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Best Personal Loans For Wedding February 2024

A personal loan for weddings is an unsecured loan which you can take out for between $1,000-100,000, helping you to budget and pay for the expenses of your big day.

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Key Facts

  • Free-to-use marketplace with a choice of vetted lending partners.
  • Borrowers are in control and can compare competitive loan options.
  • No prepayment fees and origination fees as low as 0%
  • Max Loan Amount: $100K

Pros

pros iconGreat for Comparing Lenders

pros icon Fast and Easy

pros iconSecure 256-bit encryption

Cons

cons iconFees Vary

cons iconOther Variable Info

cons iconTerms are Limited

Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 4.60% – 35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties..

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680.

Bonus disclosure:
“All bonus payments are by gift card.”

*Not all available financial products and offers from all financial institutions have been reviewed by this website

  • $600-$100K Loan Amount
  • 550 Min Credit
  • 6.40-35.99% APR
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Key Facts

  • Competitive rates available for good credit scores and income source
  • Access to financial advisors, private networking events, & unemployment protection
  • Flexible terms & payment options with no fees whatsoever
  • Max Loan Amount: $100K

Pros

pros iconPersonal loan application process is easy and only takes a few minutes to complete

pros iconSoft credit check that doesn’t affect your credit score and gives you personalized rates

pros iconFixed and variable rate loans available ranging from $5,000 to $100,000

pros iconNo late or origination fees required

pros iconExcellent customer support team

pros iconOnline autopay comes with a discount on interest

pros iconExclusive benefits for members (ex. networking events and access to financial advisors)

pros iconUnemployment Protection feature comes with a temporary payment pause (up to 12 months)

pros iconNo prepayment penalties

Cons

cons iconMay take up to 4 days to receive funds after approval (longer than other online lenders)

cons iconHigh eligibility requirements (ex. good credit and sufficient income)

“SoFi” is a registered trademark of Social Finance, Inc. SoFi is not affiliated with colleges and universities listed on SoFi.com. Colleges and universities listed on SoFi.com do not endorse, promote or recommend SoFi loan products.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

©2022 Social Finance, Inc. All rights reserved.”

Fixed rates from 3.99% APR to 9.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 01/16/24 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

  • $5K-$100K Loan Amount
  • 680 Min Credit
  • 8.99-25.81% APR
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Key Facts

  • 5K Funds makes it easy to get rates and start comparing terms from multiple lenders.
  • 5K Funds has an extensive network of reputable lenders.
  • Borrowers have the freedom to use a personal loan in a number of ways.

Pros

pros iconQuick & simple online application

pros iconAn extensive network of lenders

pros iconUse your loan for any purpose

Cons

cons iconNot BBB Accredited; F rating on BBB

cons iconLoans may contain origination fees

cons iconHighly thorough initial application

5K Funds.com (the “website”) is not an offer or solicitation to lend. The website only provides a service. It is not an agent, representative, or broker of any lender and does not endorse or charge you for any loan or product. The website operators are not lenders, do not make loans of any type, and do not make credit decisions.
The website collects personal information provided by you and forwards it to partners in our lender network. You are not obligated to use this website or service to initiate, contact, or apply for credit or any loan product with any service provider or lender.
Loan amounts vary from $500 and $35,000, but not all lenders can provide up to $35,000. Providing your information on the website does not guarantee you will be approved for a loan or credit product. Cash transfer times may vary between lenders and may depend on your individual financial institution.
In some circumstances faxing may be required. If you have questions, contact your lender directly for details, questions, or concerns regarding your loan or credit product. Short-term cash loans provide short-term financing to solve immediate cash needs and should not be considered a long-term solution.
This service and lenders are not available in all states. Lenders may perform credit checks with the three credit reporting bureaus: Experian, Equifax, or Trans Union or may perform alternative credit checks or consumer reports through alternative providers.
By submitting your request, you acknowledge, agree, and authorize that your information may be sent to lenders or third-party partners on your behalf. Also, such lenders may obtain consumer reports and related information about you from one or more consumer reporting agencies, such as TransUnion, Experian, and Equifax, to evaluate your creditworthiness.

