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Planning a wedding can be exciting, but the costs of getting married are often high — as of 2023, the average cost of a wedding was $30,000, according to The Knot. If you need help financing your wedding, taking out a personal loan to cover the expense might be a good option.

The best wedding loans of 2024 offer competitive interest rates, reasonably large loan amounts and long repayment terms. Some also provide more lenient credit score requirements or rate discounts while others allow you to apply with a co-signer or co-borrower.

Best wedding loans

Compare the best wedding loans

INTEREST RATESLOAN AMOUNTSREPAYMENT TERMS (YEARS)FUNDING TIME (AFTER APPROVAL)
SoFi
8.99% to 29.49%
$5,000 to $100,000
2 to 7
As soon as the same day
LendingPoint
7.99% to 35.99%
$2,000 to $36,500
2 to 6
As soon as the next business day
LightStream
7.49% to 25.99%
$5,000 to $100,000
2 to 7
As soon as the same day
Upgrade
8.49% to 35.99%
$1,000 to $50,000
2 to 7
Within 1 business day
Prosper
6.99% to 35.99%
$2,000 to $50,000
2 to 5
Within 1 business day
Upstart
7.8% to 35.99%
$1,000 to $50,000
3 or 5 years
As soon as the next business day
Oportun
27.74% to 35.99%
$500 to $18,000 (depending on your state and loan type)
1 to 5.33 years (depending on your state)
Within 1 to 3 business days
Universal Credit
11.69% to 35.99%
$1,000 to $50,000
3 to 5
Within 1 day

All rates include autopay discounts where noted by the lender and are accurate as of March 11, 2024.

Methodology

Our expert writers and editors have reviewed and researched multiple lenders to help you find the best wedding loan. Out of all the lenders considered, the eight that made our list excelled in areas across the following categories (with weightings): loan details (20%), loan cost (35%), eligibility and accessibility (20%), customer service (15%) and ease of application (10%).

Within each major category, we considered several characteristics, including APR ranges, loan amounts, maximum repayment terms, lender discounts, late payment, and prepayment fees, minimum credit score requirements, and funding times as well as co-signer or co-borrower acceptance. We also evaluated each provider’s state availability, customer support options, and customer reviews.

Why some lenders didn’t make the cut

Of the personal loan lenders that we reviewed, only a fraction made the cut. The reasons for this varied by lender, with some receiving lower ratings due to having lower loan maximums or charging additional fees while others were limited in state availability or customer service options.

What can I use my wedding loan for?

Since a wedding loan is a personal loan, you can use it for nearly any purchase — with a few exceptions. You typically can’t use a personal loan for:

  • College tuition
  • The down payment on a house
  • Expenses for your business
  • Gambling
  • Anything illegal

Don’t borrow more than you need! If you do decide to take out a wedding loan, make sure you discuss your budget and needs as a couple. Only borrow what you can afford to pay back. Don’t take out extra “just because” or it might start a cycle of debt that isn’t manageable.

When you should consider a loan for your wedding

In certain situations, taking out a loan to cover your wedding expenses could be a wise financial decision. Here are some situations getting a loan for your wedding might be a good idea:

  • You’re facing budget constraints. If you’re struggling to save up enough money for your dream wedding or want to avoid compromising on your vision due to budget constraints, taking out a wedding loan could be a viable solution. However, it’s still important to only borrow what you need and can comfortably afford to repay.
  • You lack other options. If you can’t secure funding through other means like personal savings or contributions from family members, a wedding loan can provide the necessary money to have the wedding you envision. This can be especially useful if you plan to have a larger or more elaborate wedding ceremony that exceeds what you currently have saved.
  • You’re considering using credit cards. Taking out a loan can also help you avoid the burden of paying for your wedding on a high-interest credit card. Personal loans for wedding expenses generally come with lower interest rates than credit cards. Plus, you could have one to seven years to repay the loan, depending on the lender, which can make repayment more manageable.

Tip: It’s critical to exercise caution when considering a wedding loan by only borrowing what you can realistically repay. Also be sure to compare your options with as many lenders as possible to find a good deal on a loan that works for your needs. With the proper planning and preparation, a wedding loan can be a great way to ensure you have the celebration of your dreams without sacrificing financial stability.

You can use our personal loan calculator to see what your monthly payments could look like with different interest rates and repayment terms.

When you shouldn’t

While a wedding is a special and memorable milestone in your life, taking out a loan shouldn’t be the default option. Here are a few scenarios where getting a wedding loan might not be the best choice:

  • You have time to save cash. If you can save money for your wedding, it’s wise to consider this option instead of going into debt. By saving money, you can avoid paying interest, which will cost you more in the long run. Consider setting a budget for your wedding and sticking to it to avoid overspending.
  • You can get funds elsewhere. If you have trusted family or friends willing and able to lend you money, it might be a better option to borrow from them rather than taking out a loan from a financial institution. This can help you avoid high interest rates. However, this can also put a strain on relationships if you don’t repay the loan as agreed.
  • You can’t pay off the loan quickly. Another critical factor to consider is the impact that taking on a loan could have on your future plans. If you take on too much debt for your wedding, you might have to delay other major life milestones, such as buying a house, traveling as a couple or starting a family. Additionally, having a loan hanging over your head can cause unwanted stress and potentially impact your mental health.

