Best wedding loans

Love is priceless, but tying the knot comes with a substantial price tag. According to a report by Zola, the average wedding costs $33,000 in 2024. And not all couples are dutifully saving up for this expense, either. One U.S. News survey found that more than half of respondents (56%) used debt, like wedding loans, to finance their big day.

If you're ready to commit to a wedding loan, we cover how to apply for wedding financing, pros and cons, and alternative ways to pay for a wedding.

Compare wedding loan rates

SoFi: Best overall

LightStream: Best for low rates 

Discover: Best for no origination fees (and low rates)

Upgrade: Best for fair credit

Universal Credit: Best debt consolidation loans for bad credit

What are wedding loans?

A wedding loan is typically an unsecured personal loan you can use to pay for wedding-related expenses. Loan amounts often range from $1,000 to $50,000, but some lenders offer loans up to $100,000 or more, if you can qualify. Repayment terms are commonly between one and seven years. Interest rates are usually fixed, making it possible to repay these loans in equal monthly installments. You can obtain a wedding loan from a bank, credit union, or online lender.

How do wedding loans work?

When you apply and qualify for a wedding loan, you receive an upfront lump sum from your lender. Qualifying for an unsecured personal loan hinges on your credit profile, income, and borrowing needs. These factors are also used to determine your interest rate and loan terms. After receiving the loan, you'll repay it in fixed monthly installments, which include interest and principal payments, throughout the term of your loan. Repayment typically begins about a month after funding.

Borrowing rates for wedding loans are often displayed as annual percentage rates (APRs), which represent your interest rate plus upfront fees over a year. APRs range from 6.99% to 35.99% for these loans.

Pros and cons of wedding loans

Pros

• Fixed monthly payments: Wedding loans generally have fixed rates and, therefore, fixed monthly payments, making it straightforward to budget for repayment. Before you even take out the loan, you can determine what monthly payments you can afford.
• Potential lower rates compared to credit cards: Personal loans may have lower interest rates than credit cards. According to the Federal Reserve, the average rate for a two-year personal loan is 11.92% compared to 21.51% for a credit card.
• Upfront cash: Wedding loans provide you with funds upfront, which you can then spend how you wish. Receiving a lump sum can come in handy when you need to pay for various costs and vendors over several months.
• Fast funding: Many lenders, especially those that operate online, can offer fast funding - sometimes as soon as the same-day.

Cons

• Good credit often required for low rates: Getting a low APR on a wedding loan may be tricky without at least good credit (a FICO score between 670 and 739). You may have fewer options or have to deal with higher rates if you have fair or poor credit or a limited credit history.
• Long-term commitment: Depending on the length of your loan term, you may be paying it off for several years. Monthly payments are fixed, and you can get hit with late fees if you fall behind.
• Fees: Wedding loans often come with added costs, including origination fees - deducted from your loan funds upfront - and late fees.

What are current personal loan rates?

Current personal loan rates vary by lender and borrower. Your credit score is a major driver of the rate you receive on a personal loan. In general, the higher your credit score, the lower the rate you can qualify for. The opposite is also typically true: The lower your score, the higher your personal loan rate.

The following chart shows current personal loan rates based on different credit score ranges.

How to get a loan for a wedding

1. Check your credit report: Your credit profile affects what lenders you can work with and rates you qualify for. You can check your credit report for free by visiting annualcreditreport.com. This will also give you a chance to catch and dispute errors with the three major credit bureaus (Equifax, Experian, and TransUnion), which could negatively impact your credit score. Familiarizing yourself with your credit profile can also give you an idea of what types of loans you should go after and whether you need to take steps to improve your credit.
2. Check your credit score: In addition to checking your credit report, see where your actual credit score falls to help determine how you may qualify for rates. Lenders typically reserve better rates for good to excellent credit scores.
3. Check your budget: Consider both your wedding and personal budgets to determine how much you need to borrow - and how much you can afford to repay. You can use a loan calculator to estimate possible monthly payments with different loan amounts, repayment terms, and interest rates.
4. Shop around: Compare different loan options, considering interest rates, available terms, fees, ease of application, loan amounts, and customer satisfaction. Be realistic about what you can qualify for and as specific as possible about the loan you need.
5. Prequalify: Many lenders allow you to prequalify for a loan, meaning you can get a rate estimate with no impact on your credit. Prequalifying with a range of lenders can help you compare personalized quotes rather than just loan terms available to everyone. Just know that when you apply for a loan, even one you prequalified for, the lender will often do a hard credit pull that can temporarily lower your credit score.
6. Choose a lender: Based on your research and prequalification quotes, choose a lender and find out what information and documentation they require for you to apply.

How to get a wedding loan with bad credit

If you have bad credit (a FICO score below 580), you may have limited options when qualifying for a personal loan. However, there are several lenders that offer personal loans for bad credit. For example, Upstart's minimum credit score requirement is 300, and it might also consider applicants without scores. The lender takes other factors into account when approving you for a personal loan, like requiring that you have fewer than six inquiries on your credit report in the last six months.

It's important to note that if you do get approved for a loan with bad credit, you may face higher rates overall. To increase your chances of approval and try for a lower rate, consider applying with a cosigner or co-borrower. A cosigner or co-borrower shares responsibility for your loan with you, but a cosigner doesn't have access to funds whereas a co-borrower does. Applying with a cosigner or co-borrower who has good credit can potentially boost your chances of being approved and may help you access better rates.

