Best Wedding Loans of 2023: How To Choose One

Wedding Loans

Weddings are generally expensive, and you may not have enough money saved to cover the costs. If you can afford to make monthly payments, a wedding loan can be a useful alternative for planning your perfect day. Wedding loans or unsecured personal loans can be used to meet all of your wedding expenses.
While banks, credit unions, and online lenders all provide personal loans for weddings, online lenders usually have the best possibilities. The online application process is straightforward and painless, and you might have funds in your account within a few business days. Examine our list of the best wedding loans, as well as the advice throughout, to locate the best lender for you.

What Is a Wedding Loan?

A wedding loan is an unsecured personal loan, which means it does not require collateral—something of value, such as a savings account, that the lender can seize if repayment terms are not met. Personal loans are a convenient way to finance standard wedding costs such as the venue, photographer, and caterer because they may be used for almost anything.

Wedding loans typically range from $1,000 to $100,000. You must make monthly installments with payoff terms ranging from one to seven years. Interest rates are highly influenced by your credit score, and the best rates go to applicants with good to exceptional credit.

Is a wedding loan a secured loan?

A wedding loan is an unsecured personal loan (meaning it is not secured by anything you own, such as your home or car) that is sold for wedding expenses.

When Is a Wedding Loan Necessary?

According to The Knot, the average cost of a wedding in 2020 was $19,000, a decrease from the $28,000 average expenditure in 2019. (The average cost in 2020 was skewed due to fewer marriages as a result of Covid.) If you don’t have a huge sum of money saved up and don’t have enough time to save, it may be a good idea to explore a wedding loan.

A wedding loan is usually only a good idea because of the financial commitment if you:

  • Obtain a cheap interest rate;
  • You know you’ll be able to make on-time monthly payments; or
  • Expect to get cash as wedding gifts, which you can use to help pay off your loan.

If you take out a wedding loan—or any form of loan for that matter—you must be certain that you can afford to repay the amount within the agreed-upon conditions. It’s not a wise financial decision if you can’t satisfy the repayment responsibilities. Failure to repay your loan can have serious consequences for your credit score and may result in further fines.

When Should You Consider Getting a Joint Wedding Loan With Your Spouse?

A shared personal loan comprises a co-borrower, who is equally liable for the financial obligations. When you apply for a combined wedding loan, lenders consider both the co-and borrower’s and the principal borrower’s income and credit.

Because lenders analyze both applicants’ information, applying jointly is not a good idea if you or your spouse has bad credit. This will most likely result in you qualifying for a loan with a high-interest rate or not qualifying at all. If this is the case, apply with just one borrower (the one with the better credit score) to get the best conditions.

However, if you can qualify for a loan together and the cost isn’t much more than filing separately, it could be a good option. Because both borrowers are liable for the monthly payments, the loan can assist borrowers with poor credit in improving their credit scores. Both borrowers’ credit histories will improve as they repay the loan on time.

How to Apply for a Wedding Loan

While the procedure varies depending on the lender, the following are the general procedures to apply for a wedding loan:

#1. Examine your credit score.

Begin by obtaining your credit score for free from your credit card company or another source that provides free scores. This will offer you an idea of your creditworthiness and qualification prospects. Aim for a minimum score of 610; however, a minimum score of 720 will offer the best terms.

#2. Take action to improve your credit score if necessary.

If your credit score is less than 610 or you wish to increase your score to get the best conditions, take the time to enhance your score before applying, such as by limiting your credit utilization or paying off delinquent bills.

#3. Determine the amount of money you need to borrow.

After you’ve checked your credit score, figure out how much money you’ll need to borrow for your wedding. But keep in mind that you’ll get your money in one lump sum and will have to pay interest on the entire amount, so just borrow what you need.

#4. Shop around for the best interest rates and conditions.

Many lenders will allow you to prequalify before submitting your application, allowing you to preview the conditions you would receive with a soft credit inquiry. Prequalifying allows you to look for the best rates without jeopardizing your credit score.

#5. Submit a formal loan application and wait for a decision.

Once you’ve found a lender who provides you with the best conditions for your case, you may apply online or in person. This process can take anything from a few hours to a few days, depending on the lender.

Pros and Cons of Wedding Loans

Can you borrow money for your wedding? The answer is yes as long as you qualify for the loan. The actual question is whether or not you should take out a personal loan for your wedding. Here are the primary advantages and disadvantages to consider:

Pros of Wedding Loans

#1. They’re an easy way to get money.

As you begin to plan your wedding, you’ll notice that your venue and vendors require deposits to reserve their space and services. These expenses can easily mount up, especially when your wedding gown and accessories are included. If you don’t have a large sum of money in your savings account, a marriage loan can provide you with the funds you need to cover your deposits.

#2. They are simple to obtain.

Once you have your financial documents in order, you can often apply for your wedding loan online in a matter of minutes. If your application is granted, your bank or loan provider will deposit the loan amount straight into your account.

#3. You will receive your money in a short while.