Loan Example: If you borrowed $2,000 over a 12 month period and the loan had a 3% origination fee ($60), your monthly repayments would be $189.12, with a total payback amount of $2269.44 which including the 3% fee paid from the loan amount, would have a total cost of $329.44. Representative 29.82% APR. If you borrowed $5,000 over a 48 month period and the loan had an 8% origination fee ($400), your monthly repayments would be $131.67, with a total payback amount of $6320.12 which including the 8% fee paid from the loan amount, would have a total cost of $1720.12.

 

  • $500-$35K Loan Amount
  • 500 Min Credit
  • 5.99-35.99% APR
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Key Facts

  • See loan offers from over 100 lenders
  • Loans available for any type of credit
  • Fees depend on specific lender
  • Max Loan Amount: $35K

Pros

pros iconReceive offers from multiple lenders

pros iconLow minimum credit score required

pros iconNo application fee

Cons

cons iconHard credit pull

cons iconMaximum loan amount of $35K

LoansUnder36%.com (the “website”) is not an offer or solicitation to lend. The website only provides a service and is not an agent, representative, or broker of any lender and does not endorse or charge you for any loan or product. The website operators are not lenders, do not make loans of any type, and do not make credit decisions. The website collects personal information provided by you and forwards it to partners in our lender network. You are under no obligation to use this website or service to initiate, contact, nor apply for credit or any loan product with any service provider or lender. Loan amounts vary from $500 and $35,000 but not all lenders can provide up to $35,000. Providing your information on the website does not guarantee you will be approved for a loan or credit product. Cash transfer times may vary between lenders and may depend on your individual financial institution. In some circumstances faxing may be required. If you have any questions, contact your lender directly for details, questions, or concerns regarding your loan or credit product. Short-term cash loans are meant to provide you with short-term financing to solve immediate cash needs and should not be considered a long-term solution. This service and lenders are not available in all states. Lenders may perform credit checks with the three credit reporting bureaus: Experian, Equifax, or Trans Union or may perform alternative credit checks or consumer reports through alternative providers. By submitting your request, you acknowledge, agree, and authorize that (a) your information may be sent to lenders and/or third-party partners on your behalf, and (b) such lenders may obtain consumer reports and related information about you from one or more consumer reporting agencies, such as TransUnion, Experian and Equifax to evaluate your creditworthiness. Representative example: If you borrowed $2,000 over a 12 month period and the loan had a 3% origination fee ($60), your monthly repayments would be $189.12, with a total payback amount of $2269.44 which including the 3% fee paid from the loan amount, would have a total cost of $329.44. Representative 29.82% APR. If you borrowed $5,000 over a 48 month period and the loan had an 8% origination fee ($400), your monthly repayments would be $131.67, with a total payback amount of $6320.12 which including the 8% fee paid from the loan amount, would have a total cost of $1720.12. Representative 18.23% APR. Loan products have a 61-day minimum repayment term. Loan example:.If you borrowed $5,000 over a 48 month period and the loan had an 8% origination fee ($400), your monthly repayments would be $131.67, with a total payback amount of $6320.12.

  • $500-$35K Loan Amount
  • 300 Min Credit
  • 5.99-35.99% APR
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Key Facts

  • Excellent Customer Support
  • Loans to customers with bad credit score
  • No prepayment fees

Pros

pros iconReceive funds as soon as the next day after approval

pros iconPrepay with no penalties

pros iconQualify for a loan with fair credit

Cons

cons iconCo-signers or co-borrowers are not allowed

cons iconOrigination fees as high as 8%

cons iconSome lenders may not report your payment history to all three major credit bureaus

