How Much Does the Average Wedding Cost?
Wedding costs vary depending on the state where the ceremony is held, the season, and the couple’s taste in music, food, and other wedding essentials....
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.
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.
Read SoFi Review »
Fixed rates from 8.99% APR to 23.43% 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 03/06/23 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.
Read Best Egg Review »
“Best Egg Disclaimer: *Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$50,000. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate.You need a minimum 700 FICO®score and a minimum individual annual income of $100,000 to qualify for our lowest APR.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. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57 to a total amount of $10,564.2.”
Read LendingClub Review »
Disclaimer: A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of [PARNTER LEGAL NAME] and is not responsible for the products and services provided by [PARNTER NICKNAME]. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.
Read Discover Review »
Loan approval is subject to confirmation that your income, debt-to-income ratio, credit history and application information meet all requirements. Loans are unsecured. Loans are fully amortizing personal loans as long as you pay on time. You must have a minimum household income of $25,000 to be considered for a Discover personal loan. A Discover personal loan cannot be used to pay for post-secondary education or to pay off a secured loan. Your APR will be between 6.99% and 24.99% based on creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month for a total amount of $18,432. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select. We may charge a fee if your payment is late.
Read LightStream Review »
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. Rateis quoted with AutoPay discount. AutoPay discount is only available prior to 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. 1After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee. Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Read Upstart Review »
* Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100. ● This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the U.S. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. ● The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. Loan example: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07 to a total of $10,565.2
According to The Knot’s Real Wedding Study, the average cost of a wedding in the United States in 2022 is $30,000
Here are some common wedding expenses to budget for when considering a wedding loan:
|Pre-wedding costs||Wedding costs|
|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
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
To qualify for a marriage loan, you will need to meet the following requirements:
|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|
Before you take out a loan for a wedding, it is important to understand the following:
There are a few things to consider before taking out a wedding loan:
If you’re not sure if a wedding loan is right for you, talk to a financial advisor.
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.
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:
By following these tips, you can save money on your wedding without sacrificing the quality of your day.
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.
Will I need to provide an above-average credit score for a Wedding personal loan?
How do I locate a lending partner for a Wedding personal loan?
How do lenders assess the amount I will end up paying for a Wedding personal loan?
Do I need to make a down payment to take out a Wedding personal loan?
What types of Wedding personal financing is available?
What is the usual assessed rate of interest for a Wedding personal loan?