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Compare wedding loans to fund your big day

Compare the best personal loans for wedding expenses — you could save hundreds in interest and fees.

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By

Kat Aoki

Edited by

Holly Jennings

Updated

Fact checked

Compare wedding loan options

Finder’s experts evaluated 120+ personal loan providers to help you find the right personal loan for wedding expenses. These lenders work with a range of credit scores, and we included lenders that offer wedding loans for bad credit. Select Compare on up to four products to see rates, credit score requirements and loan amounts side by side.
1 - 6 of 6
Updated regularly
Name Product Filter Values APR Min. credit score Loan amount
LightStream personal loans
Finder Score: 4.8 / 5: ★★★★★
LightStream personal loans
7.49% to 25.99%
Good to excellent credit
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.
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PenFed Credit Union personal loans
Finder Score: 3.6 / 5: ★★★★★
PenFed Credit Union personal loans
7.99% to 18%
580
$600 to $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
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View details
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade
8.49% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
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View details
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
600
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
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Credible personal loans
Finder Score: 4.3 / 5: ★★★★★
Credible personal loans
4.60% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.
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Freedom Debt Relief
Not rated yet
Freedom Debt Relief
N/A
N/A
Starting at $4,000
Freedom Debt Relief works to help people with unmanageable, unsecured debt get back on their feet.
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What is a wedding loan?

Wedding loans are fixed-rate personal loans you can use to pay for your wedding. Typical rates range from 6.99% to 35.99% APR — with the lowest rates going to borrowers with credit scores of 670 and up. Some lenders also charge origination fees of up to 10% on the amount borrowed, depending on your credit score.

With a personal loan, you have two to 12 years to repay, based on the amount borrowed. It’s best to use a wedding loan when you can’t cover all the expenses but have excellent credit and a full-time job. This enables you to snag the lowest rate possible while you pay it off over the shortest term you can afford.

How much do I need to borrow?

Tying the knot isn’t cheap — the average cost of a wedding in 2022 was $30,000, according to a survey by The Knot, which is approximately $256 per guest. This figure includes the most common wedding expenses, including:

  • Venue rental
  • Wedding dress
  • Groom’s attire
  • Photographer
  • Hair and makeup
  • Catering
  • Cake
  • DJ and musicians
  • Florist

Here’s what you could expect to pay for a typical wedding:

Number of guestsAvg. cost per guestTotal cost
100$256$25,600
250$256$64,000
500$256$128,000

Your actual cost will vary by location. The most expensive states to get married in, on average, are Massachusetts ($30,489), New Jersey ($30,357) and Connecticut ($29,499), and the most expensive cities to get married in are New York, Los Angeles and Chicago. Meanwhile, couples in Arkansas, West Virginia and Mississippi tend to pay the least — with the average wedding costing between $12,426 and $13,399.

The venue also impacts your overall cost. The average wedding venue cost $11,200 in 2022 — which represents about 30% of the total cost. Choosing a more budget-friendly venue — for example, at home or the beach — is one way to significantly reduce your wedding’s expenses.

Don’t forget to factor in tips

While tipping vendors on your wedding day isn’t always mandatory — it’s a customary gesture and lets people know you appreciate them. Some vendors include gratuities as part of their contracts, so read your contract carefully and don’t tip extra if they’re already included.

The Knot suggests these tipping amounts for wedding vendors based on the quality of the service:

Wedding planner10% to 20% up to $500, or a nice gift
Hairstylist and makeup artist15% to 25% per person
Setup and delivery help$5 to $10 per person
Ceremony officiant$50 to $100
Church or synagogue$100 to $500 donation
Musicians$15 to $20 per musician
Photographer and videographer$50 to $200 per vendor
Alteration pros$20 to $30 per person
Wedding reception staff
  • 15% to 20% of the food/drink costs
  • $200 to $300 for the maître d’
Wedding reception attendants
  • 10% to 20% of the liquor/food bill to be split among staff
  • $1 per wedding guest for coatroom
  • $1 per car for parking attendants
Band and DJ
  • $50 to $150 for the DJ
  • $25 to $35 per musician
Transportation company15% to 20% of the total bill
Cake baker, florist, stationer$50 to $100, or a small gift

You can put cash envelopes and choose someone to distribute the tips at the wedding — so you can focus on having fun. For reception attendants, consider tipping before the reception to help ensure great service.

How to qualify for a wedding loan

While every lender is different, these are the general eligibility requirements for a personal loan:

  • Over 18 years old
  • US citizen or permanent resident
  • Minimum credit score of 620
  • Debt-to-income ratio below 43%
  • Employed with regular deposits
  • Annual Income of $25,000 or more

When to get a joint wedding loan

Joint loans consider both applicants’ income and credit score in the underwriting process. So, if your partner has a higher income or credit score, you could snag a lower interest rate and qualify for a higher amount. However, some lenders may still use the lower credit score to determine rates. And if one of you can’t make repayments, the other person becomes solely responsible for paying the loan.

Not all lenders accept joint loans, but you can find lenders that accept joint loan applications.