Disclaimer: LENDINGPOINT DOES NOT PROMISE THAT THE SITE OR ANY CONTENT, DOCUMENT OR FEATURE OF THE SITE WILL BE ERROR-FREE OR UNINTERRUPTED, OR THAT ANY DEFECTS WILL BE CORRECTED OR THAT YOUR USE OF THE SITE WILL PROVIDE SPECIFIC RESULTS. THE MATERIAL IN THE SITE COULD INCLUDE TECHNICAL INACCURACIES OR TYPOGRAPHICAL ERRORS. YOU AGREE THAT THE SITE AND ITS CONTENT ARE DELIVERED ON AN “AS-IS” AND “AS-AVAILABLE” BASIS, THAT LENDINGPOINT MAKES NO REPRESENTATION NOR WARRANTY (EXPRESS OR IMPLIED) THAT THE SITE OR DOCUMENTS DOWNLOADED IN RELATION THERETO ARE FREE OF VIRUS OR DETRIMENTAL ASPECTS AND YOU ASSUME ALL RISKS THEREWITH. YOU ACKNOWLEDGE THAT LENDINGPOINT DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING ANY WARRANTIES OF ACCURACY, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. LENDINGPOINT DISCLAIMS ANY AND ALL LIABILITY FOR THE ACTS, OMISSIONS AND CONDUCT OF ANY THIRD PARTIES IN CONNECTION WITH OR RELATED TO YOUR USE OF THE SITE. YOU ASSUME TOTAL SELF RESPONSIBILITY FOR YOUR USE OF THE SITE AND ANY LINKED SITES. YOU AGREE THAT YOUR SOLE REMEDY AGAINST LENDINGPOINT FOR DISSATISFACTION OR PROBLEMS WITH THE SITE OR ANY CONTENT IS TO STOP USING THE SITE OR ANY SUCH CONTENT.

  • $2K-$37K Loan Amount
  • 660 Min Credit
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Key Facts

  • Good credit gets low rates and zero fees
  • Fast and easy online process
  • $100 Loan Experience Guarantee¹
  • Max Loan Amount: $100K
  • Powered by Credible

Pros

pros iconGet a loan for practically anything

pros iconAutopay discount available

pros iconDedicated app to manage your loan

pros iconLightStream doesn’t charge any fees

Cons

cons iconPersonal loan up to $100K

cons iconRequires steady income

cons icon1-3 Days till funding

LightStream is a part of Truist Bank. While most correspondence will come from LightStream, you might notice the name Truist on certain communications from us. We continue to serve customers across all 50 states, and you do not need to be an existing customer to qualify for a LightStream loan.

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and credit profile. The lowest rates require excellent credit. At least 22% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 07/01/2022 to 09/30/2022.

Rate is quoted with an AutoPay discount. AutoPay discount is only available before loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

  • $5K-$100K Loan Amount
  • 660 Min Credit
Easy Application
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Key Facts

  • Easily compare rates from their investors using a peer-to-peer model
  • Loans range from $2,000 – $40,000, allowing for quick funds
  • No prepayment penalty fees
  • Max Loan Amount: $40K

Pros

pros iconFast funding

pros iconReputable company

pros iconMost inclusive credit score of all lending companies

pros iconJoint loan option

Cons

cons iconLate fees

cons iconReputable company

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. 

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

1) Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank.

2) You may receive your funds one business day after your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s ability to quickly process the transaction.

  • $2K-$50K Loan Amount
  • 600 Min Credit
  • 6.99-35.99% APR
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Key Facts

  • Discounts for Upgrade account owners
  • No prepayment fees
  • Fast funding in 1-4 days

Pros

pros iconOffers a small minimum loan amount

pros iconDeals with credit scores of at least 580

pros iconNo early prepayment fee

pros iconQuick time to funding

pros iconSolid mobile app to manage loans

Cons

cons iconCharges origination fee

cons iconLate fees in place

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 1.85% to 9.99% origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s bank partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

Fast Funding Disclosure: *Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

  • $1K-$50K Loan Amount
  • 580 Min Credit

If you need access to funds for your wedding expenses, you might benefit by choosing a personal loan provider that specializes in this type of loan. You can use the money to pay for pre-wedding activities, the ceremony, the reception, and more.

