*AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
If love doesn’t cost a thing, someone should inform the venues that host weddings.
Getting married has become a substantial financial commitment in America, and wedding costs continue to rise. Thanks to many COVID-19 delays and postponements, CBS News reports that a record number of weddings will take place in 2022, and the average cost has skyrocketed to around $27,000 per wedding.
Unless you have substantial savings or wealthy parents, you might be considering a personal loan to cover the cost of your ceremony. While no lender offers loans specifically for weddings, you can still get a reasonably priced personal loan to pay for one.
Quick Look: Best Personal Loans for Weddings
- Best Overall: LightStream
- Best for Excellent Credit: Sofi
- Best for Fair Credit: Upgrade
- Best for Bad Credit: Avant
- Best for Variety of Terms: Marcus by Goldman Sachs
Table of Contents
6 Best Personal Loans for Weddings
One of the benefits of using a loan for a wedding is that partners can share the burden equally. If you and your spouse have good credit, your options will be wide open. But even couples with poor credit can find something manageable with some research and proper planning.
Best Overall: LightStream
LightStream is frequently a top choice for personal loans because it has low rates for good credit, different length terms and offers loan amounts between $5,000 and $100,000. A division of Truist Financial Corp. (the merged entity of SunTrust Banks Inc. and BB&T Corp.), LightStream has specific options for borrowers looking to remodel their homes, install swimming pools, pay off medical debt or finance a wedding.
Rates for wedding loans start at 5.73% (the standard starting rate for most unsecured loans) and terms vary from two years to seven years. You’ll need solid credit and high FICO scores to get the best rates. FICO scores below 660 are unlikely to be considered, but co-signers are allowed. LightStream can deposit cash as quickly as the same business day, and rate reductions are available with autopay.
Best for Excellent Credit: SoFi
SoFi offers personal loans for weddings or honeymoons, but you’ll need a credit score above 680 to receive approval and over 800 to get the best possible rates. If you have excellent credit, SoFi is one of the preferred options because it has rates as low as 6.99% and no origination fees, so all the funds can go directly toward the wedding.
SoFi offers between $5,000 and $100,000 for personal loans, and money can be deposited on the same business day. SoFi also has no late fees, and there’s no penalty for paying off the loan early. You can also check your rate easily through its website without receiving a hard pull on your credit report.
- Best For:No origination feesRating:Read Review
The following payment example depicts the APR, monthly payment and total payments made during the life of a personal loan with a single disbursement. All loan rates below are shown with the autopay discount (0.25%) and direct deposit discount (0.25%). The monthly payment for a $30,000 loan with a 60-month term and a fixed annual percentage rate (APR) between 12.95% – 25.03% would be $681.82 – $881.07 in monthly payments, with total payments between $40,909.47 – $52,864.05. Your actual interest rate may be different than the loan interest rates in these examples and will be based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. Lowest rates reserved for the most creditworthy borrowers. See SoFi.com/eligibility for details.
Fixed rates from 8.99% APR to 25.81% 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 05/19/23 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.
Best for Fair Credit: Upgrade
If your credit isn’t stellar, you still have plenty of options for wedding loans. Upgrade is a lender without rigid acceptance standards — a FICO score over 560 should be enough for approval. While Upgrade doesn’t offer loans specifically for weddings, it has a variety of personal loan choices with terms as lengthy as 60 months.
Upgrade allows borrowers to take out as little as $1,000, with a max loan amount of $50,000. Like SoFi, there’s no penalty for prepayment, and funds can be in your account as quickly as the next business day. Upgrade processes loans quickly and has a tool for checking rates that won’t affect your FICO score.
- Best For:Home Improvement LoansRating:Read Review
Best for Bad Credit: Avant
Not everyone getting married this year will have good credit. If your FICO score keeps loans from lenders like SoFi and LightStream out of reach, consider Avant, which specialized in loans for borrowers with less than solid credit.
Terms and rates will vary, with the lowest rate for a personal loan starting at 9.95%. Yes, 9.95% is much higher than the rate other lenders on this list offer, but with bad credit, a 10% personal loan is better than high-interest credit cards. While there are no prepayment penalties, an administration fee is applied to each loan when granted.
- Best For:Emergency LoansRating:Read Review
Best for Variety of Terms: Marcus
Marcus is Goldman Sachs’ venture in the retail lending market, and with pockets that deep, the offerings are vast and varied. You’ll need a high credit score to get approved through Marcus, but accepted borrowers will have a host of options to select from.
No signup fees or prepayment penalties apply to personal loans from Marcus, and term lengths are between 36 months and 72 months. Marcus also allows one interest-free payment deferral after 12 consecutive months of on-time payments. Borrowers can receive loans up to $40,000, but Marcus is slower to process than some of the other lenders on this list (one to five business days for deposit).
- Best For:Excellent Credit ScoreRating:
Frequently Asked Questions
Is a wedding loan a secured loan?
No, there’s no collateral to put up for a wedding loan, so wedding loans are unsecured personal loans.
What's the best way to save for a wedding?
The best way to save for a wedding is to start early and shop around for the best prices. Research different vendors and venues in your area, and create a shortlist of your favorite places and businesses. Many wedding features can be DIY projects, such as table centerpieces and parting gifts. Sites like Etsy and The Knot have cost-saving ideas for couples planning a wedding.
Can you take out a loan for a wedding ring?
Yes, however, wedding loans are unsecured personal loans, so you won’t be getting a better deal because the ring can be used for collateral.
Wedding Personal Loan Requirements and Criteria
Because wedding loans are unsecured personal loans, there aren’t many requirements and criteria needed to receive one. Unlike an auto or home refinance loan, the age and status of your car or house isn’t a consideration. Instead, what matters for a personal loan is the credit between the two people getting married.
If you have high credit scores and a decent income, you can get approval from a wide range of lenders. But if you have poor credit or unreliable income, your choices will be more limited. Do your due diligence, and check rates with a few different lenders before choosing a loan. As long as you don’t get a hard credit pull, you can check your rate as frequently as you like.
Things to Consider Before Getting a Personal Loan for a Wedding
How is my credit?
Your FICO score, debt utilization ratio and annual income will be the biggest factors deciding your rate on a wedding loan. If you have good credit and a steady income, a personal loan for a wedding can be a great money-saving decision, especially if the alternative is high-interest credit cards or tapping into retirement savings.
What will the loan be used for?
Do you need the cash for the venue and caterer? Or the florist, photographer and DJ? Weddings have a lot of costs tied together, and it may be possible to work out a payment plan with certain vendors instead of going into debt to pay off your obligation. If you only need a small amount to pay a photographer or DJ, a credit card with a 0% introductory APR period might be a better option than a lengthy personal loan.
How soon can the loan be paid off?
When considering loan options for your wedding, think about how long it will take to pay off your debt. Are you planning on paying down your debt over, a few years or do you think you can knock it out in less than 12 months?
Personal loans make the most sense if you’re planning for a long-term obligation, but a credit card with a 0% introductory APR could be better if you can pay things off in less than a year. And always consider a loan with no penalty for prepayment — just in case you receive a large cash windfall from a generous relative.