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Wedding Loans: Compare Your Financing Options

A wedding loan is one way to finance your big day. Loan amounts can be as high as $100,000, but shop around to find the least expensive option.

By Annie Millerbernd and  Jackie Veling 

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A critical question most couples ask when they start planning their wedding: How will we pay for it all?

A wedding loan is one possible solution. This personal loan provides unsecured funds that you use to cover the cost of your event and repay in monthly installments with interest.

A wedding loan may not be the cheapest way to pay for your wedding, so compare it with other financing methods, like credit cards, to choose the most affordable option for your plans.

Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to find the best wedding loans. We selected these lenders based on their star ratings, APR ranges, loan amounts and minimum required credit scores.

Wedding Loans: Compare Your Financing Options

Our pick for

Wedding loans for fair credit

BestEgg
Get rate

on Best Egg's website

Best Egg

4.5

NerdWallet rating 
BestEgg

Est. APR

8.99-35.99%

Loan amount

$2,000-$50,000

Min. credit score

600
Get rate

on Best Egg's website

Lending Club
Get rate

on LendingClub's website

LendingClub

5.0

NerdWallet rating 
Lending Club

Est. APR

8.30-36.00%

Loan amount

$1,000-$40,000

Min. credit score

600
Get rate

on LendingClub's website

Our pick for

Wedding loans for good credit

SoFi
Get rate

on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

7.99-23.43%

Loan amount

$5,000-$100,000

Min. credit score

None
Get rate

on SoFi's website

Laurel Road Personal Loan
See my rates

on NerdWallet's secure website

Laurel Road Personal Loan

5.0

NerdWallet rating 
Laurel Road Personal Loan

Est. APR

8.99-24.25%

Loan amount

$5,000-$45,000

Min. credit score

660
See my rates

on NerdWallet's secure website

Our pick for

Wedding loans for bad credit

Upgrade
Get rate

on Upgrade's website

Upgrade

5.0

NerdWallet rating 
Upgrade

Est. APR

8.49-35.97%

Loan amount

$1,000-$50,000

Min. credit score

560
Get rate

on Upgrade's website

Upstart
Get rate

on Upstart's website

Upstart

4.5

NerdWallet rating 
Upstart

Est. APR

6.50-35.99%

Loan amount

$1,000-$50,000

Min. credit score

None
Get rate

on Upstart's website

Our pick for

Wedding loans for excellent credit

Discover
Get rate

on Discover's website

Discover® Personal Loans

5.0

NerdWallet rating 
Discover

Est. APR

6.99-24.99%

Loan amount

$2,500-$35,000

Min. credit score

660
Get rate

on Discover's website

Lightstream
Get rate

on LightStream's website

LightStream

5.0

NerdWallet rating 
Lightstream

Est. APR

6.99-23.99%

Loan amount

$5,000-$100,000

Min. credit score

660
Get rate

on LightStream's website

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 expenses — though technically you can use the loan to pay for anything.

You pay back the loan with monthly payments that include interest, usually over two to seven years.

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, 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 you 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.

Cost of a wedding loan

Unsecured personal loan APRs range between 6% and 36%. An average wedding in 2021 cost $28,000, according to The Knot’s 2021 Real Weddings Study. The higher your loan amount, the more money a low interest rate will save you.

Say you get a three-year loan for $14,000 — half the average wedding cost. On the low end, a 6% APR would have monthly payments of $426 and cost $15,333 overall.

That same loan with a 36% APR would have monthly payments of $641 and cost $23,085 overall.

How to qualify for wedding loans

Borrowers with good or excellent credit (690 credit score or higher) typically get the lowest rates on personal loans. Consider these options to boost your chances of qualifying and receiving a low rate.

  • Check your credit reports: In addition to paying your bills on time and keeping debt levels low, check your credit reports for errors like accounts that aren’t yours or inaccurate data. You can dispute the errors online or by phone.

  • Get a joint or co-signed loan: You can add a co-signer to the loan, or you and your partner can co-borrow the loan. Adding someone to your application with better credit or a higher income can help improve your chance of approval and even get you a lower rate.

  • Pre-qualify for multiple loans: Rates and terms vary between lenders, so consider pre-qualifying with a few to compare offers. Pre-qualification typically involves a soft credit inquiry, which has no impact on your credit score.

» Get started: Pre-qualify with NerdWallet to check your rate with online lenders.

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 entire 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.

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.

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 December 13, 2022

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. 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. 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.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

To recap our selections...

NerdWallet's Wedding Loans: Compare Your Financing Options

Frequently asked questions