Tips on comparing wedding loans

Prequalify

Prequalifying for loans before applying can help you compare loan costs between lenders with a little more accuracy than you could otherwise. When you prequalify, a lender provides you with a rate estimate using a soft credit pull, which won't impact your credit score, and basic information about your loan needs and income. Prequalification doesn't guarantee a loan offer or particular rate.

Consider your loan amount and term

Lenders set different borrowing minimums and maximums, in addition to offering different repayment term options. Consider the loan you need and how long you want to spend paying it off to compare loans. Understand that your credit profile, income, and debt-to-income ratio (DTI) - or your total debt payments as a percentage of your gross income each month - will impact the loan you're approved for. Some lenders accept applicants with higher DTIs than others.

Compare APRs and total interest

Your APR determines your total borrowing costs for a loan. The higher your APR, the more you'll pay in interest. Your repayment term also impacts your interest costs. In general, longer terms translate to smaller monthly payments but higher interest costs overall.

Compare fees

APRs aren't the only expense when it comes to a personal loan for a wedding. Many lenders charge origination and late fees as well. If you want to avoid an upfront fee that depletes your loan funds, look for a no-origination-fee loan with a lender like Discover.

Consider ease of application

These days, many lenders have online applications that are convenient and offer quick approval. Other lenders may have clunkier processes or require in-person or over-the-phone meetings. If efficiency is a priority, look for a lender with a speedy application.

Read customer reviews

Don't overlook a lender's reputation, especially when it comes to what past and current customers think. Work with a company with high customer satisfaction ratings. Consult sites like Trustpilot or Better Business Bureau (BBB) to find customer reviews.

Best wedding loans

Methodology

We evaluated the best 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. Our 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. All lenders are financial partners of Fox Business.

Read our full lender rating methodology for more information.

Wedding loan calculator: Estimate your rate and monthly payments

You can use a personal loan calculator to estimate your total loan cost, how much you'll pay in interest, and your monthly payment. To do so, plug in your loan amount, expected interest rate, and repayment term.

How to apply for a wedding loan

1. Prequalify and compare loan options: Find lenders that offer competitive interest rates, good customer service, easy applications, and low fees. Prequalify when possible, and choose the best loan for your credit and budget.

2. Apply and submit necessary information: Fill out the application, which you can typically do online. Make sure you understand the lender's personal loan requirements and provide all the documentation needed for verification - such as proof of address, identity, and income documents. You'll need to agree to a hard credit check as well, which can lower your credit score temporarily. Submitting an incomplete application can delay the approval and funding process.

3. Wait for approval, review the loan agreement, and sign: Depending on the lender, you could be approved on the same day you apply, or it could take several days to hear back. Once the lender approves your application, review the loan agreement carefully and sign it.

4. Receive funding: You'll receive your loan in a lump-sum payment, typically via direct deposit. The timeline varies by lender, but some lenders offer same-day funding, but you could also receive funding in up to five business days.

Other wedding financing options

Savings accounts

Saving for discretionary purchases, including wedding expenses, is often safer than taking on debt. If you have the means, you can work within your budget to begin a savings fund and avoid debt altogether. While it will take time, extending your engagement can give you a longer runway to get the funds you need.

As you're saving, take advantage of interest-bearing accounts such as high-yield savings accounts (HYSAs) that can help your money grow. Some institutions offer HYSAs with APYs over 5%, such as BrioDirect and Forbright Bank. Money market accounts (MMAs), offered by banks, credit unions, and fintechs, also earn interest. However, MMAs may limit the number of transactions you can make by check, debit card, or electronic transfer each month.

0% APR credit cards

Credit cards offer some advantages over personal loans when they have 0% APR promotional periods. This is often an introductory offer that allows you to avoid interest on balances for a set period of time. Promotional periods typically last from 12 to 21 months for 0% APR credit cards, depending on the card issuer.

If you are able to pay off the balance before the introductory period ends, you may be able to avoid racking up any debt. But high regular APRs will start applying after the promotional period ends, so this may not be a wise long-term option.

Family loans

Depending on your family's financial situation and your relationship with them, you may be able to get help financing your wedding from relatives. If you accept a loan from a family member, make sure you're both on the same page about the amount, interest rate, and repayment term. Put these details in writing to make sure everyone understands the expectations.

Best wedding loans FAQ

How much does a wedding cost?

According to a survey by Zola, the average wedding costs $33,000 in 2024. But costs can vary based on venue, number of guests, menu, decor, vendors, and more. Location also plays a big role: While the average wedding in Utah cost $17,000 in 2023, New York weddings averaged $49,000.

Are wedding loans a good idea?

A wedding loan may or may not be a good idea - it depends on your personal and financial situation. Using savings and avoiding debt is generally a better financial option since you'll save money in the long run and avoid the stress of a monthly payment. However, it may be safe to take out a loan you know you can repay. Assess your budget, focus on qualifying for a low rate, take out the smallest amount you need, and create a plan for repayment.

What can I use a wedding loan for?

Like any unsecured personal loan, you can use a wedding loan for almost anything. For example, you might use a wedding loan to cover your venue, catering, dress and suit, rings, decor, gratuities, or honeymoon.

How does a wedding loan affect your credit score?

A wedding loan or any personal loan can affect your credit score in a few ways. First, when you apply for a wedding loan, your credit score may drop after the hard credit inquiry. But your payment history is the biggest factor affecting your credit score. Making regular, on-time payments will boost your credit score, while missing payments will cause your score to drop.

Taking out new credit can also impact your total available credit, credit utilization, debt-to-income ratio (DTI), credit mix, and the average age of your accounts.