iowa or West Virginia
Upstart
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Range of fixed rates available from this lender
Minimum credit score needed to qualify
Total amount you can borrow from this lender
How long it takes to receive your money
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Pros
- Works with borrowers who have little to no credit history
- Fast loan funding
Cons
- Charges origination fees (0% to 10%)
- Limited repayment options
Keep Reading: How to Get a $100,000 Personal Loan Fast
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.
Prequalified rates disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
