Wedding Financing

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Congratulations! You’re getting married and you’re planning for one of the most memorable days of your life. Many dream about their wedding for years, if not decades before the day arrives, so understandably you want everything to be just as you imagined. There’s one big hurdle to getting the wedding you want, however, and that’s finding the funds to land your dream wedding.

Applying for a wedding loan is fast and easy:

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What is wedding financing?

A wedding loan, also known as a wedding financing or a wedding personal loan, is a type of loan that individuals or couples can take out to cover the costs associated with their wedding. It is a form of unsecured personal loan, meaning it does not require collateral.

How does a wedding loan work?

A wedding loan is a type of personal loan that individuals or couples can obtain to finance the expenses associated with their wedding. It functions like any other personal loan, where borrowers apply for a specific loan amount from a lender and, if approved, receive the funds as a lump sum. The borrower then repays the loan in installments over a predetermined period, typically with interest. The terms of the loan, including the loan amount, interest rate, repayment period, and monthly payments, vary depending on the lender and the borrower's creditworthiness. It's important to consider your financial situation and ensure you can comfortably manage the loan repayments before taking out a wedding loan.

What kind of wedding related expenses can I cover using a personal loan?

Below are some of the most common wedding related expenses:

  • Venue rental
  • Catering
  • Wedding cake
  • Wedding attire (bride's dress, groom's suit, bridesmaid dresses, groomsmen attire)
  • Wedding rings
  • Invitations and stationery
  • Decorations (flowers, centerpieces, lighting, draping)
  • Wedding favors
  • Wedding photography and videography
  • Wedding planner or coordinator fees
  • Transportation (limousine, vintage cars, shuttle service)
  • Ceremony expenses (venue, officiant, marriage license)
  • Reception expenses (music, DJ, live band, entertainment)
  • Wedding ceremony accessories (ring pillow, flower basket)
  • Hair and makeup services (bride, bridesmaids)
  • Pre-wedding events (engagement party, bridal shower, bachelor/bachelorette party)
  • Accommodation (hotel rooms, guest lodging)
  • Wedding gifts (for bridesmaids, groomsmen, parents, etc.)
  • Wedding cake topper and cake-cutting utensils
  • Wedding signage and displays
  • Guestbook and pen
  • Wedding ceremony programs
  • Wedding insurance
  • Rehearsal dinner expenses
  • Postage for invitations and thank-you cards
  • Wedding accessories (veil, shoes, jewelry, cufflinks, tie pins)
  • Rental items (chairs, tables, linens, tents, dance floor)
  • Wedding day emergency kit
  • Thank-you gifts for vendors
  • Marriage officiant fees

How much can I borrow for wedding financing?

How much you can borrow depends on:

  • Your credit score (and that of your partner if it’s a joint application)
  • Your income
  • Your income-to-debt ratio (how much debt you have compared to your income)
  • Your debt utilization (how much debt you have compared to the total credit you have access to)
  • Whether the loan is secured

What interest rate can I expect on a wedding loan?

Most personal loans have interest rates of 6% to 35%, but it can be more or less. You’ll need to secure the lowest interest rate you can to minimize your costs.

Below is a sample table demonstrating what you may expect to pay depending on your credit:

Credit Score Loan Term (Years) Interest Rate Range (APR%) Average APR%
Excellent (750+) 1-2 6% - 8% 7%
Good (670-749) 2-3 7% - 10% 8.5%
Fair (580-669) 3-5 10% - 15% 12.5%
Poor (<580) 5+ 15% - 30% 22.5%

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What minimum credit do I need to apply for a wedding loan?

The minimum credit score required to apply for a wedding loan can vary depending on the lender and their specific requirements. Generally, a credit score of 600 or above is considered fair to good and may increase your chances of being approved for a wedding loan. However, some lenders may have more stringent requirements and may prefer borrowers with higher credit scores, typically in the range of 660 or higher. It's important to note that credit score is not the sole factor considered in the loan approval process, and other factors such as income, employment history, and debt-to-income ratio may also be evaluated. It's advisable to check with different lenders to understand their specific credit score requirements and find a loan that suits your financial situation.

Will obtaining a wedding loan hurt my credit score?

