Compare wedding loans to fund your big day

Our top pick: LendingClub

• Min. Credit Score Required: 640
• Max. Loan Amount: $40,000
• APR: 6.95% to 35.89%
• Requirements: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.

• Less strict eligibility requirements
• Get funds in just a few days
• High Trustpilot rating

Our top pick: LendingClub

A peer-to-peer lender offering fair rates based on your credit score.

• Min. Credit Score Required: 640
• Min. Loan Amount: $1,000
• Max. Loan Amount: $40,000
• APR: 6.95% to 35.89%
• Requirements: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.

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How can I finance my wedding?

While there aren’t many lenders that specifically offer loans for weddings, there are plenty that allow you to use your funds toward any expense — including weddings. The option you choose should depend on your current financial circumstances, how much you need to borrow, your outstanding debts and your active credit accounts.

Personal loans

A personal loan can be from a variety of lenders, and you may be able to borrow up to $100,000. If approved, you’ll receive a lump sum that can be used for anything, including a dress, throwing an engagement party or even financing part of the honeymoon.

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 when you need it. You may be charged a set interest rate when you withdraw additional money, and there may also be monthly fees while you have the line open.

Credit cards

If you already have a card with a competitive 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 0% introductory APR to cover a few purchases — just don’t go overboard so you can pay off your balance before the intro period is over.

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, Crowded Wedding 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.

5 lenders that offer wedding loans

How do I find the right financing for my wedding?

When comparing your 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 for a credit card, you may be able to earn rewards points 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 laon 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 you know what they will be over the course of the loan, but this may also mean you miss out on lower interest rates. Fixed rate loans are usually available for a maximum of five years. Variable rates start off low but fluctuate over the life of the loan, making it hard to budget for the repayments. However, these loans are generally available with repayment terms as long as seven years and you may save money from lower variable rates.

Things to consider before taking out 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 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 fees 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.

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 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. 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 you finance your wedding, you can compare your options using the comparison table above. Depending on the type of financing you’re after, you can compare products using the navigation menu at the top of this page.

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 the US, you generally need to be over 18, be a permanent US resident and have a good credit rating.

Have the following information on hand before you apply:

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

Compare personal loans for financing a wedding

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Name	Product	Filter Values	APR	Min. Credit Score	Max. Loan Amount
Credible Personal Loans			3.99% to 35.99%	Fair to excellent credit	$100,000	Get personalized rates in minutes and then choose an offer from a selection of top online lenders.	Check my rate View details		loading Fetching your data...
Fiona Personal Loans			4.99% to 35.99%	Good to excellent credit	$100,000	Get loan offers from multiple lenders at once without affecting your credit score.	Check my rate View details		loading Fetching your data...
Monevo Personal Loans			3.49% to 35.99%	450	$50,000	Quickly compare multiple online lenders with competitive rates depending on your credit.	Check my rate View details		loading Fetching your data...
Even Financial Personal Loans			4.99% to 35.99%	550	$100,000	Get connected to competitive loan offers instantly from top online consumer lenders.	Check my rate View details		loading Fetching your data...
Upgrade Personal Loans			6.98% to 35.89%	600	$50,000	Affordable loans with two simple repayment terms and no prepayment penalties.	Check my rate View details		loading Fetching your data...
PenFed Credit Union Personal Loans			6.49% to 17.99%	650	$25,000	With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.	Check my rate View details		loading Fetching your data...
SoFi Personal Loans			5.99% to 18.64%	680	$100,000	A highly-rated lender with competitive rates, high loan amounts and no fees.	Check my rate View details		loading Fetching your data...

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Bottom line

There are ways to finance your wedding when you don’t have the money available. 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 be take your time when selecting the right lender and terms for your big day.

Frequently asked questions

• Can I use a loan to finance an engagement ring?

  If you’re already planning your wedding with your significant other but haven’t picked out the perfect engagement ring, we have some tips. You can use a personal loan, credit card or jewelry store financing, but remember to stick to what you can afford.

• Can I qualify for a wedding loan if I have bad credit?

  Yes. There are a number of lenders that offer loans to people with bad credit. However, this isn’t the best choice. You’ll often face higher interest rates and worse terms, which can quickly make the loan unaffordable if you’re on a budget.

• What is the most expensive part of the wedding?

  While this varies from couple to couple, most often the reception is the most expensive part of the wedding.

• Can I use a wedding loan for an out-of-country wedding?

  If you’re using an unsecured personal loan, lenders often don’t care what you use the funding for, as long as it’s a legitimate purpose. You can therefore use the funds for a domestic or international wedding.

  A credit card may carry foreign transaction fee, so keep this in mind if you’re planning on an international wedding.

• What is the maximum amount I can borrow for my wedding?

  Some lenders will loan up to $100,000 for an unsecured personal loan, but these will have very stringent eligibility criteria. Excellent credit is a must, and you will likely need to make above a certain amount annually to qualify.

  Remember that borrowing more than you need leads to unnecessary debt, and can mean paying quite a bit in interest over the long term.

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