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Compare wedding loans

Here are 4 ways to fund your wedding — plus tips to help you find the right lender.

The most important day of your life isn’t always cheap. From the dress and the venue to the catering and the wedding car, your special day can cost you upwards of $50,000. If you don’t have that kind of money saved, you may need to turn to other ways to finance your wedding.

4 ways to finance a wedding

There are plenty of legitimate lenders that allow you to use funds toward any legitimate expense — including weddings. The financing option you choose should depend on your current financial circumstances, how much you need to borrow, your outstanding debts and your active credit accounts. Here are 4 ways to finance your big day:

1. Personal loans

Personal loans are offered by a variety of lenders, and you may be able to borrow up to $50,000 – or sometimes more. If approved, you’ll receive a lump sum that can be used for anything from buying a dress to throwing an engagement party or even financing part of your honeymoon.

Compare personal wedding loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
Spring Financial Personal Loan
Finder Rating: 4 / 5: ★★★★★
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 500
Go to site
More Info
An online lender offering unsecured personal loans and credit builder loans. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
LoanConnect Personal Loan
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
Go to site
More Info
An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Mogo Personal Loan
Finder Rating: 4.5 / 5: ★★★★★
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
Go to site
More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
goPeer Personal Loan
Finder Rating: 3.6 / 5: ★★★★★
goPeer Personal Loan
8.00% - 33.92%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year, no payday loan debt
Min. credit score: 600
Go to site
More Info
Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
SkyCap Financial Personal Loan
Finder Rating: 4.1 / 5: ★★★★★
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
Go to site
More Info
An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Fairstone Unsecured Personal Loan
Finder Rating: 3.9 / 5: ★★★★★
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
Go to site
More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
ConsumerCapital Personal Loan
Finder Rating: 3.2 / 5: ★★★★★
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed, no payday loan debt
Min. credit score: 600
Go to site
More Info
An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
Loans Canada Personal Loan
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
FlexMoney Personal Loan
Finder Rating: 4 / 5: ★★★★★
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
Go to site
More Info
An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loan Away Personal Loan
Finder Rating: 3.6 / 5: ★★★★★
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Fairstone Secured Personal Loan
Finder Rating: 3.7 / 5: ★★★★★
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
Go to site
More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
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2. Lines of credit

Not sure how much you need to borrow? Lines of credit work like personal loans, but rather than borrowing a lump sum, you can withdraw as much as you need (up to your credit limit) when you need it. There may also be monthly fees while you have the line of credit open.

Compare lines of credit

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
Mogo Mini Line of Credit
Mogo Mini Line of Credit
47.42%
$1,000 - $3,500
No end dates
Min. income of $13,000 /year
Min. credit score: 500
Go to site
More Info
An online lender offering a flexible line of credit up to $3,500. Apply online and get pre-approved in just 3 minutes. Non-employment income also accepted. Pay back the principal loan amount at any time.
Cash Money Line of Credit
Cash Money Line of Credit
46.93%
$100 (in store), $500 (online) - $10,000
No end dates
No min. income or employment requirements
Min. credit score: 560
Go to site
More Info
Cash Money offers line of credit loans up to $10,000 for AB, BC, NL, NS, ON and SK residents. (Residents of MB or NB can apply in-store only.)
LendDirect Line of Credit
LendDirect Line of Credit
19.99% - 46.93%
$100 - $15,000
No end dates
Min. income of $1,500 /month
Min. credit score: 560
Go to site
More Info
Borrow up to $15,000, based on your income and credit history, with a line of credit from LendDirect.
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3. Credit cards

If you already have a card with a low purchase interest rate, then you may want to consider using it to make wedding-related purchases instead. Or, consider signing up for a credit card with a low introductory purchase rate to cover a few purchases — just don’t go overboard so you can pay off your balance before the intro rate ends and the higher revert rate kicks in.

4. Crowdfunding

With more crowdfunding sites popping up, some couples have opted to reach out to friends, family and even strangers to help pay for their big day. Sites like GoFundMe and KickStarter allow soon-to-be newlyweds to set up campaigns to raise wedding funds. Typically, these online fundraising platforms charge an overall service fee as well as a fee per donation. However, you usually won’t be on the hook for any upfront costs to set up your campaign.

How do I find the right financing for my wedding?

When comparing wedding loans, pay special to the following features:

  • Perks and discounts. Some lenders may allow you to bundle a personal loan with other financial products to get a discount, while others may have flexible repayment options. If you opt to use a credit card, you may be able to earn rewards points, miles or cash back for your purchases. Take a look at some features offered by these lenders and see if any of them can make your life easier (or less expensive).
  • Repayment flexibility. Check if you are able to repay the loan early without penalties or if you’ll be able to extend the loan if you need more time to make payments.
  • Prepayment options. You may be able to pay off your loan early, but check to make sure you aren’t charged a prepayment penalty. This can offset any benefit you get from making the extra repayments, so check your lender’s terms before you apply.
  • Fixed- or variable interest rates. A fixed-rate option can help you plan your repayments because they’ll stay the same throughout the life of your loan, but this may also mean you miss out on lower interest rates. Fixed-rate loans usually have terms of one to five years. Variable rates start off low but fluctuate over the life of the loan, making it harder to budget for the repayments.

