Best wedding loans
in 2022

The average wedding costs $34,000. But let’s be honest, not everyone has that kind of money lying around. If you need help paying for your ceremony and reception, a wedding loan can fill in the gap. 

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Best wedding loans

How Does LendingTree Get Paid?

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.

How Does LendingTree Get Paid?

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.

LenderBest for…APR rangeLoan termLoan amountMinimum credit score
Small loan amounts7.99% to 35.99%24 to 72 months$2,000 to $36,500580
Consumers Credit UnionFlexible loan terms7.99% to 22.49%*24 to 144 months$5,000 to $100,000Not specified
Marcus: by Goldman Sachs logoAutopay discounts6.99% to 24.99%36 to 72 months$3,500 to $40,000720
Joint loans6.99% to 35.99%24 to 60 months$2,000 to $50,000640
Large loan amounts7.99% to 23.43%*24 to 84 months$5,000 to $100,000680
Secured loans7.96% to 35.97%24 to 84 months$1,000 to $50,000620

*rate includes an autopay discount

Top lenders for wedding loans

  • Loan amounts: $2,000 to $36,500
  • APR: 7.99% to 35.99%
  • Terms: 24 to 72 months
  • Origination fee: 0.00% - 8.00%
  • Minimum credit requirement: 580

 

Why we like it: With a maximum ceiling of $36,500, LendingPoint offers the smallest loan limit amount on our list, making it more ideal for those looking for small wedding loans.

 

Overview: Not only does LendingPoint offer transparency around its lending requirements, but it may also be able to fund your wedding loan within one business day after you’ve signed your loan agreement. When reviewing loan applications, this lender considers factors other than credit scores, which gives flexibility to those who are looking to qualify for a loan.

 

On the downside, if you were hoping to apply for a loan with a cosigner, LendingPoint may not be the lender for you. You may also have to pay an origination fee, which can get as high as 8.00%.

 

ProsCons

  Low credit score requirement (580)

  May receive funds in one business day

  Clear eligibility requirements

  No option for joint applications

  Charges origination fees (0.00% - 8.00%)

  Small maximum loan amount

 

Eligibility requirements: If you want to get a wedding loan from LendingPoint, you’ll need to make sure you check the following boxes:

 

  • Minimum credit score of 580
  • Cannot live in Nevada or West Virginia
  • Minimum income of $35,000

  • Loan amounts: $5,000 to $100,000
  • APR: 7.99% to 22.49% (includes autopay discount)
  • Terms: 24 to 144 months
  • Origination fee: None
  • Minimum credit requirement: Not specified

 

Why we like it: With repayment terms ranging from 24 to 144 months, it’s hard to find a lender that offers as much repayment flexibility as LightStream.

 

Overview: Borrowers won’t have to pay any fees with online lender LightStream. This lender only serves consumers with good or excellent credit, so you’ll want to make sure your credit score is in tip-top shape before applying for a wedding loan with LightStream.

 

Unfortunately, this lender does not allow consumers to prequalify for loans; to see your potential loan rates, terms and amounts, you’ll need to submit to a hard credit pull, which can cause your credit score to go down by a few points.

 

ProsCons

  Doesn’t charge any fees

  High loan amounts

  Same-day funding

  Unclear eligibility requirements

  High minimum loan amount

  No soft-credit pulls

 

Eligibility requirements: While LightStream does specify that you’ll need to have good or excellent credit to receive a wedding loan, it doesn’t offer much other information about its requirements. In addition to looking at your credit score, LightStream will also review your entire credit history.

  • Loan amounts: $3,500 to $40,000
  • APR: 6.99% to 24.99%
  • Terms: 36 to 72 months
  • Origination fee: None
  • Minimum credit requirement: 720

 

Why we like it: Borrowers can get a 0.25% APR discount by signing up for autopay with Marcus by Goldman Sachs. This discount on their already-low APR can help you save money on your big day.

 

Overview: In addition to their autopay discount, Marcus by Goldman Sachs also has other cost-saving measures for borrowers, such as zero fees and even an On-Time Payment Reward, which allows borrowers to skip a payment after making 12 consecutive on-time, in-full payments.

 

However, Marcus by Goldman Sachs has a high credit score requirement (720) and doesn’t allow joint applications, making it difficult to qualify for borrowers without a solid credit score and profile.

 

ProsCons

  Doesn’t charge any fees

  Offers On-Time Payment Reward

  Provides 0.25% APR autopay discount

  Low-credit borrowers may not qualify

  Doesn’t offer joint applications

  Doesn’t provide much insight on loan criteria

 

Eligibility requirements: Besides specifying a minimum credit score requirement of 720, Marcus by Goldman Sachs doesn’t offer many details about its personal loan criteria. Borrowers will have to verify their income and provide a form of identification.