Top Wedding Loan Providers

Credible

Get Personalized Prequalified Rates

550

Min Credit Score

5.20-35.99%

APR. Fixed Rate

6.40-35.99%

APR. Variable Rate

$600-$100K

Loan Amount

1-7 years

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

Varies

Origination Fee

Varies

Prepayment Fee

Within 5 working days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Great for Comparing Lenders
  • con-icon Fast and Easy
  • con-icon Secure 256-bit encryption
  • con-icon Fees Vary
  • con-icon Other Variable Info
  • con-icon Terms are Limited

Loan Purpose

drop-down-btn
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding

Loan Type

drop-down-btn
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
  • Co-singer / Joint loans
sofi logo
SoFi

Low Rates. No Fees are Required.

680

Min Credit Score

8.99-25.81%

APR. Fixed Rate

8.99-25.81%

APR. Variable Rate

$5K-$100K

Loan Amount

24 to 84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

Same-day funding if approved before 7:00 PM ET days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Personal loan application process is easy and only takes a few minutes to complete
  • con-icon Soft credit check that doesn’t affect your credit score and gives you personalized rates
  • con-icon Fixed and variable rate loans available ranging from $5,000 to $100,000
  • con-icon No late or origination fees required
  • con-icon Excellent customer support team
  • con-icon Online autopay comes with a discount on interest
  • con-icon Exclusive benefits for members (ex. networking events and access to financial advisors)
  • con-icon Unemployment Protection feature comes with a temporary payment pause (up to 12 months)
  • con-icon No prepayment penalties
  • con-icon May take up to 4 days to receive funds after approval (longer than other online lenders)
  • con-icon High eligibility requirements (ex. good credit and sufficient income)

Loan Purpose

drop-down-btn
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding

Loan Type

drop-down-btn
  • Unsecured Personal Loans
5kfunds_l
5KFunds

Fast & easy online application

500

Min Credit Score

5.99-35.99%

APR. Fixed Rate

5.99-35.99%

APR. Variable Rate

$500-$35K

Loan Amount

3-72 Months

Repayment terms

No

Soft Credit Pull

Marketplace

Lender Type

N/A

Other Fees

Varies

Origination Fee

Varies

Prepayment Fee

Varies no. of days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Quick & simple online application
  • con-icon An extensive network of lenders
  • con-icon Use your loan for any purpose
  • con-icon Not BBB Accredited; F rating on BBB
  • con-icon Loans may contain origination fees
  • con-icon Highly thorough initial application

Loan Purpose

drop-down-btn
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Household Expenses
  • Relocation
  • Vacation
  • Wedding
  • Other

Loan Type

drop-down-btn
  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
  • Co-singer / Joint loans
 

Uses of Wedding Loans

According to The Knot’s Real Wedding Study, the average cost of a wedding in the United States in 2022 is $30,000. Weddings, often envisioned as once-in-a-lifetime events, can come with significant expenses. From securing the perfect venue to purchasing an exquisite gown, from catering to entertainment, the costs can quickly add up.

Wedding loans emerge as a financial solution for couples seeking to bring their dream day to life without the immediate burden of exhaustive expenses. These loans can cover a plethora of wedding-related costs, including photography, decor, honeymoon packages, and even unexpected last-minute necessities. Essentially, they offer flexibility, ensuring every element of the special day is as envisioned, without compromising due to budget constraints.