Things to consider before taking out a wedding loan

Before applying for a wedding loan, it’s crucial to understand the financial commitment required for servicing the borrowed amount. You and your future partner should sit down and discuss your financial situations beforehand. Below are some of the questions you should be discussing.

  • What are the fees that you’ll be charged? When you look at the fees of a loan, you should remember to check the upfront fees as well as any ongoing charges. Upfront fees cover the cost of setting up the loan, for example origination fees, while ongoing fees can include monthly account-keeping fees or amounts charged for using some of the features of the loan. You should also be aware of late fees and NSF fees.
  • What interest rate are you being offered? When looking at the rate offered by the lender, make sure to check whether the rate is fixed or variable. You can also see if the lender offers an introductory rate that can help you save money over the first few months of the loan.
  • Are the loan amount and terms affordable? You need to ensure that the amount you want to borrow and the length of time you want to borrow it for is offered by the lender. You can check the minimum and maximum loan amounts each lender offers and see if they suit your needs. You’ll also need to be sure that you can actually afford the monthly repayments.

Example: Sam and Chloe are getting married

Sam and Chloe are set to get married in a few months and they’ve organized everything from the venue to the dress. Unfortunately, Chloe has picked out a rather expensive bridesmaid dress, and realizes that she can’t expect her five bridesmaids to fully cover the cost of the $800.00 dress. Although they’ve already spent over $15,000.00 on their wedding day, Sam and Chloe agree to cover $500.00 from each of the five dresses, for a total of $$2,500.00.

Since they haven’t budgeted for this unexpected expense, Sam and Chloe will need to take out a loan. They head to their local bank but are rejected for a personal loan since both Sam and Chloe already have student loan debt. They decide to head online to compare personal loan providers and luckily come across a lender willing to allow them to borrow money – even though they already have debt. They’re approved for $2,500.00, which is to be paid back over one year – but due to their existing debt, they’re offered a higher interest rate of 15.00%.

Cost of dresses$2,500.00
Loan typePersonal loan
Loan amount$2,500.00
Interest rate15.00%
Loan term1 year
Additional feesOrigination fee of 3% ($75.00)
Monthly payment $225.65
Total loan cost$2,782.75

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

Should I use a loan to pay for my wedding?

It depends. Some financial experts advise against it, stating that you’re better off saving for this big expense. But while building up your savings will mean you don’t pay interest, for many people, that’s often an unattainable goal — especially if you’re hosting a large reception at an expensive venue.

A wedding loan can make it easier to afford your wedding, even if it costs you more in the long run. As long as you and your partner agree to the expense beforehand and have a plan of action in place for dealing with the repayments, a wedding loan can be helpful. However, it’s still important to explore other options.

How else can I finance my wedding?

While there are plenty of ways you can make your wedding more affordable — including choosing a less expensive venue or renting a dress — these are four common ways people avoid borrowing a large amount for their big day.

  • Savings. The primary way people pay for a wedding is through savings. It might mean a smaller honeymoon or a more simple reception, but by using your savings, you can avoid paying interest for your wedding.
  • Family and friends. It’s not uncommon for family and friends to help out a little with paying for your big day. Parents are usually willing to foot a portion of the bill, and friends may be interested in DIY centrepieces or discounting services like photography and flower arrangements.
  • Budgeting. Even if you don’t have a huge savings account, you can still work your way to borrowing less. By cutting back on things like coffee, takeout and other unnecessary expenses, you can add to your wedding budget without too much sacrifice.
  • Postpone the ceremony. It might not be ideal, but if you don’t have any set plans, consider extending your engagement. The longer you have to build your savings and find deals, the better off you’ll be — and the less you’ll need to borrow.

How can I apply for a wedding loan?

To apply for a loan to help finance your wedding, you can compare your options using the comparison table above.

When you find the right loan and want to apply, click the Go to Site button to be directed to the lender’s website. To qualify for a loan in Canada, you generally need to be 18 years of age, or the age of majority in your province or territory, and be a Canadian citizen or a permanent resident. You will also usually need to have a good credit rating, which typically means a score of 650 or higher.

Have the following information on hand before you apply:

  • Personal details including your full name, age, address, contact details and proof of your identity
  • Financial details including your assets, debts and liabilities
  • Employment details including your income, job title and the name and contact details of your employer

Bottom line

There are a few ways to finance your wedding when you don’t have the money available. If you’ve decided to take out a personal loan, compare your options and make sure you’re applying for a loan that’s competitive and affordable for your budget. Planning is a must, so compare at least 3 to 4 lenders and take your time when selecting the right lender and loan terms for your big day. You can learn more about personal loans in our guide.

Frequently asked questions about wedding loans

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