  • Loan amounts: $2,000 to $50,000
  • APR: 6.99% to 35.99%
  • Terms: 24 to 60 months
  • Origination fee: 1.00% - 5.00%
  • Minimum credit requirement: 640

 

Why we like it: If you don’t qualify for a Prosper wedding loan on your own, you may be able to get the loan you need by filing a joint application.

 

Overview: With Prosper, your loan funds may be disbursed within one business day of approval. If your credit score doesn’t quite align with Prosper’s criteria or you want to secure a lower interest rate, you can submit a joint application.

 

While you will have to pay an origination fee (1.00% - 5.00%) with Prosper, it’s not as high as the 10.00% that other lenders charge. However, getting a loan funded through Prosper can take up to three days after you’ve been approved, which is a longer waiting period than some competitors.

 

ProsCons

  Offers joint applications

  Allows for fair-credit borrowers

  Low minimum borrowing amount

  Funding can take up to three days

  Charges origination fee (1.00% - 5.00%)

  High maximum APR (35.99%)

 

Eligibility requirements: Here’s what you need to know about Prosper’s wedding loan criteria:

 

  • Minimum credit score of 640
  • Must be a U.S. citizen
  • Must not live in Iowa or West Virginia
  • Must have Social Security number
  • Must have verifiable bank account

  • Loan amounts: $5,000 to $100,000
  • APR: 7.99% to 23.43% (includes an autopay discount)
  • Terms: 24 to 84 months
  • Origination fee: None
  • Minimum credit requirement: 680

 

Why we like it: Planning to go all out on your big day? SoFi provides wedding loans up to $100,000 and doesn’t charge any fees.

 

Overview: SoFi is an online lender that doesn’t charge its customers any fees (even late fees), and its maximum APR only goes as high as 23.43%.

 

SoFi has a high minimum credit score requirement of 680, so poor-credit borrowers may not be a good fit. However, if you’re unable to qualify for a loan on your own, SoFi allows you to add a co-borrower.

 

ProsCons

  Flexible loan terms (up to 84 months)

  Provides unemployment support

  Offers 0.25% APR autopay discount

  Need to have good credit to qualify

  High minimum loan amount of $5,000

 

Eligibility requirements: Another positive aspect of borrowing from SoFi is that it provides transparency around its loan criteria:

 

  • Minimum credit score of 680
  • Must have a consistent income source (employment, alimony, Social Security, etc.)
  • Be a U.S. citizen, permanent resident or non-permanent resident (must have current immigration status)

  • Loan amounts: $1,000 to $50,000
  • APR: 7.96% to 35.97%
  • Terms: 24 to 84 months
  • Origination fee: 1.85% - 8.99%
  • Minimum credit requirement: 620

 

Why we like it: In addition to traditional unsecured loans, Upgrade also offers secured loans, which may help borrowers receive lower interest rates.

 

Overview: If you want to put down a valuable asset as collateral (like a car or savings account), Upgrade is one of a handful of lenders that offer secured loans. While unsecured loans are far more common, secured loans allow people with not-so-perfect credit to qualify for a loan because it reduces the lender’s risk.

 

If you’re unable to repay the loan, however, you could end up losing your collateral. You’ll also have to pay an origination fee when you take out an Upgrade wedding loan, which can range from 1.85% - 8.99%.

 

ProsCons

  Terms loans up to 84 months

  Provides autopay discount

  Offers secured loan as an option

  Origination fee (1.85% - 8.99%)

  High maximum APR (35.97%)

  May be charged late fees

 

Eligibility requirements: Other than being at least 18 years old, Upgrade requires that you fit the following categories to qualify for a wedding loan:

 

  • Minimum credit score of 620
  • Be U.S. citizen, permanent resident or have a valid visa
  • Have a valid email address
  • Have a valid bank account

What is a wedding loan?

A wedding loan is a type of personal loan that is geared toward those looking to cover their wedding expenses — from the venue to catering to the honeymoon.

Personal loans are typically unsecured — meaning you won’t need to put down a valuable asset as collateral — and come with fixed annual percentage rates (APR), which is the total cost of a loan including the interest rate and any fees.

Because personal loans are funded with lump sums instead of a line of credit (like a credit card), you’ll want to make sure you determine a budget ahead of time to ensure you know how much you’ll need to borrow.

When should you get a wedding loan?

Weddings come with a hefty price tag. In 2021, the total cost of a wedding cost couples an average of $34,000 (if you include the engagement ring).

