Best of

4 Personal Loans for Weddings: Compare Financing Options

Steve NicastroMarch 16, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Wedding loans provide an alternative to credit cards and other financing options. Here are five lenders that offer wedding loans and what to consider as you're planning your big day.

A critical question couples must ask when planning a wedding: How will we pay for it all? Not everyone can cover wedding expenses with savings or help from family, and credit cards can carry high interest rates and the potential to overspend.

Another way to borrow is with a wedding loan — an unsecured personal loan with rates that may be lower than credit cards and fixed monthly payments that can make post-wedding budgeting easier.

Some lenders market personal loans specifically for weddings, but you can spend the money on practically anything, including honeymoon expenses.

Consider a personal loan for your wedding alongside other financing options to find the least expensive one.

Online lenders use different criteria to evaluate loan applicants, and most will give you a quote without hurting your credit, so it pays to compare options. The lenders listed here offer a range of loan amounts and qualification requirements.

Here are options for wedding loans, tips on how to qualify and how personal loans compare with credit cards.

Summary of Personal Loans for Weddings: Compare Financing Options

LenderNerdWallet Rating Est. APRMin. Credit ScoreLearn More
Lightstream

LightStream

on LightStream's website

5.0

/5

Best for Wedding loans

5.49 - 20.49%

660

on LightStream's website

OneMain

OneMain Financial

on OneMain Financial's website

4.0

/5

Best for Wedding loans

18.00 - 35.99%

None

on OneMain Financial's website

Prosper

Prosper

on Prosper's website

4.5

/5

Best for Wedding loans

7.95 - 35.99%

640

on Prosper's website

Upstart

Upstart

See my rates

on NerdWallet's secure website

4.5

/5

Best for Wedding loans

7.00 - 35.99%

600

See my rates

on NerdWallet's secure website

Our picks for

Wedding loans

Lightstream

on LightStream's website

LightStream

Lightstream

Min. Credit Score

660

Est. APR

5.49 - 20.49%

Loan Amount

$5,000 - $100,000

on LightStream's website

Min. Credit Score

660

Key facts

LightStream provides wedding loans with borrowing amounts up to $100,000. For wedding loans, its APRs range from 5.74% to 16.99%. LightStream also accepts joint applications, and only one applicant must have the minimum credit score of 660.

Pros

  • No fees.

  • Rate discount for autopay.

  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.

  • Requires several years of credit history.

Qualifications

  • Minimum credit score of 660.

  • Enough income to pay existing debts and a new LightStream loan.

  • Maximum debt-to-income ratio varies depending on existing assets and the reason for the loan.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com, which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust now Truist 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 rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank.
Read Full Review
OneMain

on OneMain Financial's website

OneMain Financial

OneMain

Min. Credit Score

None

Est. APR

18.00 - 35.99%

Loan Amount

$1,500 - $20,000

on OneMain Financial's website

Min. Credit Score

None

Key facts

OneMain offers wedding loans to borrowers who don’t have great credit. Borrowers’ average credit scores range from 600 to 650, and you can add a co-signer to strengthen your application.

Pros

  • Fast funding.

  • Offers joint and secured loan options.

  • Free credit score access.

Cons

  • May charge origination fee.

  • High rates.

Qualifications

  • Minimum credit score: None, average is 600 to 650.

  • Minimum credit history: Not provided.

  • Minimum annual income: None, average is $49,000.

Available Term Lengths

2 to 5 years

Fees

  • Origination fee: Varies by state.

Disclaimer

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Read Full Review
Prosper

on Prosper's website

Prosper

Prosper

Min. Credit Score

640

Est. APR

7.95 - 35.99%

Loan Amount

$2,000 - $40,000

on Prosper's website

Min. Credit Score

640

Key facts

Prosper loans can be used for special occasions, including weddings and honeymoons. The lender requires a minimum credit score of 640 to qualify, although customers have an average score of 710.

Pros

  • No prepayment fee.

  • Option to change your payment date.

  • Offers joint loan option.

Cons

  • Charges origination fee.

  • Charges late fee of $15 or 5% of the unpaid loan amount.

