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Don’t make the mistake of underestimating how much your wedding will cost: The total average cost for a wedding is a staggering $38,700, according to WeddingWire’s 2019 Newlywed Report.
Most people don’t have that much money saved, so taking out a wedding loan might be something worth considering. Here’s what you need to know about wedding loans before submitting your application.
In this post:
- Lenders that offer wedding loans
- How to qualify for a wedding loan
- Pros and cons of wedding loans
- Afford the wedding of your dreams on your own terms
Lenders that offer wedding loans
While some personal loan lenders specifically offer wedding loans, many personal loans can be used to pay for your dress, ceremony, reception, or even your honeymoon. There are lenders that allow you to borrow up to $20,000, or even more, depending on your needs.
The personal loan companies in the table below are all Credible’s partner lenders who offer loans for weddings. We have not included other lenders.
So, if you’re shopping for a wedding loan, here are some personal loan lenders to consider:
|Lender||Fixed rates||Min. credit score|
|5.99% - 29.99% APR||600|
|10.68% - 35.89% APR||600|
|3.99% - 19.99% APR||660|
|6.99% - 19.99% APR1||660
(TransUnion FICO®️ Score 9)
|5.99% - 17.99% APR||670|
|6.95% - 35.99% APR||640|
|5.94% - 35.97% APR||580|
|8.27% - 35.99% APR4||580|
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 may need.
- 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 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.
Learn More: How to Qualify for a Personal Loan
Pros and cons of wedding loans
While wedding loans can be a convenient way to pay for your big day, they’re not for everyone. Keep these six benefits and drawbacks in mind when making a decision.
- You can get quick access to cash: With most personal loans, you can complete the application online and get approved within minutes. If approved, you could get the money you requested within just a few days.
- They have lower interest rates than credit cards: The average interest rate on credit cards is 16.97%. By contrast, wedding loans can have much lower rates. Some lenders offer rates as low as 5.99%.
- Personal loans have repayment terms as long as seven years: With a wedding loan, you can choose a repayment term between two and seven years in length. With a longer term, your loan payments are more affordable, giving you more breathing room in your newlywed budget.
- You’ll be paying for your wedding for years: Your wedding is a big milestone in your life, but it’s over in one day. But if you take out a personal loan to pay for it, you could be paying for your wedding for years after it’s done. Worrying about your debt could cause you to put off other goals, like saving for retirement, traveling, or buying a home.
- You may not qualify for a low interest rate: Not all borrowers will qualify for a low interest rate on a wedding loan. If you have less-than-stellar credit, you may get stuck with a high interest rate, or you may not get approved for a loan at all.
- Some loans have costly fees: Some lenders charge origination and application fees, which can add to your loan’s cost. Shop around to find a lender that offers lower fees to help you save money.
Afford the wedding of your dreams on your own terms
When it comes to paying for your wedding, wedding loans can be a smart alternative to high-interest credit cards. If you decide to go this route, make sure you only borrow the minimum that you need so you don’t overburden yourself with debt.
Also, come up with a comprehensive budget and repayment strategy so you can comfortably manage the payments, and don’t end up spending your first years of married life struggling with money.
1Rate reduction of 0.25% when enrolled in autopay.
2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.
3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.
4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 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 8%. 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 March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.