Summary of Wedding Loans: Compare Your Financing Options
|Lender||Best For||Est. APR||Min. Credit Score||Learn More|
4.99 - 16.79%
18.00 - 35.99%
6.95 - 35.99%
6.14 - 35.99%
See my rates
on NerdWallet's secure website
Our picks for
» 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.
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 26, 2020
To recap our selections...