Qualifications

  • Minimum credit score: 640, but average is 717.

  • Minimum credit history: Two years, but average is 11.

  • Minimum annual income: None, but average is $89,000.

  • Maximum debt-to-income ratio: 50% (excluding mortgage).

  • No bankruptcies filed within the last year.

  • Fewer than five credit bureau inquiries in the last six months.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 2.41% - 5%.

  • Late fee: $15 or 5% of unpaid amount (whichever is greater).

  • Insufficient funds fee: $15.

Disclaimer

For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.
Read Full Review
Upstart
See my rates

on NerdWallet's secure website

Upstart

Upstart

Min. Credit Score

600

Est. APR

7.00 - 35.99%

Loan Amount

$1,000 - $50,000

See my rates

on NerdWallet's secure website

Min. Credit Score

600

Key facts

Upstart is a good option for borrowers who have short credit histories and promising financial futures.

Pros

  • Accepts borrowers new to credit.

  • Fast funding.

Cons

  • Origination and late fees.

  • No secured or co-sign option.

Qualifications

  • Minimum credit score: 620.

  • Minimum credit history: None.

  • Minimum annual income: $12,000.

  • Max debt-to-income ratio: 45%.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0% - 8%.

  • Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer

This offer is conditioned upon final approval from an Upstart Powered bank or licensed lender which is based on consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information provided in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into a contract for the extension of credit and who currently resides in the United States. Duplicate offers received are void. Closing your loan is contingent upon meeting certain eligibility requirements and your agreement to the terms and conditions of Upstart and a bank or a licensed lender partnered with Upstart. Loans are originated by Upstart Powered banks and licensed lenders on the Upstart platform. Loans in Maryland, Massachusetts, Nevada, and Nebraska are made by Cross River Bank, an FDIC-insured New Jersey state chartered commercial bank. Loan amounts from $1k-$50k* Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100. APRs from X-Y, loan term (3 or 5 year loan terms), amount of monthly payment** **The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of X% and 36 monthly payments of $Y per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Read Full Review

» MORE: Find an unsecured personal loan

How to qualify for wedding loans

Borrowers with the strongest credit typically get the lowest rates on personal loans. In addition to building your credit, 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.

  • Add a co-signer: If you and your partner don’t have good credit, asking a parent to co-sign a loan can increase your approval odds and may get you a more favorable rate. Keep in mind that your co-signer is on the hook if you can’t make the payments.

  • Make it a joint loan: Joint loans are similar to co-signer loans: both you and your co-borrower apply for the loan together and credit information for both of you is taken into account in the application decision. But with a joint loan, you and your co-borrower have equal rights to what's purchased and share the responsibility of repayment equally.

  • 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. You can pre-qualify on NerdWallet and see estimated rates from multiple lenders.

» MORE: 5 ways to boost your chances of getting approved

Wedding loans vs. credit cards

There may be advantages to using a credit card instead of a personal loan for wedding expenses. If you have good to excellent credit, a 0% APR credit card charges no interest on purchases during a promotional period, typically six to 18 months. You might also rack up points with a rewards credit card.

But if you don't pay off the balance of a 0% card within the promotional period, a high APR (typically 16% or more) kicks in, adding significant interest costs.

For example, if you carry a $10,000 balance on a card with an APR of 18% and make minimum monthly payments of $200, you’ll pay $8,600 in interest. It would take almost eight years to repay the debt, according to NerdWallet’s credit card payoff calculator.

Wedding loans have fixed interest rates and payments, and you get only the loan amount you ask for, which helps you stick to your budget. For a borrower with excellent credit, a 3-year, $10,000 loan at 13.9% APR would cost $341 a month and $2,276 in total interest, according to NerdWallet’s personal loan calculator.

With either option, create a budget with your partner and see if you can pay off the loan or credit card early to save on interest costs. Credit card issuers and most online lenders charge no penalty for early repayment.

Last updated on March 16, 2020

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Personal Loans for Weddings: Compare Financing Options

Further reading.

Should I Get a Personal Loan?

By Narottam Medhora

25 Ways to Save on a Wedding

By Courtney Jespersen & Kelsey Sheehy