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5 Wedding Loans: Compare Your Financing Options

Steve NicastroOctober 15, 2019

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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.

Summary of Wedding Loans: Compare Your Financing Options

LenderBest ForEst. APRMin. Credit ScoreLearn More
Upstart

Upstart

on Upstart's website

Wedding loans

5.67-35.99%

620

on Upstart's website

Lightstream

LightStream

on LightStream's website

Wedding loans

5.49-17.29%

660

on LightStream's website

OneMain

OneMain Financial

on OneMain Financial's website

Wedding loans

18.00-35.99%

None

on OneMain Financial's website

Prosper

Prosper

on Prosper's website

Wedding loans

6.95-35.99%

640

on Prosper's website

Earnest

Earnest Personal Loan

on Earnest's website

Wedding loans

5.99-17.24%

680

on Earnest's website

LenderBest ForEst. APRMin. Credit ScoreLearn More
Upstart

Upstart

on Upstart's website

Wedding loans

5.67-35.99%

620

on Upstart's website

Lightstream

LightStream

on LightStream's website

Wedding loans

5.49-17.29%

660

on LightStream's website

OneMain

OneMain Financial

on OneMain Financial's website

Wedding loans

18.00-35.99%

None

on OneMain Financial's website

Prosper

Prosper

on Prosper's website

Wedding loans

6.95-35.99%

640

on Prosper's website

Earnest

Earnest Personal Loan

on Earnest's website

Wedding loans

5.99-17.24%

680

on Earnest's website

Our picks for

Wedding loans

Upstart

on Upstart's website

Upstart

Upstart
Min. Credit Score 
620 

Est. APR 
5.67-35.99% 

Loan Amount 
$1,000-$50,000 

on Upstart's website


Min. Credit Score

620

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

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. Loans are not available in West Virginia or Iowa. 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 $5,001. The minimum loan amount in GA is $3,100. The full range of available rates varies by state. The average 3-year loan on Upstart will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. The average APR on Upstart 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
Lightstream

on LightStream's website

LightStream

Lightstream
Min. Credit Score 
660 

Est. APR 
5.49-17.29% 

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.

  • Co-sign option.

  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.

  • Requires several years of credit history.

Qualifications

  • Minimum credit score of 660.

  • No minimum income specified.

  • Maximum debt-to-income ratio varies depending on loan purpose.

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 Bank is an Equal Housing Lender. ©2019 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust 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.

  • Co-sign option.

  • 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 $30 to $150. Percentage-based fees vary by state ranging from 1% to 5% 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 
6.95-35.99% 

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

  • Check your rate with a soft credit check.

  • Fast funding.

Cons

  • Origination and late fees.

  • Does not offer direct payoff to creditors for debt consolidation loans.

Qualifications

  • Minimum credit score: 640, but average is 710.

  • 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).

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 2.4% - 5%.

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

  • Insufficient funds fee: $15.

Disclaimer

For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility 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 loans made by WebBank, member FDIC.

Read Full Review
Earnest

on Earnest's website

Earnest Personal Loan

Earnest
Min. Credit Score 
680 

Est. APR 
5.99-17.24% 

Loan Amount 
$5,000-$75,000 

on Earnest's website


Min. Credit Score

680

Key facts

Earnest is a good option if you're new to credit and responsible with money. Offers low rates and no fees.

Pros

  • No fees.

  • Flexible payments.

Cons

  • No co-sign or secured loan options.

  • Requires permission to scan checking account.

Qualifications

  • Minimum credit score: 680.

  • Proof of consistent income.

  • No open collections accounts.

  • Live in the District of Columbia or a state other than Alabama, Delaware, Kentucky, Nevada or Rhode Island.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest offers personal loans with fixed interest rates between 6.99% APR and 18.24% APR for three, four, or five year terms. Earnest rate ranges are current as of 07/03/2019 and are subject to change based on market conditions and borrower eligibility. The information provided on this page is updated as of 07/03/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of- service, e-mail us at [email protected], or call 888-601-2801 for more information on our personal loan product.

Read Full Review

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.
  • 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 October 15, 2019

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 Wedding Loans: Compare Your Financing Options