Most lenders will assess your application, approve it, and deposit your loan funds within a few days. Some lenders even guarantee loan funding in as little as 24 hours.

#4. Better than credit cards in terms of interest rates.

If you have a decent credit score and a solid credit history, you may be able to receive a marriage loan with a cheaper interest rate than your credit cards.

#5. Prepayment penalties are not charged on some loans.

Some loans allow you to pay off your loan early without penalty, which might save you money on interest. If you intend to repay your loan with cash gifts from wedding guests, or if parents or other family members have offered to help fund your Big Day, you may not have to pay any interest at all. Check the terms of your loan to ensure that prepayments are permitted.

#6. You will raise your credit score.

Couples who want to establish or improve their credit might do so by successfully repaying their marriage debt. Make certain that you do not miss or make late payments. A higher credit score will make future loans easier to get and will keep your interest rates low.

Cons of Wedding Loans

#1. Paying Interests

If you take out a loan for your wedding, you will be paying interest for years. For example, if you take out a $15,000 loan at a 10% interest rate for five years, you’ll wind up paying more than $4,000 in interest. Is spending an extra $4,000 on your Special Day really worth it?

#2. You’ll be in debt at the start of your marriage.

Money problems are a major source of relationship tension. Do you want to begin this new and exciting chapter of your life with a loan payment every month for the next three to five years?

#3. Existing loans make qualifying for new loans more challenging.

Are you considering purchasing a new car or maybe a new home following your wedding? When a bank considers lending to you, they will look at your current loans to see if you can afford the new loan. If you have a lot of outstanding loans, the bank might not grant you the loan you desire, or they might deny your loan entirely.

#4. They may persuade you to spend more money.

Receiving the funds for your wedding loan in your bank account may make you feel wealthy. You may feel more at ease upgrading your floral arrangements, selecting that out-of-budget gown, or inviting a few more guests to your wedding. All of these improvements add up.

The decision to take out a loan for your wedding must be made with your partner, as it will affect future financial decisions regarding your marriage. It’s critical to discuss whether or not you want to deal with that financial load when you return from your honeymoon. The following is a list of lending options for covering wedding loans. (Once again, this is only to show you how it’s done; we don’t advocate it!)

What Are Some Other Ways to Cover Wedding Expenses?

#1. Paying for the Wedding with an Online Personal Loan Company

Over the last few years, a slew of Internet loan companies has sprung up, with the majority of them offering crowd-sourced loans. This is how it works: Once you’ve been accepted by the company, online investors will advance you money in the same manner that a bank would. Then you repay them, with interest, in the same way, that a bank would.

#2. Using a Home Equity Line of Credit to Fund a Wedding

This one is only for homeowners and is generally used by parents who are paying for their children’s weddings. The principle behind a home equity line of credit is to borrow against your home’s mortgage. But, once again, it’s not a good idea. Neither the financial gurus nor we would advise doing so.

#3. Paying for the Wedding using a Credit Card

When it comes to alternative ways to pay for your wedding, most financial experts are skeptical of credit cards and lines of credit. However, if (and only if) you have the means to pay for your wedding, a credit card can be an excellent choice. This is why: Credit can help you secure your money against fraud while also earning you points for flights and even hotels (hello, honeymoon!). Simply avoid paying for wedding expenses with money you don’t currently have, and you’ll be OK.

#4. Saving for the Wedding and Extending Your Engagement

Ding, ding, ding! This is the correct path to take. Avoid wedding loans by creating a wedding budget and saving up for the things you want. A lengthy involvement is not harmful. Often, locations are already booked more than a year in advance. Having one will give you ample time to fully plan the wedding, save for the non-negotiables, and even spend on a few things you’ve always wanted. “I’d rather you postpone your engagement for six months to a year to save money,” Lyons Cole adds. “Paying ahead with savings is far superior to paying backward with debt.”

The company HonestLoans is willing to help you raise money for your company

How can you apply for a Wedding Loan?

Getting a wedding loan may not be the best idea out there, at the risk of sounding like a broken record. But if you’re still reading and haven’t decided, here’s everything you’ll need to acquire a personal loan to cover wedding expenses.

#1. Make Certain That You Have Good Credit

If you want to acquire a wedding loan, you’ll need to make sure your finances are in order. Traditionally, your credit score is the most important aspect. A credit score of 700 or more is normally regarded as good. You can, however, secure a loan with a lower credit score. According to Byun, a credit score of 620 or better is still required to qualify for a loan on the lending website There are several free credit score services available to help you determine your credit score. (We trust to calculate your credit score quickly.)

#2. Prepare Your Financial Documents

Aside from your credit score, your institution will want to see evidence of income, bank statements, and any other debt you may have (student loans, mortgages, etc.). You must check with your institution to see what exact documents and certifications you will require. In other words, internet wedding loans require many of the same forms of documents as any other loan.

The Best Wedding Loans in 2023

Wedding loans are available from the lenders listed below. You can compare their prequalified rates in just two minutes – without harming your credit.

