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Compare wedding loans to fund your big day
Consider one of these top picks to cover the big expenses that come along with your big day.
While there are a variety of ways you can pay for your wedding, a personal loan provides the funding you need in one lump sum. And it can cover up to the full cost.
These five lenders make our list because they offer large loan amounts, have relatively competitive starting rates and all allow you to use your loan funds to finance your wedding. But if they don’t suit your needs, there are other lenders — and financing options — that you can use to make your wedding memorable.
5 best personal loans for weddings
Best for long loan terms
LightStream personal loans
Finder rating 4.83 / 5 ★★★★★
- Available in all states
- Autopay discount up to 0.5%
- Backed by Truist Bank
- No preapproval process
- Good to excellent credit required
- No customer service number
Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
|Min. Credit Score||Good to excellent credit|
|Loan Amount||$5,000 to $100,000|
Best for avoiding fees
SoFi personal loans
Finder rating 4.45 / 5 ★★★★★
- Not available in: Mississippi, Vermont
- No origination or late fees
- Multiple member benefits
- APR starts at 6.99%
- Turnaround up to 30 days
- Good to excellent credit required
- Recent lawsuit from the FTC
Best for borrowers with bad credit
Upstart personal loans
Finder rating 4.15 / 5 ★★★★★
- Not available in: West Virginia
- Accepts credit scores as low as 580
- Loans up to $50,000
- Education and career background considered
- APR up to 35.99%
- Potential origination fee of 0% to 8%
- Only 3- and 5-year terms available
Best for members of the military
Marcus by Goldman Sachs personal loans
Finder rating 3.8 / 5 ★★★★★
- Available in all states
- APR as low as 4%
- Rewards for on-time payments
- Can change payment due date
- Interest added for late payments
- Lower loan amounts than other lenders
- High APR of 19.99%
Marcus By Goldman Sachs® Offer Terms and Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
Best for comparing multiple lenders
Fiona personal loans
Finder rating 4.25 / 5 ★★★★★
- Available in all states
- Large network of lenders
- Accepts coapplicants
- Fair credit OK
- May receive marketing materials after applying
- Potential origination fee up to 6%
- At least 21 years old
See more personal loan options
Check out even more lenders by selecting your credit score range and which state you live in.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How to prequalify for a personal loan
Before you and your future spouse commit to a large loan, see what rates you may qualify for by following these steps:
- Set an ideal budget for your ceremony.
- Compare lenders and other financing options.
- Submit an application for preapproval with three or four lenders.
- Review your potential APR, monthly payment and total cost for each loan.
- Select the option that best suits your budget.
Some lenders, like LightStream, don’t allow you to prequalify for a loan. To keep hits to your credit score at a minimum, apply for preapproval with lenders that offer it first. Then you can check your rates with other lenders that require a hard credit check.
Other financial obligations to consider for the wedding
When you’re preparing your budget and determining how much you need to spend, keep these common wedding costs in mind:
- Engagement party invites
- Engagement party venue
- Engagement party food and drinks
- Bachelor or bachelorette party and bridal showers
- Wedding invites and thank you gifts
- Bride and bridesmaids dresses and accessories
- Groom and groomsmen suits and accessories
- Flower girls, ushers and pageboys
- Wedding location and marriage officiant
- Reception location, catering and decorations
- Photography and videography costs
- Entertainment considerations
- Make up, hair and facials for bride and bridal party
- Transport to and from wedding
- First night hotel stay
3 factors to consider before taking out a wedding loan
- 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 ongoing charges. Upfront fees cover the cost of setting up the loan, for example establishment fees, and 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 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 in the first stages 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.
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. 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 payments, a wedding loan can be helpful. However, it’s still important to explore your other options.
Should I use a credit card instead?
It depends. Unless you have a large credit limit — or a small wedding planned — credit cards likely won’t be able to cover the full cost of a wedding. But they can be used to pay for things like your dress, venue deposit and flowers.
You can read our guide to funding a wedding with a credit card to learn more about the potential benefits and drawbacks of putting your wedding on plastic.
How else can I finance my wedding?
- 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 for budgets. Parents are usually willing to foot a portion of the bill, and friends may be interested in DIY centerpieces 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. Sacrificing little optional expenses that tend to add up — like takeout — you can add to your wedding budget without affecting your quality of life too much.
- Scaling back. When you’re still planning your wedding, scaling it back can save hundreds — sometimes thousands — of dollars. Less guests, a simpler venue and simpler decor will all help maximize your budget.
- 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.
While the best way to finance your wedding will always be through saving and budgeting, a loan can help speed up the process. To get the best deal, compare your full set of personal loan options. Planning is a must, so take your time when selecting the right lender and terms for your big day.
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