Getting a wedding loan may be a good idea if you:

  • Have good credit: Personal loans come with interest that you’ll have to pay as part of the cost of taking out a loan. The higher your credit score, the lower your interest rates may be, which can reduce your total cost to borrow. If you don’t have good credit, you may get stuck with high interest rates, potentially making the debt difficult to repay.
  • Can afford the monthly payments: If you have some extra room in your budget for a monthly payment, a wedding loan may be a good fit for you. Paying your monthly installments on time and in full can help increase your credit score. However, if making a loan payment each month would stretch your budget too thin, this may not be the best option. Failure to repay your loan can have some stiff consequences.
  • Plan to put extra money toward paying it off early: Because many personal loan lenders do not charge prepayment penalties, you can pay your wedding loan off early without incurring extra charges. In fact, repaying your debt before the repayment period is done will save you money on interest. Consider putting any money you receive as a wedding gift toward your wedding loan.

When should you get a joint wedding loan?

If you have a low credit score, a joint wedding loan may allow you to qualify for a loan more easily and even receive lower interest rates.

A joint wedding loan is when you and a second individual — this can be your future spouse or another trusted loved one — take out a loan together. Both you and your co-borrower will sign the loan agreement and are equally responsible for repayment.

Keep in mind that if you’re unable to repay the loan, the lender can attempt to collect the funds from your co-borrower.

Pros and cons of wedding loans

ProsCons

  If you have good credit, you may be able to qualify for low interest rates.

  You can pay off your wedding loan early without worrying about any prepayment penalties.

  Your loan may be funded as soon as the next day, and you can spend the wedding funds on an as-needed basis.

  You’ll repay the cost of the wedding in fixed monthly payments over a set period of time.

  Paying for your own wedding gives you more control over your big day.

  Some lenders offer zero fees on their wedding loans.

  You’ll pay interest on your wedding expenses. APRs can get as high as 36%.

  Personal loan APRs vary widely depending on your credit, so low-credit borrowers will pay a premium on interest.

  You could be stuck paying for your wedding long after the big day has come and gone, as repayment terms can be five years or longer.

  By taking out a wedding loan, you’ll be kick-starting your marriage with debt.

  If you’re unable to repay the loan, you could face lawsuits and wage garnishment. Your credit score will also take a heavy hit from missed payments.

How to apply for wedding loans

  1. Gather your personal information. Lenders will want to know your income, your debt-to-income (DTI) ratio and your employment status. You may need to provide documents like pay stubs and W-2s.
  2. Check your credit score. Since your credit score plays an important role in whether you qualify for a loan, you’ll want to make sure your credit score is at least 640 to qualify for decent rates. You can request a free copy of your full credit report from all three credit bureaus at AnnualCreditReport.com.
  3. Determine how much you need to borrow. Factoring in everything from the photographer to the wedding band, set a wedding budget. Don’t borrow too much or you’ll have to pay interest on money you didn’t use. If you borrow too little, you might not have enough money to cover expenses.
  4. Shop around with multiple lenders. To get prequalified for a personal loan, you’ll apply online with a lender and receive an estimated APR, if you’re eligible. Prequalification involves a soft credit inquiry, which will not affect your score. By filling out a single form with LendingTree, you can receive up to five personal loan offers from lenders.
  5. Accept your best offer and receive your money. When you decide which lender you want to work with, they will conduct a hard credit check. If your loan application is approved, you could get your money as quickly as the same day.

Top wedding costs to consider

Engagement rings
Average cost: $5,500+

Flowers
Average cost: $2,300

Wedding cake
Average cost: $500

Tuxedo/wedding dress
Average cost: $270/$1,800

Live band
Average cost: $4,500

Photographer
Average cost: $2,500

Reception and ceremony venue
Average cost: $10,700

Wedding planner
Average cost: $3,000

Tips for comparing wedding loans

  • Compare APRs. Typically, the offer with the lowest APR will save you the most money over the life of the loan. A lender’s lowest APR often goes toward those who have the highest credit scores and strongest credit profiles. Some lenders even consider income when determining rates.
  • Check for fees. Some lenders charge fees, such as a loan origination fee (typically 1% to 10% the cost of the loan). They may charge late and returned payment fees as well. Origination fees will come out of the total balance of your loan. Some lenders — such as LightStream, Marcus by Goldman Sachs and SoFi — don’t charge any fees at all.
  • Look for funding timelines. The time it takes to fund a personal loan can take anywhere from one to seven business days, though some lenders may deposit your funds the same day you sign your loan agreement. If you’re in a hurry, this may be an important factor.
  • Read reviews. See what other borrowers have to say about the lenders you’re considering. You can check for personal loan user reviews on LendingTree.

