According to the latest data from The Knot Real Wedding Study, the average wedding cost for a ceremony and reception in 2023 was $30,000. Some of the most expensive purchases couples can make include the venue, photographer and florist.
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A wedding loan is a type of personal loan that you’ll receive in a lump sum and repay in fixed installments. Wedding loans have fixed annual percentage rates (APRs) and predetermined repayment terms. This way, your interest rate will never change and you’ll know exactly when your loan will be finished.
Among the many ways they can be used, wedding loans can cover the cost of expenses such as an event planner, venue and rings. Wedding loans can also be unsecured or secured personal loans. Most are unsecured, but some lenders offer secured loans, meaning you’ll provide collateral such as a savings account or vehicle.
Just as you can get a loan for a wedding, you can also take out honeymoon loans or borrow money for other aspects of getting married (like engagement ring financing).
According to the latest data from The Knot Real Wedding Study, the average wedding cost for a ceremony and reception in 2023 was $30,000. Some of the most expensive purchases couples can make include the venue, photographer and florist.
Yes, people apply for personal loans to cover wedding expenses and honeymoons. Some common ways people use wedding loans is to finance their rings, venue and travel plans.
Whether a wedding loan is a good idea depends on your financial position and credit score. If your budget is tight and you have a low credit score, you may face more risks taking out a personal loan.