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How To Finance a Wedding: Best Wedding Loans of March 2024

Review and compare the top wedding loans of the year.

Author
By Jessica Walrack

Written by

Jessica Walrack

Writer

Jessica Walrack is a freelance finance writer and journalist with over a decade of experience. During that time, she’s written hundreds of articles about loans, insurance, banking, mortgages, credit cards, budgeting, and taxes for well-known publications including CBS News MoneyWatch, USA Today, US News and World, Investopedia, and The Balance Money.

Edited by Charlie Tarver

Written by

Charlie Tarver

Editor

Charlie is an editor for Credible’s personal loans vertical. His time working on various desks has seen him edit a wide range of content, from long-form policy analysis to defense briefs and celebrity Q&As. After getting his start at Stars and Stripes as a Dow Jones News Fund intern, Charlie spent more than 5 years copy editing articles for The Hill’s website and print edition.

Updated March 13, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

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Credible takeaways

  • The average cost of a wedding was about $30,000 in 2022.
  • A wedding loan can help you split up wedding costs over time.
  • Qualifying for a wedding loan hinges largely on your income and credit.

If you’re recently engaged, congratulations! Now it’s time to start planning for the big day. With the average cost of a wedding running around $30,000, according to the latest Real Weddings Study from The Knot, you may be wondering how to finance some or all of the costs. That’s where wedding loans can come in. Read on to find out which wedding loans topped our list and what you should know before getting one.

Compare wedding loan rates of March 2024

Advertiser Disclosure
4.24.2

Credible rating

Fixed (APR)

7.49% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

700

Check Rates

on Credible’s website

View Details

4.44.4

Credible rating

Fixed (APR)

-

Loan Amounts

$2500 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

4.54.5

Credible rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

4.94.9

Credible rating

Fixed (APR)

8.99% - 29.99%

Loan Amounts

$5000 to $100000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

8.99% - 35.99%

Loan Amounts

$2000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

4.34.3

Credible rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

560

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

-

Loan Amounts

$20000 to $200000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

Best wedding loans

Not sure where to start your search for a wedding loan? We did the hard work for you. After researching a variety of personal loan lenders based on factors like their loan limits, funding times, loan terms, fees, and interest rates, here are those that stood above the rest. While all of these lenders offer wedding loans, you may need to apply on their website to be eligible.

Best overall

SoFi

4.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 29.99%

Loan Amount

$5000 to $100000

Min. Credit Score

Does not disclose

Pros and cons

More details

Best credit union for personal loans

PenFed

4.6

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.49 - 17.99%

Loan Amount

$600 to $50000

Min. Credit Score

760

Pros and cons

More details

Best for fair credit

Upgrade

4.5

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.49 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

600

Pros and cons

More details

Best for no origination fees (and low rates)

Discover Personal Loans

4.4

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$2500 to $40000

Min. Credit Score

660

Pros and cons

More details

Best debt consolidation loans for bad credit

Universal Credit

4.3

Credible Rating

Check Rates

on Credible’s website

Est. APR

11.69 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

560

Pros and cons

More details

Best home improvement loans and low rates

LightStream

4.2

Credible Rating

Check Rates

on Credible’s website

Est. APR

7.49 - 25.49%

Loan Amount

$5000 to $100000

Min. Credit Score

700

Pros and cons

More details

High Close Rates if Pre-approved

Best Egg

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 35.99%

Loan Amount

$2000 to $50000

Min. Credit Score

600

Pros and cons

More details

Best for large personal loans

BHG Money

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$20000 to $200000

Min. Credit Score

660

Pros and cons

More details

Methodology

Credible evaluated the best personal loan lenders for wedding loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Credible’s team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

How to compare wedding loans

One of the first steps to compare wedding loans is to prequalify. Most lenders let you prequalify for a wedding loan on their website, or you can prequalify with several lenders via the “Check Rates” buttons below.

Prequalification can give you an idea of the rates and loan terms you might qualify for, but is not an offer of credit. You’ll need to formally apply for a loan with a lender to see its final rates and terms. Note that while prequalification will not hurt your credit, applying for a loan could temporarily lower your credit score by, usually, no more than five points.