Pros and cons of wedding loans

Here are the main pros and cons of wedding loans to keep in mind:

Pros

  • Loan amounts may reach up to $100,000
  • May be cheaper than using a credit card to pay for wedding costs
  • Allows borrowers to pay for large expenses over time
  • Can help young newlyweds establish credit

Cons

  • Interest charges can run high
  • Origination fees on some loans can hit 10%
  • Need a credit score of 670 and up to get the best rates
  • May result in unnecessary debt

How to time the application

You’ll want to time your application to coincide with the date you need funds. Depending on the lender, funding can happen as quickly as the same day or up to seven business days after approval.

Here are the typical approval and funding times for different lenders:

Online lenders

  • Approval time: 1 to 3 business days
  • Funding time: 1 to 3 business days (same day may be possible for excellent credit borrowers)

Traditional banks and credit unions

  • Approval time: 1 to 3 business days
  • Funding time: 3 to 7 business days (may take up to 3 weeks in some cases)

How to compare lenders

Here’s a list of 5 factors to consider before you apply:

  • APRs. The APR, or annual percentage rate, is the actual rate you’ll pay on a loan after any fees are factored in. When comparing loans, always compare the APR, not the advertised interest rate — so you’re comparing apples to apples.
  • Origination fees. Lenders often charge origination fees on personal loans aimed at lower credit borrowers — 640 and below. If you have good to excellent credit, find a lender that doesn’t charge origination fees.
  • Maximum amounts. Many personal loans top out at $40,000, but some lenders, like Lightstream, offer personal loans up to $100,000 that you can use to pay for wedding expenses. Be sure to check available loan amounts before you apply.
  • Term length. Personal loan terms typically range from two to 12 years, depending on the amount borrowed. While longer terms have lower monthly payments, you’ll pay more interest over the long run.
  • Prepayment penalties and other fees. Most lenders don’t charge prepayment penalties, but review your loan contract to understand any fees and charges, including prepayment penalties and late fees.

4 More ways to pay for a wedding

Personal loans aren’t the only forms of wedding financing. Here are more options to help pay for your special day:

  1. Credit cards can be a good way to pay for expenses you can pay back within a month, like wedding favors or gifts. And to get something back for spending, use a card with points and other rewards. Compare the best credit cards of 2023.
  2. Personal lines of credit (PLOC) have the same flexibility as a credit card but may have lower interest and can be used for larger wedding expenses. Compare PLOC rates starting at 5.99% APR.
  3. Home equity loans are lump-sum, fixed-rate loans that you pay back over five to 30 years, making them good for larger expenses. This option only works if you have at least 20% equity in your home and you’re willing to use your home as collateral.
  4. Family members like parents may be able to help out with your wedding expenses. According to Wedding Wire, parents, on average, paid 52% of wedding expenses while couples footed 47%. The remaining 1% came from other family members.
  5. Vacation loans may help if you’re planning a destination wedding or to help cover your honeymoon. These loans typically cost less than using a credit card, but you may not qualify if your credit score is below 670. Start by comparing vacation financing options to see if you qualify.

Anna’s experience: How we created the perfect budget-friendly wedding in New York City

A photo of annaserio

How I cut costs on my wedding

I'm not the kind of person who thought much about weddings until I got engaged, so I was shocked by how much even the lowest-key wedding costs in New York City. Eventually, we found a few areas where we could cut back.

First, we halved our venue cost by going for a DIY space that offered a tent, seating and little else. We also bought flowers in bulk from a local farm and hired our favorite (inexpensive) neighborhood restaurant to cater. And we leaned on our close friends' skills, getting our cake, officiation and transport as a gift. Since I love vintage clothes, I bought my dress from a consignment shop for $100.

But there were some areas where splurging was necessary. Hiring a coordinator for the day of, for example, meant that we could actually enjoy the ceremony and party. Getting my dress tailored ensured that it fit like a glove, even if the tailoring cost twice as much as the dress.
What we ended up with was a wedding that was unabashedly us — and cost about $25,000. But even with an unlimited budget, I'd do it this way again.

— Anna Serio-Ali, .

How to finance a honeymoon

Statistics show that couples spend an average of $4,800 on their honeymoons. While it’s best to pay for this expense from savings, it’s not always possible. The good news is financing options for weddings and honeymoons are similar.

Like weddings, you can use a personal loan to cover your honeymoon expenses. Some lenders, like Uplift, let you take out a loan while you’re still planning your trip. But in most cases, you’ll want to secure the loan beforehand so you book your trip without worry.

See our vacation loans guide to compare lenders and learn other ways to finance your honeymoon, like layaway programs and personal lines of credit.

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2 Responses

    Default Gravatar
    JoyceJune 19, 2017

    Hello,
    I’m Democratic Republic of Congo,I want à loan for my business that can help me to have money for my wedding.
    In my country business going good but the problem is how to get initial funds.
    Please,help me to go forward.

    Reply
      AvatarFinder
      AnndyJune 19, 2017Finder

      Hi Joyce,

      Thanks for your question.

      Unfortunately, the lenders we feature on our website only offer loans to American citizen or residents.

      You may want to get in touch with a local lender in your country for your borrowing needs.

      Cheers,
      Anndy

      Reply
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