Here are some common wedding expenses to budget for when considering a wedding loan:

Pre-wedding costs Wedding costs
Engagement rings Venue
Save-the-date cards and invitations Food & beverage, catering, waitstaff and cleanup
Engagement party Music, DJ or live band
Bridal shower Wedding attire - wedding dress, tuxedo rentals, bridesmaids gowns, mother-of-the-bride, more
Bachelor/bachelorette parties Hair and makeup
Rehearsal dinner Floral arrangements
Hiring a wedding planner Wedding officiant
Marriage license Photographer & videographer
Bridesmaids gifts Party favors

And last but not least, after the wedding, the honeymoon.

See the full list with estimated prices

Personal Loans For Wedding Expenses

The cost of your wedding depends on a variety of factors, including how many guests you plan to have, the number of vendors you plan to hire and the state that you live in. Regardless, weddings are typically big expenses for most couples and it’s important to plan with a realistic budget in mind. The best way to figure out how much you will need for a wedding loan is to make key decisions about vendors, then use a checklist to see exactly what you will need. You can use Lendstart's Wedding Budget Calculator

How to Qualify for a Wedding Loan

To qualify for a marriage loan, you will need to meet the following requirements:

  • Have good credit. Your credit score will affect the interest rate you are offered on your loan.
  • Be a U.S. citizen or permanent resident.
  • Have a steady income. You will need to prove that you can afford to make monthly payments on your loan.
  • Be at least 18 years old.
Step What to do
1. Research & compare lenders Review their loan terms and APRs, and see which one fits best with your lending or personal finance requirements.
2. Check your credit score Check one of the three main credit bureaus as your credit score will affect the APR on your loan.
3. Gather necessary documents You’ll need to provide your lender with identifying documents, proof of employment, debt-to-income ratio.
4. Get pre-qualified Complete the online or in-person application with your lender and get a sense of how much you might be able to borrow.
5. Apply for a loan Once you apply, you should begin getting payments within a few weeks

What Should I Know About Wedding Loans?

Before you take out a loan for a wedding, it is important to understand the following:

  • The interest rate. The interest rate is the amount of money you will pay in interest over the life of the loan.
  • The repayment term. The repayment term is the length of time you will have to repay the loan.
  • The application fee. Some lenders charge an application fee.
  • The late payment fee. If you miss a payment, you may be charged a late fee.

What to Consider When Taking Out a Wedding Loan

There are a few things to consider before taking out a wedding loan:

  • Your credit score: Your credit score will affect the interest rate you're offered.
  • Your debt-to-income ratio is the amount of debt you have compared to your income. A high debt-to-income ratio may make it difficult to qualify for a loan.
  • Your monthly budget: Make sure you can afford the monthly payments on a wedding loan.

If you're not sure if a wedding loan is right for you, talk to a financial advisor.

Wedding Loans for Bad Credit

If you have bad credit, you may still be able to qualify for a wedding loan. However, due to the higher risk associated with lending to someone with bad credit, you may have to pay a higher interest rate or have a shorter repayment term than someone with good credit. Fortunately, there are some lenders who specialize in loans for people with bad credit, so it's worth exploring your options.

Not all lenders offer wedding loans with no credit check, but for those worried about their credit history, wedding loans with no credit check can be an option. These loans may come with higher interest rates or shorter repayment terms as a way for lenders to mitigate the risk of lending to someone without a credit history.

Tips for Saving Money on Your Wedding

There are a number of ways to save money on your wedding, even if you're taking out a loan. Here are a few tips:

  • Set a budget and stick to it. This will help you avoid overspending.
  • Shop around for the best deals on everything from your venue to your flowers.
  • Consider having a smaller wedding. This will save you money on everything from food to flowers.
  • Do-it-yourself as much as possible. This can save you a lot of money on things like decorations and favors.
  • Ask for help from friends and family. They may be willing to help you with things like setting up, cooking, or cleaning up.

By following these tips, you can save money on your wedding without sacrificing the quality of your day.

Conclusion

Wedding loans can be a great way to finance your big day. However, it is important to compare lenders and choose the one that is right for you. Be sure to understand the terms of the loan before you sign on the dotted line.

Read more: Wedding Loans Guide