Best for good credit: Regions Bank

Why Regions Bank distinguishes out: For borrowers with a long credit history and great credit, Regions Bank provides low-interest rates on unsecured personal loans.

  • Check your rates – If you already have an account with Regions Bank, you can check your possible rates online before applying.
  • Rate reductions – If you set up autopay from a Regions Bank checking account, you may be eligible for a 0.25% rate reduction.
  • Loan limitations vary – the lowest loan amount is $2,000, while the maximum loan amount with Regions Bank is determined by how you apply. Existing clients may borrow up to $50,000, but new customers are limited to $35,000 in borrowing.

Loan periods range from 12 months to 60 months, however, your loan term options will vary based on how much you borrow.

Upstart: The best option for people with inadequate credit.

Why Upstart stands out: If you’re thinking about borrowing for your wedding but are still improving your credit, an Upstart loan could be an option to consider. Upstart, an online lender, evaluates borrowers who do not have enough credit history to obtain a FICO® score.

  • Prequalification enables you to check prices without jeopardizing your credit. It’s important to note that prequalification terms aren’t final — and if you decide to file a full application, your credit scores will most certainly suffer.
  • If you accept loan terms by 5 p.m. Eastern time, you could have cash placed into your bank account as soon as the next working day (though exact funding times can vary depending on your bank).
  • Flexible loan amounts – Upstart offers loans ranging from $1,000 to $50,000, which might be more than enough to pay the costs of a wedding reception, ceremony, photographer, and other related fees. The loan terms are either 36 or 60 months.

Upstart charges an upfront origination fee ranging from 0% to 10% of the loan amount. This cost is deducted from the lump sum before it is given to you, so keep it in mind when selecting how much to borrow.

Avant: The best option for people with less-than-perfect credit.

Why Avant is unique: Avant may be a decent alternative if your credit isn’t perfect: According to Avant, the majority of its borrowers have credit scores ranging from 600 to 700.

  • Prequalification – Avant allows you to prequalify for rates with just a light credit inquiry, though you won’t see final terms until you fully apply (and take a hit to your credit scores).
  • Longer loan terms – Avant provides loan periods ranging from 12 to 60 months, which can be beneficial if you believe you will need more time to repay your wedding loan.
  • Quick cash – If you are authorized for a loan, monies may be deposited in your account as soon as the next working day, though funding times vary depending on your bank.
  • Keep an eye out for administrative fees – The administrative fee for processing your loan might amount to up to 4.75% of the loan amount. This is a one-time fee deducted from the loan proceeds before you receive the funds.
  • Avant app – Avant offers a mobile app that allows you to manage your loan and payments.

Wells Fargo: A best alternative for flexible lending possibilities.

Why Wells Fargo stands out: Wells Fargo offers customizable personal loans with loan periods ranging from 12 to 84 months in amounts up to $100,000. So, if you want to borrow a substantial sum for an extended period of time, this lender may be worth considering.

  • There is no origination charge, so you don’t have to worry about paying a percentage of the loan upfront when you borrow here.
  • Rate reductions – If you pay off your loan with automatic payments from a Wells Fargo checking account, you may be eligible for an interest rate reduction.

For new consumers, an in-person application is required. Customers who already have an account with Wells Fargo can examine rates and apply for loans online or by phone. Other potential borrowers must visit a Wells Fargo location to discuss loan alternatives.

Marcus by Goldman Sachs: The best for payment benefits.

What makes Marcus unique: Marcus has a one-of-a-kind on-time payment incentive that allows you to defer a loan payment after paying on time for 12 months (interest continues to accrue during this month). You can use the payment reward as soon as you earn it or later.

  • No origination fee – Marcus does not charge an origination fee upfront.
  • Late fees do not apply – If you are late on a payment, you will not be charged a fee, but you will be charged interest.
  • Loan terms are flexible, allowing you to borrow up to $40,000 and repay it over 36 to 72 months.
  • Good credit may be required — According to Goldman Sachs’ 2020 annual report, the majority of Marcus borrowers had credit scores of 660 or higher.


If you want to fund your wedding, a wedding loan is a wonderful alternative to explore, especially if you have good credit or can find a loan with a low APR and no early repayment penalty. The cost of a wedding loan, as well as the APR you will be eligible for, is determined by your credit score and other factors utilized by the lender to evaluate your eligibility for their best rates. People with new credit, weak credit, or good to exceptional credit will have varied options for the best wedding financing. Understand where you fall in order to obtain the best wedding loan options for your situation.

When comparing loans, read the fine print for information on how the lending process works. Be wary of sites that will perform a hard credit check in order to provide you with a rate. Finally, when comparing your options, keep an eye out for fees and additional expenditures.

Wedding Loans FAQs

Are wedding loans easy to get?

The process of obtaining a wedding loan is similar to that of obtaining a personal loan for any other purpose. And it isn’t really tough for the typical individual. A credit score of at least 660 is required for most personal loans. However, some will take lower credit ratings, even if they are in the bad range.

How much can you get for a wedding loan?

Wedding loans typically range from $1,000 to $100,000.


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