How to apply for a wedding loan

If you have decided that a wedding loan is right for you and are ready to apply, follow these steps:

  1. Check your credit. Lenders will review your credit to determine your creditworthiness as well as your interest rate. So before you apply, check your credit reports and credit score to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. To check your credit score, use an online credit-monitoring service, or see if it’s available through your bank or credit card company.
  2. Compare lenders. It’s important to shop around and compare your options with as many lenders as possible. This way, you can find the right loan for you. Consider interest rates, loan amounts and repayment terms as well as eligibility requirements. Many lenders let you get preapproved with only a soft credit check that won’t hurt your credit score — this will give you an idea of what rate and loan amount you could qualify for.
  3. Pick a loan option and complete an application. After you’ve compared lenders, choose the loan option you like best. You’ll then need to complete a formal application. In many cases, this can be done fully online, though some traditional banks and credit unions might require you to work with a loan officer at a local branch. Be prepared to submit any required documentation, such as tax returns or pay stubs.
  4. Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be disbursed. Personal loans are generally funded within a week. Some lenders also provide faster funding as soon as the same or next business day after approval.

Alternatives to taking out a wedding loan

If taking out a personal loan to pay for your wedding isn’t the right option for you, you do have other choices: 

  • Start saving now. If you’re just about to begin your wedding planning journey, you still have time to start saving. You should also consider signing up for a high-yield savings account to earn a little extra on top of what you’re able to put away.
  • Borrow from family and friends. If you have friends or family that might be willing to help, reaching out to them for a loan could save you from paying interest. It also might be worth asking if they’d be willing to gift you some money in place of a wedding gift.
  • Use a credit card. If you’re not sure exactly how much you might need to cover all the wedding expenses, a credit card might be ideal. It gives you access to a revolving line of credit that you can repeatedly draw on and pay off. But since credit cards have high interest rates, your best bet is to apply for one with a 0% intro annual percentage rate (APR) so you can avoid interest charges if you repay your balance before the time ends (typically six to 21 months, depending on the card).

Frequently asked questions (FAQs)

Typically, a couple would take out a personal loan to help with wedding expenses. In general, personal loans come with lower interest rates than credit cards or other loans, making them a good option. You could also have up to seven years to pay it off, depending on the lender.

The minimum credit score you’ll need for a wedding loan will depend on the type of loan and lender. For example, if you opt for a personal loan, you’ll generally need good to excellent credit. A good credit score is usually considered to be 670 or higher.

There are also several lenders that offer personal loans for bad credit — for example, Upgrade accepts credit scores as low as 560. However, keep in mind that loans for poor or fair credit typically come with much higher interest rates compared to good credit loans.

Whether a wedding loan is worth it will depend on your financial situation and needs. If you’re thinking about getting a loan to cover your wedding expenses, it’s important to consider the associated costs—such as interest and fees—to see if it makes sense for your particular situation.

Additionally, be sure to shop around and compare your options with as many lenders as possible. This can help you more easily find a lender with a good rate as well as few or no fees. It’s also a good idea to try to pay off any wedding debt as quickly as possible to avoid accumulating excessive interest charges over time.

Yes, in some cases, two individuals (typically the couple getting married) can take out a joint wedding loan. Whether this is permitted depends on the lender — for example, SoFi and LightStream allow joint applicants on their personal loans.

The advantage of a joint loan is that the lender will evaluate the financial profiles of both individuals, which can make it easier to get approved. This could also qualify you for a lower interest rate or larger loan amount than you’d get on your own.

However, keep in mind that joint owners of a loan are equally responsible for repayment, and any missed payments could negatively impact both parties’ credit scores. As with any financial decision, evaluate your ability to repay a loan before borrowing.

Wedding loans can range from as small as $500 up to $100,000, depending on the lender. However, how much you’ll actually be able to borrow will depend on your financial profile. Generally, borrowers with higher credit scores are able to qualify for larger loan amounts.

Keep in mind that while it can be tempting to borrow as much as you can (especially for your wedding), it’s important to borrow only what you can reasonably afford to pay back.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Kiah Treece

BLUEPRINT

Kiah Treece is a small business owner and former attorney with extensive experience in business and consumer finance. She focuses on demystifying debt so individuals and business owners can take control of their finances. Her work has been published on Forbes Advisor, Investopedia, The Spruce, Rolling Stone, Treehugger and more.

Ashley is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, she likes to draw, play video games, and hang out with her black cats, Salem and Binx.

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