Best Wedding Loans of 2024
8.99-29.99%
$5K-$100K
None
Qualified borrowers will find few lenders better than SoFi, thanks to thoughtful perks like free financial advising.
- Must legally be an adult in your state.
- Must be a U.S. citizen, permanent resident or non-permanent resident with valid documentation.
- Must be employed, have sufficient income or have an offer of employment to start within 90 days.
- Origination fee: 0% to 7%.
- Late fee: None.
8.49-35.99%
$1K-$50K
560
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 560.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including the loan you're applying for.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
7.99-24.99%
$2.5K-$40K
660
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Must be at least 18 years old.
- Must have a valid U.S. Social Security number.
- Minimum individual or household annual income of $25,000.
- Must have an active email address.
- Origination fee: None.
- Late fee: $39.
8.99-35.99%
$2K-$50K
600
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Must be a U.S. citizen.
- Minimum credit history: 24 months and 1 account.
- Minimum annual income: $3,500.
- Maximum debt-to-income ratio: 40% or 65% including mortgage.
- Origination fee: 0.99% - 9.99%.
8.98-35.99%
$1K-$40K
600
LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.
- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
- Origination fee: 3% to 8%.
- Late fee: 5% of payment or $15 after 15-day grace period.
8.99-35.99%
$5K-$50K
620
Achieve personal loans can be a good debt consolidation option for fair- or good-credit borrowers who qualify for one of the lender’s rate discounts.
- Minimum credit score: 620; borrower average is 700.
- Maximum debt-to-income ratio: 45% excluding mortgage.
- Minimum income: None; borrowers' average household income is $110,000.
- Minimum credit history: 3 years and 2 accounts.
- No active delinquencies and no bankruptcy in the last 24 months.
- Origination fee: 1.99% - 6.99%.
7.80-35.99%
$1K-$50K
None
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 in most states.
- Must have a valid email address and Social Security number.
- Must have a bank account at a financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts.
- Minimum credit score: None.
- Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.
- Must have a full-time job or be starting a full-time job within six months.
- Origination fee: 0% to 12%.
- Late fee: 5% of past due amount or $15, whichever is greater.
- Returned check fee: $15.
6.99-25.49%
$5K-$100K
660
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 years old.
- Minimum credit score: 660.
- Must have several years of credit history with multiple account types and few or no delinquencies.
- Must have assets like retirement, investment and savings accounts.
- Origination fee: None.
- Late fee: None.
Qualified borrowers will find few lenders better than SoFi, thanks to thoughtful perks like free financial advising.
- Must legally be an adult in your state.
- Must be a U.S. citizen, permanent resident or non-permanent resident with valid documentation.
- Must be employed, have sufficient income or have an offer of employment to start within 90 days.
- Origination fee: 0% to 7%.
- Late fee: None.
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 560.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including the loan you're applying for.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Must be at least 18 years old.
- Must have a valid U.S. Social Security number.
- Minimum individual or household annual income of $25,000.
- Must have an active email address.
- Origination fee: None.
- Late fee: $39.
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Must be a U.S. citizen.
- Minimum credit history: 24 months and 1 account.
- Minimum annual income: $3,500.
- Maximum debt-to-income ratio: 40% or 65% including mortgage.
- Origination fee: 0.99% - 9.99%.
LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.
- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
- Origination fee: 3% to 8%.
- Late fee: 5% of payment or $15 after 15-day grace period.
Achieve personal loans can be a good debt consolidation option for fair- or good-credit borrowers who qualify for one of the lender’s rate discounts.
- Minimum credit score: 620; borrower average is 700.
- Maximum debt-to-income ratio: 45% excluding mortgage.
- Minimum income: None; borrowers' average household income is $110,000.
- Minimum credit history: 3 years and 2 accounts.
- No active delinquencies and no bankruptcy in the last 24 months.
- Origination fee: 1.99% - 6.99%.
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 in most states.
- Must have a valid email address and Social Security number.
- Must have a bank account at a financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts.
- Minimum credit score: None.
- Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.
- Must have a full-time job or be starting a full-time job within six months.
- Origination fee: 0% to 12%.
- Late fee: 5% of past due amount or $15, whichever is greater.
- Returned check fee: $15.
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 years old.
- Minimum credit score: 660.
- Must have several years of credit history with multiple account types and few or no delinquencies.
- Must have assets like retirement, investment and savings accounts.
- Origination fee: None.
- Late fee: None.
» MORE: Find an unsecured personal loan
What is a wedding loan?
A wedding loan is an unsecured personal loan you use to pay for wedding expenses.
With a wedding loan, you borrow money from a bank, credit union or online lender and use the funds to pay for the wedding and other related costs — though technically you can use the loan to pay for anything.
You pay back the loan with fixed monthly payments that include interest, usually over one to seven years.
Should you get a wedding loan?
It’s best to pay for your wedding with money you’ve saved, but that isn’t always an option for couples. Wedding loans can help you cover any remaining expenses via a lump sum that has a predictable repayment schedule.
Before opting into a wedding loan, make sure you can afford the monthly installments and consider how long you want to be paying off your big day.
Wedding loan pros and cons
Pros of wedding loans
Fast funding: Personal loans can be funded quickly — usually in less than a week but sometimes as fast as the same business day you apply.
Credit reporting: Most lenders report payments to the three major credit bureaus — Equifax, Experian and TransUnion — so you have the opportunity to build credit as you make on-time payments to pay the loan off.