Obtaining a wedding loan can potentially impact your credit score, but the effect will depend on how you manage the loan and your overall credit history.  Any hard search of your credit score will leave a mark, decreasing your score for a short time. If you’re approved for the loan, you won’t need to worry about this, since paying back the loan diligently will help improve it again over time.

Being rejected can make it more difficult to secure the loan you need, so make sure you understand whether or not you meet a lender’s qualification requirements before you put yourself forward. Many lenders now offer preapproval where they use a soft search of your credit history to tell you with some certainty whether you’ll be approved and what rate they’d be willing to give you, so take advantage of preapproval where you can.

Can I finance my honeymoon with a wedding loan?

Yes – when you apply for a loan you will not have to prove what you’re planning to use it for. Just be aware that you likely won’t be able to secure financing for a honeymoon within 6+ months of getting the funds for your wedding, so if you plan to borrow to cover both, get one large loan rather than two in short succession.

That said, if you’re planning to start paying for your wedding costs soon, but won’t have the wedding for 1-2 years from now, you may be able to take out another small loan just before your wedding, especially if you’ve worked to improve your score.

Are wedding loans a good idea?

This really depends on how important you believe your wedding day to be, as well as your current financial situation.

If you and/or your partner have good or excellent credit, and you desperately want a big wedding, then a wedding loan is the obvious way to give you the wedding you’ve dreamed of.

However, if you and your partner have fair or poor credit, or if you don’t really want a big wedding but feel pressured to because your family/friends/society expects you to, then it’s not a good reason to borrow.

What are the pros and cons of getting a wedding loan?

PROS

  • Getting a personal loan with good or excellent credit can be an affordable way to borrow
  • It can give you the funds to have your dream wedding
  • It’s an important day, and so spending money on it may be something you’re more than happy to do
  • You can give your friends and family memories they’ll hold dear for the rest of their lives

CONS

  • Starting a marriage with a large debt isn’t always a good idea
  • If you want to buy a house in the near future, you may find the debt from your wedding hinders you for some time
  • If your day is less-than-perfect (it rains, you don’t feel well, etc) you may feel like you regret spending all the money
  • You may feel pressured to spend money you wouldn’t otherwise if your family/friends/society didn’t expect you to
  • It’s easy to spend more than you would have if you’d been using your savings

When does it make sense to get a wedding loan?

Deciding whether it makes sense to get a wedding loan depends on your individual circumstances and financial situation. Here are a few scenarios where obtaining a wedding loan may be more reasonable:

  1. Insufficient savings: If you don't have enough savings to cover the costs of your wedding and are unable to delay the date or make adjustments to the budget, a wedding loan can help bridge the financial gap and allow you to have the wedding you desire.
  2. Favorable interest rates and terms: If you can secure a wedding loan with favorable interest rates, reasonable repayment terms, and manageable monthly payments, it may be a viable option. Comparing loan offers from different lenders can help you find the most favorable terms.
  3. Consolidating high-interest debt: If you have existing high-interest debt, such as credit card debt, and can obtain a wedding loan at a lower interest rate, it may make sense to consolidate your debts into a single loan. This can potentially save you money on interest payments and simplify your repayment strategy.
  4. Building credit: If you have limited credit history or a less-than-perfect credit score, successfully managing a wedding loan can help establish or improve your credit profile. Timely payments can positively impact your credit score and pave the way for better loan options in the future.

How to get a personal loan for your wedding

Fortunately, once you’ve decided to get a personal loan to pay for some or all of the costs of your wedding, the process is straightforward. Simply:

  1. Compare rates and terms of loans until you find one that best suits your needs and circumstances
  2. Follow their application process (this usually takes 10 minutes and they’ll give you an instant decision, but some may ask for proof of income before deciding)
  3. Once approved, the money will be deposited in your account as soon as 1 hour later

How to apply for wedding financing online

Ready to get the funds to start planning your wedding in earnest? You’re in the right place – start comparing the wedding loans from our trusted lenders and select the one that best suits your needs and circumstances, then follow the application process. Once approved, you can start booking your venue, caterer and searching for the perfect wedding day outfits for you and your wedding party.

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Loan rate & terms disclosure: 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. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.