Best Wedding Loans in 2024

Personal loans to finance your nuptials

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Written by Amanda Push | Edited by Jessica Sain-Baird and Xiomara Martinez-White | Reviewed on July 19, 2024
Best For:
Co-applicants
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Best For:
Good credit
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No fees
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Best For:
Fair credit
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Large loans
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Bad credit
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Top lenders for wedding loans

Achieve: Best for wedding loans with co-applicants

8.99% - 35.99%

$5,000 - $50,000

24 to 60 months

1.99% - 6.99%

620

Pros

  • Interest rate discount for co-borrower loans
  • Allows for co-borrowers
  • Competitive APRs

Cons

  • Charges an origination fee
  • Can take up to three business days to receive funds
  • High minimum loan amount

What to know

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If you decide to take out a co-borrower loan with a loved one, Achieve may offer you an interest rate discount. Adding a co-borrower to your wedding loan can make it easier to qualify for a loan and lower interest rates.

Take into account that Achieve charges an origination fee and funding your loan can take up to three business days. Further, if you’re looking for a small loan, you may need to look elsewhere. To learn more, read our full Achieve personal loan review.

How to qualify

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To get an Achieve wedding loan, you’ll need to meet the lender’s following requirements:

  • 620 minimum credit score
  • Minimum loan-to-income of 40%
  • Maximum debt-to-income ratio of 45%
  • At least two years of credit history
  • Live in a state where Achieve offers personal loans (excludes Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin and Wyoming)
  • No active delinquencies on current debts
  • No bankruptcy filings within the last two years
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Discover: Best for wedding loans for good credit

7.99% - 24.99%

$2,500 - $40,000

36 to 84 months

None

720

Pros

  • Doesn’t charge an origination fee
  • Offers long loan terms
  • Offers access to free FICO Score

Cons

  • Doesn’t offer terms under 36 months
  • Bad-credit borrowers may not qualify
  • No option for joint loans

What to know

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If you have good credit, you may qualify for a Discover wedding loan. Discover offers long loan terms — ranging from 36 to 84 months — as well as access to your FICO Score as a free credit monitoring service.

Unfortunately, Discover doesn’t offer joint loans or repayment terms under 36 months. Plus, if you have bad credit, you may not qualify for a wedding loan with Discover. To learn more, read our full Discover personal loan review.

How to qualify

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Discover requires a minimum credit score of 720 and an annual income of at least $40,000. The lender also requires that you have a good debt-to-income ratio and credit history, but doesn’t offer specifics.

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LightStream: Best for wedding loans with no fees

9.49% - 25.49% (with discounts)

$5,000 - $100,000

24 to 84 months

None

Not specified

Pros

  • Doesn’t charge any fees
  • Offers same-day funding
  • Offers long repayment terms (24 to 84 months)

Cons

  • Doesn’t offer preapprovals
  • Bad- or fair-credit borrowers won’t qualify
  • High minimum loan amounts

What to know

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Unlike many lenders, LightStream doesn’t charge its borrowers any fees, whether that’s origination or late fees. You can also receive your LightStream wedding loan the same day you apply.

However, LightStream only offers loans to consumers with good or excellent credit, and it also doesn’t preapprove consumers for wedding loans. To learn more, read our full LightStream personal loan review.

How to qualify

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While it doesn’t provide a specific score, LightStream only offers loans to those with good or excellent credit. LightStream looks for applicants with at least five years of credit history, a good debt-to-income ratio, valuable assets and a solid payment history.

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Prosper: Best for wedding loans for fair credit

8.99% - 35.99%

$2,000 - $50,000

24 to 60 months

1.00% - 9.99%

560

Pros

  • Offers flexible loan amounts
  • Fair-credit borrowers may qualify
  • Allows for co-applicants

Cons

  • Charges origination fees
  • High maximum APR
  • Bad-credit borrowers may not qualify

What to know

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If you have fair credit, you may qualify for a Prosper wedding loan. Prosper offers flexible loan amounts — $2,000 to $50,000 — and also allows you to apply with a second person. Once you close on your loan, you may receive your funds within one business day.

On the other hand, Prosper charges a 1.00% - 9.99% origination fee, which is taken out of your borrowed amount. And if you have bad credit, you may not qualify for a Prosper wedding loan at all. To learn more, read our full Prosper personal loan review.

How to qualify

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Prosper applicants will need the following qualifications to get a loan:

  • 560 minimum credit score
  • Must be a U.S. resident
  • Have a personal bank account
  • Have a Social Security number
  • Can’t live in Iowa or West Virginia
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SoFi: Best for large wedding loans

8.99% to 29.99% (with discounts)

Pricing Disclosure

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

$5,000 - $100,000

24 to 84 months

0.00% - 7.00% (optional)

680

Pros

  • Offers loans up to $100,000
  • Provides autopay discount
  • Origination fee is optional
  • Same-day funding available

Cons

  • High minimum loan amount
  • Origination fee required for lower rates
  • Bad-credit borrowers may not qualify

What to know

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SoFi offers its customers large wedding loans — up to $100,000. Borrowers can also sign up for autopay and receive a discount. SoFi may provide your funds the same day your loan is approved.

To qualify for lower rates, you may have to accept an origination fee, though it’s not required. To learn more, read our full SoFi personal loan review.