Lump sum: You receive the funds in one lump sum, which can help you stick to your wedding budget.
Fixed monthly payments: Wedding loans have fixed interest rates, so you make the same payment each month. When you’re shopping around, you can compare offers from different lenders to see which can offer monthly payments that best fit your budget.
Cons of wedding loans
Rates depend on your credit: Your credit is a major factor in determining whether you get approved for a loan and what rate you get. A low credit score could lead to a high annual percentage rate. Lenders also use your debt-to-income ratio to assess whether you can afford the monthly payment on a loan.
Long terms: You could be repaying your loan for up to seven years with a personal loan. Consider how long you want to pay for your wedding after the honeymoon is over.
Pros of wedding loans | Cons of wedding loans |
|---|---|
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Cost of a wedding loan
Unsecured personal loan APRs typically range from 6% to 36%. An average wedding in 2023 cost $30,119, according to an annual survey by research site, The Wedding Report. The higher your loan amount, the more money a low interest rate will save you.
Say you get a three-year loan for $15,000 — about half the average wedding cost. On the low end, a 6% APR would have monthly payments of $456 and cost $16,428 overall.
That same loan with a 36% APR would have monthly payments of $687 and cost $24,734 overall.
How to get a wedding loan
1. Pre-qualify and compare loan options
Many lenders let you pre-qualify for a wedding loan before you apply. Pre-qualification involves a short application and soft credit inquiry, so you can check your potential loan terms without hurting your credit score. You’ll need to supply basic personal information and details about the loan you want, like desired amount and repayment term.
Since rates vary, it’s smart to pre-qualify with multiple lenders to better compare loan offers. Online lenders are more likely to offer pre-qualification, though some banks and credit unions do, too.
Nerdy Tip
If you’re worried about qualifying for a wedding loan, there are ways to boost your chances of getting approved. This may include checking your credit report for errors, like accounts that aren’t yours or inaccurate credit limits, or paying off small debts. You may also consider a co-signed loan or joint loan. Adding someone with better credit or a higher income to your application can help you get approved.
2. Submit your application
Once you’ve pre-qualified and decided on a lender, you’ll need to formally apply for the loan. Whether you’re applying with a bank, credit union or online lender, most applications are completely digital.
As part of the application, you’ll be asked to provide personal and contact information, like proof of identification, Social Security number, address and phone number. You may also need to provide proof of employment and income and information on any debts.
Once you submit your application, the lender will conduct a hard credit pull and make an approval decision. While some decisions are instantaneous, other lenders may take a few days, especially if the lender needs more information.
» MORE: How to apply for a personal loan
3. Get funded
Once approved, you’ll receive the loan agreement, which you’ll need to review and sign. Funds are then deposited into your bank account and available for use.
Some lenders may offer same-day funding, while others may take up to a week to send the funds. You can also choose to receive a check, though this may delay funding time further.
Once you receive the funds, make a plan for repayment. Missing a loan payment can hurt your credit score and trigger late fees.
» MORE: How to manage your personal loan
How wedding loans affect your credit score
There are two ways a wedding loan can affect your credit score.
When a lender conducts a hard credit pull during the application process, a few points are temporarily knocked off your credit score.
If you’re approved for the loan, your payment history will also be reported to the credit bureaus. While a history of on-time payments can help build credit, making late payments or defaulting on the loan can hurt your score.
Wedding loan alternatives
Compare other options for financing your wedding so you can celebrate your big day feeling confident you’ve made the right financial choice.
Savings: With a long enough engagement, you and your partner may be able to save up to cover the cost of the wedding, interest-free.
Financial experts don’t recommend incurring debt for discretionary expenses, like a wedding. Instead, estimate your wedding’s cost and then choose a strategy for saving.
0% APR credit cards: You may be able to pay for the wedding interest-free with a 0% APR credit card. The zero-interest promotional period on these cards can last up to 21 months.
You usually need good or excellent credit to qualify for this type of card. Be mindful of the card’s typical APR, which will take effect if you can’t pay the balance during the promotion.
Rewards cards: You can put some of your expenses — like the dress and decorations — on a rewards credit card and potentially get cash back. A travel rewards card could help you put money toward your honeymoon, too.
Some of these cards also require good or excellent credit to qualify, and you may not get rewarded for all of your expenses. But they’re an option if you’re going to use your own cash to cover some of the costs.
» COMPARE: Best credit cards for wedding expenses
Downsize: You can also try to pare down the guest list or find other ways to save on your wedding.
Whichever option you choose, create a budget with your partner and find a way to pay for the big day that costs the least in interest. Credit card issuers and most online lenders charge no penalty for early repayment.
Last updated on March 18, 2024
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Wedding Loans of 2024
- Best Egg: Best for Wedding loans for fair credit
- LendingClub: Best for Wedding loans for fair credit
- SoFi Personal Loan: Best for Wedding loans for good credit
- Achieve Personal Loans: Best for Wedding loans for good credit
- Upgrade: Best for Wedding loans for bad credit
- Upstart: Best for Wedding loans for bad credit
- Discover® Personal Loans: Best for Wedding loans for excellent credit
- LightStream: Best for Wedding loans for excellent credit
Frequently asked questions
- Can you get a loan for a wedding?
A wedding loan is one way to finance your wedding. These are unsecured personal loans, typically up to $50,000. Borrowers with good or excellent credit may qualify for the lowest rates.
- Where do you get a wedding loan?
You can get a wedding loan from an online lender, bank or credit union. It’s best to pre-qualify with multiple lenders to compare rates.
