LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit. Read our review of LendingClub
Prosper is a peer-to-peer online lending platform that accepts borrowers across the credit spectrum and offers competitive rates and fees. Read our review of Prosper
Best for wedding loans with multiple rate discounts
Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more. Read our review of Upgrade
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 financing choice for large purchases. Read our review of Upstart
For borrowers who want flexibility, PNC delivers with a wide range of repayment terms and a joint loan option, but non-customers may need to visit a branch to close the loan. Read our review of PNC Bank Personal Loan
How we chose the best personal loans
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
35+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
70+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
Affordability
25%
We review lenders’ annual percentage rate offerings at least twice per year and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.
Customer experience
20%
We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.
Underwriting and eligibility
20%
We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.
Loan flexibility
20%
We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.
Application process
15%
We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.
5.0
Overall score
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 70 data points 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.
See how different loan amounts, rates, and terms affect your monthly payment
Estimated monthly payment
$309.92
Total interest over 3 years
$1,156.95
Total loan payment
$11,156.95
Loan amount
$10,000
$10,000
Interest rate
7.25%
7.25%
Loan term (years)
3
3 years
PRINCIPAL AMOUNT — $10,000TOTAL INTEREST PAID — $1,156.95
90%
10%
How to choose the best wedding loan lender
To pick from the best wedding loan lenders listed above, consider these four factors.
Borrower requirements: Start by seeing whether you meet the lender’s basic borrower requirements. Many lenders publish a minimum credit score requirement, and some lenders (like banks and credit unions) require an existing relationship to apply for a loan. This can help quickly narrow down your options.
Loan amounts: Wedding loan amounts range from $1,000 to $100,000, and each lender offers a different range. You’ll want to make sure any lenders you’re considering offer the amount you need to finance your wedding. Try to only borrow what you need, even if you qualify for more.
Repayment terms: Wedding loan terms range from six months to seven years, and available terms will vary by lender. The longer the term, the more interest you’ll pay, so it’s best to go with the shortest term that still has an affordable monthly payment.
APR: Finally, consider what annual percentage rate you can qualify for with each lender. Wedding loan APRs range from 6% to 36% and represent the total cost of the loan. At this stage, it’s best to pre-qualify with a few lenders to compare APRs (more on that lower down).
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.
Once you apply and are approved, you’ll receive the money in a lump sum in your bank account. You’ll then pay it back with fixed monthly installments that include interest.
How much do wedding loans cost?
The cost of a wedding loan depends on what annual percentage rate you qualify for. The most expensive wedding loans will have the highest APRs. Here’s an example of how it works:
An average wedding in 2024 cost $33,000, according to wedding website The Knot . Say you get a three-year loan for $15,000 (about half the average wedding cost). On the low end, a loan with a 6% APR would mean you’d have monthly payments of $456, and pay $1,428 in total interest.
But if you take out that same loan with a 36% APR, you’d have monthly payments of $687 and pay $9,734 in interest. That’s why qualifying for the lowest rate possible is the best way to reduce wedding loan costs.
Plug in your potential wedding loan amount and estimate your monthly payments with NerdWallet’s free personal loan calculator.
Estimated monthly payment
$309.92
Total interest over 3 years
$1,156.95
Total loan payment
$11,156.95
Loan amount
$10,000
$10,000
Interest rate
7.25%
7.25%
Loan term (years)
3
3 years
PRINCIPAL AMOUNT — $10,000TOTAL INTEREST PAID — $1,156.95
90%
10%
How to get a wedding loan
1. Pre-qualify and compare wedding loan options
The best wedding loans offer pre-qualification, which 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.
It’s best to pre-qualify with multiple wedding loan lenders to compare offers. Online lenders are more likely to offer pre-qualification, though many banks and credit unions do, too.
Once you’ve pre-qualified and decided on a lender, you’ll need to formally apply for the loan. Most applications are completely digital.
As part of the application, you’ll 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.
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.
Once approved, you’ll receive the loan agreement, which you’ll need to review and sign. The loan funds are then deposited into your bank account and ready for use.
The best wedding loans 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.
After receiving the funds, make a plan for repayment. Missing a loan payment can hurt your credit score and trigger late fees.
Wedding loans are available to borrowers even if they have bad credit (a score in the high 500s or lower). Some online lenders specifically cater to borrowers with bad credit and have low minimum credit score requirements.
Since rates may be higher with these lenders, make sure you can afford the monthly payment for the duration of the loan.
If you need help qualifying, there are ways to boost your chances of getting approved. This includes checking your credit report for errors, like inaccurate credit limits, or paying off any small debts, which can help quickly build your score.
You may also consider a co-signed or joint wedding loan. Adding a partner or family member to your application, particularly if they have better credit or a higher income than you, can help you get approved.
Are wedding loans a good idea?
It’s best to pay for your wedding with money you’ve saved, but that isn’t always an option for couples.
As long as you qualify for a low rate, and you’re confident you can repay the loan without sacrificing other financial goals, wedding loans may be a good idea. Weigh the pros and cons of wedding loans carefully, though.
Pros of wedding loans
Fast funding: Wedding loans can be funded within a week, though many lenders offer same- or next-day funding.
Credit reporting: Most lenders report payments to the three major credit bureaus — Equifax, Experian and TransUnion — so you can build credit as you make on-time payments.
Lump sum: You’ll receive the loan 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’ll make the same payment each month.
Cons of wedding loans
Rates depend on your credit: Your credit score is a major factor in determining your rate. A low credit score may make it difficult to qualify for an affordable wedding loan.
Long terms: You could be repaying your loan for up to seven years. Consider how long you want to be paying off your wedding.
How wedding loans affect your credit score
There are two ways a wedding loan can affect your credit score.
When a wedding loan 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 weddings. 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.
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 amount in interest.
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