Alternatives to wedding loans

Build a savings account

The average engagement is 16 months long, according to the 2021 report from The Knot. This waiting period can give you enough time to save up for the big day before you need to start putting down deposits.

Plan your wedding on your own financial time frame because it may be best to wait until you’re financially prepared. Create a budget with your fiancé so you can cover your wedding expenses with cash. You might find that it’s worth it to avoid starting your marriage in debt.

Ask your guests to pitch in

Not everyone needs or wants to receive gifts for their wedding. Instead of loading up your wedding registry with brand-name kitchen gadgets and delicate china you’ll only use a few times a year, consider asking your guests to help cover the wedding expenses.

In lieu of a gift registry, you can set up a cash registry where guests can donate funds instead. Keep in mind that some guests prefer to shop for wedding gifts and may disregard your request.

Apply for a 0% intro APR credit card

Putting all your wedding expenses on a credit card is not recommended, since you’ll end up paying mountains of compounded interest by the time your wedding day is done. However, if you have good credit, you could take advantage of a 0% intro APR credit card.

Some credit cards have intro APR periods that last up to 21 months, which could give you plenty of time to plan your wedding and repay the debt before you’re charged any interest. Keep in mind that if you don’t repay the debt before the promotional period ends, you’ll end up paying interest on the remaining balance.

As an added bonus, you could utilize a rewards credit card to earn travel miles for your honeymoon or cash back on all your wedding purchases. Just use caution when you take on credit card debt to pay for your wedding.

  Using a home equity loan or line of credit

If you or your soon-to-be spouse own a home, you could tap into that equity to help cover wedding expenses with a home equity loan or a line of credit.

Both options are a secured form of borrowing. The debt is secured by your home, so you should weigh the risks of foreclosure in case you’re unable to repay the loan.

Because these forms of credit are secured, you could get a lower APR than you might otherwise receive on an unsecured personal loan. Be sure to factor in closing costs, which could amount to 2% to 5% of your loan amount.

Use a home equity loan calculator to estimate your potential borrowing power, but it’s worth consulting a certified financial professional before increasing the size of your mortgage to pay for a wedding.

How we chose the best wedding loans

We looked at 14 lenders that offer wedding loans to determine the six best lenders for this type of loan. By offering a detailed and objective account of each lender’s rates and terms, LendingTree’s goal is to provide you with all the information you need to make a financially sound decision specific to your situation.

Here’s the criteria we assessed to choose the best wedding loan lenders:

  • Flexible loan use
  • Transparent rates and repayment terms
  • Wide range of loan amounts
  • Low fees

Frequently asked questions

It will be difficult to secure a personal loan with favorable terms if you have bad credit. Because personal loans are typically unsecured and have no collateral, lenders lean on your credit history to determine your eligibility and terms.

 

That being said, certain lenders specialize in personal loans for bad credit. Many lenders require a 600 credit score minimum, making it challenging for people with low or no credit to get approved. You could always take steps to improve your credit score — or to find a cosigner or co-borrower — before applying for a loan.

As long as you make on-time payments toward your wedding loan, your credit score should only improve. After all, your credit report will reflect a positive payment history toward an installment loan.

 

It should be noted too that applying for a wedding loan shouldn’t adversely affect your credit. That’s especially true if you prequalify with a variety of lenders that quote you rates without performing a hard inquiry into your credit profile. Ideally, you’ll compare options and only formally apply with a single lender, limiting any temporary effect on your credit score.

The amount you can borrow for a wedding depends on your creditworthiness, with lenders offering small personal loans for as little as $1,000. Some lenders offer as much as $100,000.

 

Just because you can borrow four, five or six figures, however, doesn’t mean that you should. As in all cases of borrowing, you should only take out loan amounts that you absolutely need and can realistically afford to repay.

According to a report by The Knot, the average wedding cost couples $34,000 (including the engagement ring) in 2021. Some of the largest costs from renting a venue ($10,700), buying engagement rings ($5,500+) and hiring a live band ($4,500).

 

You can cut back on costs by limiting the guest list, finding a cheaper venue to rent and curbing the hours a photographer or videographer is at the event.

Whether a wedding loan is a good fit for you depends on your financial position as well as your credit standing. A personal loan for a wedding is a good alternative to putting all your wedding expenses on a credit card with high interest rates.

 

However, using a wedding loan means that you’ll have to pay interest on all your wedding expenses, so you’ll be paying a premium on top of the base costs for your big day. Taking on debt for nonnecessities (such as a wedding) is typically not recommended.