How to qualify

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SoFi requires the following criteria for you to qualify for a wedding loan:

  • 680 credit score
  • Must be a U.S. citizen, eligible permanent resident, or nonpermanent resident
  • Must be employed, starting employment within 90 days or have another income source
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Upstart: Best for wedding loans for bad credit

7.80% - 35.99%

$1,000 - $50,000

36 or 60 months

0.00% - 12.00%

300

Pros

  • Bad-credit borrowers may qualify
  • Competitive APRs
  • Loan funding within one business day

Cons

  • Charges a high origination fee
  • Limited repayment terms
  • No option for co-borrowers or cosigners

What to know

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If you have a bad credit score, you may qualify for an Upstart wedding loan. Upstart considers more than just your credit score: It also looks at your education and employment. After you close on your loan, you may receive funds within one business day.

Keep in mind that Upstart doesn’t allow for co-borrowers or cosigners, and only offers two options for repayment terms. Upstart wedding loans may also come with a high origination fee. To learn more, read our full Upstart personal loan review.

How to qualify

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Upstart evaluates its wedding loan requirements using artificial intelligence. While it does have credit score requirements, it also evaluates the applicant’s education and employment.

You’ll also need to meet the following criteria:

  • A full-time job, an offer to start in six months, a part-time job or a different source of regular income
  • A valid email
  • Verifiable identity (e.g., name, birth date, Social Security number)
  • A personal U.S. banking account
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What is a wedding loan?

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).

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How do wedding loans work?

After you’re approved by your lender and close on your wedding loan, your lender will deposit your funds into your bank account. You’ll receive the entire lump sum upfront. After you receive the loan, you’ll start making monthly payments on it.

Some lenders may charge an origination fee, which comes out of your total borrowed amount. As a result, you’ll have to take this into account with your budget.

Unlike credit cards, personal loans used for a wedding come with fixed interest rates and specific terms for repaying the loan. A short-term personal loan can come with higher monthly payments and lower interest rates. If you stretch your repayment into a long-term personal loan, you may have lower monthly payments but higher interest rates. Ultimately, though, your monthly payments and interest rates are determined by a number of factors, like how much you borrow and your credit score.

How to get a loan for a wedding

Each lender will have its own unique application and requirements you’ll have to meet. Generally, however, you’ll need to take the following steps:

  • Check your credit score. Lenders will pay particular attention to your credit score when you apply for a wedding loan. It’s helpful to know what your credit score is ahead of time so you know what lenders you’ll qualify with and what rates to expect.
  • Create a budget. Break down your monthly income and expenses to see how much wiggle room you have in your budget for a loan payment. You can estimate your potential monthly payment by using a personal loan calculator.
  • Prequalify with several lenders. If you prequalify for a loan, you can check your potential rates, terms and borrowing limits without any impact to your credit score. Use those numbers to decide which lender you want to go with.
  • Verify your information. Once you’ve chosen a lender, you may have to fill out a formal application and verify the information you provided. Lenders will want to see proof of income and identity. Your lender will also run a hard credit inquiry which can cause your credit score to slightly decrease.
  • Close on your loan. In the final stages of the application process, you’ll need to sign your wedding loan agreement with your lender. The contract will detail all the features of your loan so be sure to carefully read it. Your lender will then provide your personal loan funds.

How to get a wedding loan with bad credit

Getting a loan with bad credit may be difficult on your own. You may have to explore personal loans for bad credit or take some time to improve your credit score. While this may slow your wedding planning down, this can make it easier to qualify for better APRs.

If you don’t have the time to work on your credit score, you can ask your significant other, a family member or a friend to help you get a cosigner loan. This type of loan can lower your risk in the eyes of lenders, since there’s two people who’ll be responsible for repayment, as opposed to just one. You can also explore secured loans, which will require you to provide collateral.

Wedding loan pros and cons

A wedding loan can help you afford to finance your big day, but it’s not without its drawbacks. Consider these pros and cons before you sign with a lender to pay for a wedding.

ProsCons

 May help build credit as long as the lender reports to the credit bureaus

 May qualify for lower interest rates than with a credit card

 Repayment terms let you know exactly when you’ll be done with your loan

 If you have fair or bad credit, you may get stuck with high interest rates that could make it difficult to pay off

 May not be wise to start your marriage by taking on debt for your wedding day

 Late or missed payments could negatively impact your credit score

Alternatives to wedding loans

Whether it’s because of your credit score or financial situation, loans aren’t always a good option for covering the cost of a wedding. If this is the case for you, consider these other options:

  • Consider money-saving wedding tips: From avoiding an open bar to choosing cheaper linens, we’ve compiled dozens of ways to save money at your wedding.
  • Set aside cash: Instead of kicking off your marriage with wedding debt, you can take time to save up money. This will allow you to skip any credit applications and save you money on fees and interest.
  • 0% APR credit card: Some companies offer 0% intro APR credit cards, which can save you money as long as you pay it off before the zero-interest promotion ends. These cards can come with 0% APR for as long as 21 months. After the promo ends, however, you’ll owe interest on the remaining balance.
  • Rewards credit card: Instead of taking out a honeymoon loan, you can use a rewards credit card to cover expenses like hotel stays and transportation.
  • Buy now, pay later: Another alternative to wedding and honeymoon loans is buy now, pay later apps (BNPL). Many retailers and travel companies partner with BNPL lenders, like Affirm or Uplift. This allows you to either split an expense into four payments over six weeks or take out a more traditional type of loan.

How we chose the best wedding loans

We reviewed more than 28 lenders that offer wedding loans to determine the overall best six lenders. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

LendingTree reviews and fact-checks our top lender picks on a monthly basis.

Frequently asked questions

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.