  • Loan amount: Lenders vary in the maximum loan amounts they make available, and one lender may be more likely to approve you for a higher amount than another. Compare the amounts each lender estimates you can borrow to see which may best suits your needs.
  • Annual percentage rate (APR): The APR is a percentage that shows the yearly cost of the loan in relation to the total amount borrowed, including the interest rate and any upfront fees. A lower APR means less cost over the life of the loan.
  • Fees: Lenders may charge a variety of fees, such as origination fees (which are included in the APR and are often deducted from the loan funds before you receive them) and late fees. Check fee types, amounts, and terms.
  • Repayment terms: The term is the number of months or years you’ll have to repay the loan. Shorter terms generally result in higher monthly payments but lower overall costs. Look for a term that best suits your budgetary needs and preferences.
  • Monthly payment amount: The monthly payment amount is the amount you’ll pay per month throughout your loan term. On personal loans, this is typically fixed. Look for an amount that fits into your budget.
  • Funding time: This is the amount of time it takes for the lender to send the loan funds to you after approval. If you’re looking to get the money fast, look for lenders that can disburse funds quickly. The turnaround time between loan approval and loan funding could be as soon as the same business day, though is often within one to two business days.
  • Customer reviews: Read reviews to see what past borrowers say about each lender. Look for high customer satisfaction levels. Trustpilot and the Better Business Bureau are good places to start.

You might not find a single lender that’s best in every area, but look for one that offers a competitive deal and ticks the boxes that are most important to you.

Check Out: Best Personal Loan Rates

How does a wedding loan work?

Wedding loans are often a type of personal loan that many lenders offer. These are installment loans that provide you with a lump sum upfront that you can use to pay for your wedding expenses, and any other extra costs you need to cover, as long as the use falls within the lender’s terms. You then repay the amount, plus interest and possibly fees, through monthly repayments over a set term. Wedding loans are often unsecured, which means eligibility hinges primarily on your credit profile and income.

Learn More: How Do Personal Loans Work

Wedding loan costs

The cost of a wedding loan is going to depend on the amount you borrow, the interest rate you get, the fees a lender charges, and the loan term you choose. Here’s a breakdown of how each factor influences your costs:

  • Loan amount: Interest and fees are charged based on a percentage of the total loan amount. The larger your loan amount, the more it’ll cost.
  • Interest rate: Interest rates show you the percentage of the loan amount you’ll be charged per year in interest. The lower your rate, the lower your costs.
  • Fees: Lenders may charge fees that add to your total costs, such as origination fees. The lower the fees, the better.
  • Loan term: Interest is charged as long as you have an outstanding balance, so the longer your loan term, the more it’s going to cost you.

Learn More: Best Personal Loans With No Origination Fee

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Good to know

Lenders advertise APRs — the interest rate plus upfront fees. This makes it easy to compare loan costs, but it’s important to know that fees aren’t always spread equally over the term, such as origination fees that are deducted from the loan amount.

Wedding loan cost example

Now that you know the factors that determine the cost of wedding loans, here’s an example of how they work in practice.

Suppose you take out a $30,000, five-year wedding loan that has a 19.96% APR. Loan costs break down as follows: a 19% interest rate and 2% origination fee. Lenders often deduct the origination fee from the loan balance upfront, which means you’ll receive $29,400 instead of the full $30,000. You’d then repay the full $30,000, plus 19% interest, over five years. That would result in 60 monthly payments of about $778, a total interest cost of $16,693, and a total overall cost of borrowing of $17,293.

Wedding loan cost summary:

  • Loan amount: $30,000
  • APR: 19.96%
  • Interest rate: 19%
  • Origination fee: 2%
  • Origination fee cost: $600
  • Loan term: 5 years
  • Monthly payment amount: $778
  • Total interest cost: $16,693
  • Total loan cost: $17,293

Want to check the monthly payment amount and total interest cost of different loans? You can easily do so with a personal loan calculator. Remember to factor in upfront fees not represented in the interest rate as you make your calculations.

