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Best Wedding Loans of 2024

A wedding loan is one way to finance your big day. Loan amounts can be as high as $50,000, but shop around to find the least expensive option.

Jackie VelingAnnie Millerbernd
By
and
Last updated on December 6, 2023
Edited by
✅ Fact checked and reviewed
Kim Lowe
Edited by
✅ Fact checked and reviewed

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Featured partners for Personal Loans
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SoFi Personal Loan
SoFi Personal Loan
SoFi Personal Loan
5.0
NerdWallet rating

SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

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Explore a wider selection of lenders and find the perfect match for your financial situation.
Discover more lendersExplore a wider selection of lenders and find the perfect match for your financial situation.
SoFiAchieveOneMain
SoFiAchieveOneMainAvant

Lenders catering to diverse financial needs
For unique credit situation and loan needs
Popular lender pick
Other visitors like them, we think you will too!

Best Wedding Loans

Lender
NerdWallet Rating
Est. APR
Loan amount
Min. credit score
Learn more
SoFi

SoFi Personal Loan

Top 3 most visited 🏆
Visit Lender
on SoFi's website
on SoFi's website
Check Rate
on NerdWallet
on NerdWallet
Best for Wedding loans for good credit
Rate discount

8.99-29.99%

$5,000-$100,000

None

Upgrade

Upgrade

5.0
/5
Best for Wedding loans for bad credit
Rate discount

8.49-35.99%

$1,000-$50,000

560

Discover

Discover® Personal Loans

Visit Lender
on Discover's website
on Discover's website
5.0
/5
Best for Wedding loans for excellent credit
Fast funding

7.99-24.99%

$2,500-$40,000

660

BestEgg

Best Egg

4.5
/5
Best for Wedding loans for fair credit
Secured loans
Wide range of loan amounts

8.99-35.99%

$2,000-$50,000

600

Lending Club

LendingClub

Check Rate
on NerdWallet
on NerdWallet
4.5
/5
Best for Wedding loans for fair credit
Flexible payments

9.57-35.99%

$1,000-$40,000

600

Achieve

Achieve Personal Loans

4.5
/5
Best for Wedding loans for good credit
Rate discount

8.99-35.99%

$5,000-$50,000

620

Upstart

Upstart

4.5
/5
Best for Wedding loans for bad credit
Fast funding
Flexible payments

7.80-35.99%

$1,000-$50,000

None

Lightstream

LightStream

4.5
/5
Best for Wedding loans for excellent credit
Rate discount

7.99-25.49%

$5,000-$100,000

660

Our pick for

Wedding loans for fair credit

BestEgg
Visit Lender
on Best Egg's website
on Best Egg's website
BestEgg

Best Egg

4.5
Est. APR

8.99-35.99%

Loan amount

$2,000-$50,000

Min. credit score

600

Lending Club
Lending Club

LendingClub

Est. APR

9.57-35.99%

Loan amount

$1,000-$40,000

Min. credit score

600

Our pick for

Wedding loans for good credit

SoFi
SoFi

SoFi Personal Loan

Est. APR

8.99-29.99%

Loan amount

$5,000-$100,000

Min. credit score

None

Achieve
Achieve

Achieve Personal Loans

Est. APR

8.99-35.99%

Loan amount

$5,000-$50,000

Min. credit score

620

Our pick for

Wedding loans for bad credit

Upgrade
Upgrade

Upgrade

Est. APR

8.49-35.99%

Loan amount

$1,000-$50,000

Min. credit score

560

Upstart
Upstart

Upstart

Est. APR

7.80-35.99%

Loan amount

$1,000-$50,000

Min. credit score

None

Our pick for

Wedding loans for excellent credit

Discover
Discover

Discover® Personal Loans

Est. APR

7.99-24.99%

Loan amount

$2,500-$40,000

Min. credit score

660

Lightstream
Lightstream

LightStream

Est. APR

7.99-25.49%

Loan amount

$5,000-$100,000

Min. credit score

660

» MORE: Find an unsecured personal loan

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 one to seven years.

Should you get a wedding loan?

It’s best to pay for your wedding with money you’ve saved, but that isn’t always an option for couples. Wedding loans can help you cover any remaining expenses via a lump sum that has a predictable repayment schedule.

Before opting into a wedding loan, make sure you can afford the monthly installments and consider how long you want to be paying off your big day.

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 — Equifax, Experian and TransUnion — 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 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.

Pros of wedding loans

Cons of wedding loans

  • You can receive funds within one week (and sometimes the same or next day).

  • Paying back the loan can help build credit.

  • Receiving the funds in a lump sum can help you budget for your wedding.

  • Monthly payments are fixed.

  • You may receive a high interest rate depending on your credit score.

  • You could be repaying the loan for years depending on the term you choose.

Cost of a wedding loan

Unsecured personal loan APRs typically range from 6% to 36%. An average wedding in 2022 cost $30,000, according to The Knot’s 2022 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 $15,000 — half the average wedding cost. On the low end, a 6% APR would have monthly payments of $456 and cost $16,428 overall.

That same loan with a 36% APR would have monthly payments of $687 and cost $24,734 overall.

» RUN THE NUMBERS:

How to qualify for a wedding loan

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

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

  • Get a co-signed or joint 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 elevate 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.

How to get a wedding loan

Once you’ve decided on a lender, you’ll need to apply for the loan. Whether you’re applying with a bank, credit union or online lender, most applications are completely digital.

As part of the application, you’ll be asked to 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 and information on any debts.

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 a loan agreement, and after that’s signed, the funds are deposited into your bank account and available for use.

How wedding loans affect your credit score

There are two ways a wedding loan can affect your credit score.

When a 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 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 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 6, 2023

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender 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.

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 Best Wedding Loans of 2024

  • Best Egg: Best for Wedding loans for fair credit
  • LendingClub: Best for Wedding loans for fair credit
  • SoFi Personal Loan: Best for Wedding loans for good credit
  • Achieve Personal Loans: Best for Wedding loans for good credit
  • Upgrade: Best for Wedding loans for bad credit
  • Upstart: Best for Wedding loans for bad credit
  • Discover® Personal Loans: Best for Wedding loans for excellent credit
  • LightStream: Best for Wedding loans for excellent credit

Frequently asked questions

  • A wedding loan is one way to finance your wedding. These are unsecured personal loans, typically up to $50,000. Borrowers with good or excellent credit may qualify for the lowest rates.

  • You can get a wedding loan from an online lender, bank or credit union. It’s best to pre-qualify with multiple lenders to compare rates.

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