Best Wedding Loans of 2023
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.
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. Here is a list of our partners and here's how we make money.
A critical question most couples ask when they start planning their wedding: How will we pay for it all?
A wedding loan is one possible solution. This personal loan provides unsecured funds that you use to cover the cost of your event and repay in monthly installments with interest.
A wedding loan may not be the cheapest way to pay for your wedding, so compare it with other financing methods, like credit cards, to choose the most affordable option for your plans.
Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to find the best wedding loans. We selected these lenders based on their star ratings, annual percentage rate, or APR, ranges, loan amounts and minimum required credit scores.
Best Wedding Loans
Our pick for
Wedding loans for fair credit
Our pick for
Wedding loans for good credit
Our pick for
Wedding loans for bad credit
Our pick for
Wedding loans for excellent credit
» 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 you 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
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.
» MORE: Calculate your wedding’s cost
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.
» Get started: Pre-qualify with NerdWallet to check your rate with online lenders.
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.
» MORE: How to apply for a personal loan
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.
» COMPARE: Best credit cards for wedding expenses
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 March 7, 2023
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. 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. 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.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Wedding Loans of 2023
- Best Egg: Best for Wedding loans for fair credit
- LendingClub: Best for Wedding loans for fair credit
- SoFi: Best for Wedding loans for good credit
- Laurel Road Personal Loan: 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
- Can you get a loan for a wedding?
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.
- Where do you get a wedding loan?
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.