Learn More: APR vs. Interest Rate on Personal Loans

Qualifying for a wedding loan and how to apply

Most wedding loans are unsecured, so eligibility depends primarily on your credit and income. To figure out your options, follow these steps:

  1. Review your budget: Review your income, expenses, and discretionary income to find out the maximum monthly loan payment you can comfortably afford.
  2. Check your credit: Check your credit reports and scores. You can request copies at AnnualCreditReport.com. Many lenders have minimum credit score requirements, so it can be helpful to know where your scores sit. Ensure that everything on your reports is accurate and look for opportunities to make quick improvements.
  3. Collect and compare quotes: Shop around and check if you prequalify with different lenders. You can do so online with many lenders without damaging your credit score. This can give you a better idea of the rates, terms, and loan amounts you may be eligible for, but is not an offer of credit. When you formally apply for a loan, the lender will conduct a hard credit pull, which will affect your score. Compare the quotes side by side to find the best deal.
  4. Apply: Complete the full application with the lender that’s the best fit for your situation. You’ll typically need to allow a hard credit check and provide documentation to prove your identity, income, address, and employment.
  5. Review and accept the terms: If you’re approved, review the loan terms. Then, if all looks good, you can sign the contract and the lender will send you the loan funds.

To improve your odds of both qualifying and finding the best deal, it’s important to shop around. A wide variety of lenders offer wedding loans, and they vary in their eligibility requirements, loan amounts, rates, terms, fees, and more. If you want to speed up the process, a loan marketplace can help you check rates from multiple lenders in minutes.

Wedding loan alternatives

If a wedding loan isn’t right for you or you’re curious about other options, consider these alternatives.

Wait and save

Paying for a wedding with savings will eliminate the borrowing costs you’ll incur from a wedding loan. On the downside, it often means putting off your wedding until a later date. If you want to go this route, start by setting the target amount you want to save. Next, review your budget to figure out how much you can put toward the goal each month. From there, estimate how long it will take you to reach your goal. If you want to speed up the timeline, brainstorm ways to increase your income and/or decrease your expenses.

If high-interest debt is making it difficult to save, consider using a debt consolidation loan to consolidate credit card and other debt at a lower interest rate.

Ask for help from family and friends

Another option is to ask for financial support from family or friends. Find out if they may be willing to help with some of the costs. For example, perhaps someone could cover the cost of the wedding attire or the bar at the reception. To prepare for the conversation, make a list of all of your wedding expenses and include estimated costs.

Credit cards

You might consider using a credit card, or multiple, to cover your wedding expenses. Credit cards have higher APRs on average than personal loans do, but this varies, and some card providers offer 0% APR introductory periods up to 21 months or more. If you have an outstanding balance when the end of the promotional period is approaching, you may be able to use a personal loan to refinance credit card debt.

The challenge here is getting approved for a credit line large enough to cover your wedding expenses. You may need to have very good credit to qualify.

Home equity loans and lines of credit

If you’re a homeowner and own more than 20% of your home, you might consider borrowing against your home equity with a loan or home equity line of credit (HELOC). Both are backed by your home, which makes them easier to qualify for than unsecured loans, and could net you a lower rate. On the downside, if you default, you could lose your home to foreclosure, so it’s important to ensure you can comfortably afford the payments.

Wedding loans FAQ

Is a wedding loan a good idea?

A wedding loan can be a good idea if you get the loan amount you need, plus a competitive APR, and a repayment plan that fits into your budget. It won’t be such a good idea if you can’t qualify or if you’re not sure you can afford the payments. A wedding loan default can result in your account going into collections, credit score damage, and the possibility of getting sued.

What kind of loan is best for a wedding?

Personal loans are often a good option to pay for a wedding. They provide you with a lump sum upfront that you can use to cover your wedding expenses. You then repay the amount, plus interest, through a series of payments over a set term. In most cases, these loans are unsecured, which means you’ll generally need decent credit and a stable income source to qualify.

How does a wedding loan affect your credit score?

When you apply for a new personal loan, the lender will process a hard credit inquiry that could cause your credit score to drop by a few points. A new large installment loan can also cause your score to dip. However, as long as you make all of your payments on time, the loan can help to strengthen your credit reports and scores over time.

Can I get a wedding loan with bad credit?

It may be possible to get a wedding loan with bad credit. A wide variety of lenders offer personal loans and some offer bad-credit loans. The easiest way to find out is to check if you prequalify. It usually only takes a few minutes and doesn’t hurt your credit score, though proceeding to formally apply for a loan could lower it slightly.

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Meet the expert:
Jessica Walrack

Jessica Walrack is a freelance finance writer and journalist with over a decade of experience. During that time, she’s written hundreds of articles about loans, insurance, banking, mortgages, credit cards, budgeting, and taxes for well-known publications including CBS News MoneyWatch, USA Today, US News and World, Investopedia, and The Balance Money.