Best Wedding Loans

Where to get a personal loan for your wedding

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Few things are more exciting than the thrill of getting engaged. But once the newness wears off, you may face the challenge of paying for a wedding. Unfortunately, it may be more expensive than you expect. 

The average cost of a wedding is $44,105, according to Brides American Wedding Survey from 2018. That's honeymoon not included. If you’re short on cash, you may consider borrowing money to make up the difference. One popular option is applying for a personal loan.

To narrow down the options, we’ve created a list of the best wedding personal loans. We looked at the most competitive loans—along with 25 important data points. Here’s how to decide on the best wedding loan to pay for your big day.

Best Wedding Loans–October 2020

Provider Best for APR Range Minimum Loan Amount Maximum Loan Amount Terms
LightStream Best for Good to Excellent Credit 5.95%–19.99% $5,000 $100,000 24–84 months
OneMain Financial Best for Bad Credit 18.00%35.99% $1,500 $20,000 24, 36, 48, or 60 months
SoFi Best for Unemployment Protection 5.99%–18.28% $5,000 $100,000 24–84 months
Marcus by Goldman Sachs Best for Wedding Debt Consolidation 6.99%19.99% $3,500 $20,000 36–72 months
Best Egg Best for Engagement Rings 5.99%29.99% $2,000 $35,000 36–60 months
Loan amounts, APR, and repayment period may vary by loan purpose or type.

LightStream: Best for Good to Excellent Credit

LightStream

LightStream, an online division of SunTrust Bank, offers wedding loans with rates as low as 5.95%. The company pledges to beat any competitor by at least 0.10%. Borrowers with excellent credit may qualify for loan amounts up to $100,000. LightStream’s competitive rates, large loan amounts, and quick funding make it an attractive option for borrowers with excellent credit.

Pros
  • Competitive starting interest rate: Rates start at 5.95% for wedding loans

  • No fees: There are no origination, prepayment, or late payments fees

  • Quick funding: Possible same-day funding with loan approval before 2:30 p.m. EST

Cons
  • Difficult to qualify: Borrowers need a good to excellent credit score

  • No ability to prequalify: You can't check rates without a hard pull on your credit score

  • Online application only: You can't apply by phone or in person

Other important information:  

  • Minimum/maximum amounts you can borrow: $5,000 to $100,000
  • Qualifications: You must have several years of strong credit history, a mix of accounts, and a few late payments. LightStream also looks for steady income and savings.
  • Repayment terms: 24 to 84 months
  • Fees: There are no personal loan fees.
  • APR range: 5.95% to 19.99% (includes 0.5% autopay discount)
  • Minimum credit score: LightStream doesn’t specify a minimum credit score, but it does say that good to excellent credit is recommended.
  • Time to receive funds: You may receive funds the same business day with loan approval before 2:30 p.m. EST. 
  • Restrictions: You can only use the loan proceeds for the purpose listed on your application. 

Read the full review: LightStream Personal Loans

OneMain Financial: Best for Bad Credit

OneMain Financial

OneMain Financial, which has more than 1,500 branches, offers wedding loans for borrowers with credit challenges. The company offers secured personal loans with annual percentage rates (APRs) starting at 18% and some borrowers may pay an origination fee as high as 10%. OneMain Financial does offer fast funding and the ability to prequalify, though.

Pros
  • Easier to qualify: Borrowers with less-than-perfect credit can still qualify

  • Prequalify: You can prequalify and check rates with a soft credit inquiry

  • Possible same-day funding: If approved for a loan before 12 p.m. you can get the funds that day

Cons
  • Less competitive APR: Some competitors offer better rates

  • Low maximum loan amount: The maximum loan is $20,000

  • Potential for origination fees: Depending on where you live you may be charged origination fees

Other important information:  

  • Minimum/maximum amounts you can borrow: $1,500 to $20,000
  • Qualifications: You must have a responsible credit history and sufficient income after monthly expenses. OneMain Financial may also have collateral requirements. 
  • Repayment terms: 24, 36, 48, or 60 months
  • Fees: 
    • Origination fees: 1% to 10% or flat fees from $25 to $400
    • Late payment fee: 1.5% to 15% or flat fees from $5 to $30
    • Non-sufficient funds fee: $10 to $50
  • APR range: 18.00% to 35.99%
  • Minimum credit score: OneMain Financial does not disclose its minimum credit score requirements on its website. The lender states that you have to meet its credit standards to qualify, including responsible credit history, satisfactory debt-to-income ratio, and available collateral.
  • Time to receive funds: OneMain Financial may transfer the money on the same business day with loan approval by 12 p.m.  
  • Restrictions: You must visit a branch to verify identity, income, expenses, employment, and collateral. OneMain Financial only has branch locations in 44 states.  

Read the full review: OneMain Financial Presonal Loans

SoFi: Best for Unemployment Protection

SoFi

SoFi, an online finance company, offers a competitive option for wedding personal loans. The company offers rates as low as 5.99%—along with exclusive member benefits. You may borrow up to $100,000 and enjoy SoFi’s unemployment protection policy. 

Pros
  • Competitive starting interest rate: Rates start at 5.99% for wedding loans

  • Prequalify: You can prequalify with a soft credit check 

  • Unemployment protection: This feature is for a job loss that isn’t your fault 

Cons
  • Tough to qualify: You'll need good to excellent credit

  • Better rates elsewhere: Borrowers with excellent credit may find better rates at competitors

  • Slower funding: It takes longer than some competitors to receive funds

Other important information:  

  • Minimum/maximum amounts you can borrow: $5,000 to $100,000
  • Qualifications: You must have a job, income from other sources, or a job starting within 90 days. SoFi also considers your credit history and debt-to-income ratio. 
  • Repayment terms: 24 months to 84 months
  • Fees: There are no personal loan fees.
  • APR range: 5.99% to 18.28% (includes 0.25% autopay discount)
  • Minimum credit score: The lender doesn’t confirm its minimum credit score requirement on its website. But it does state that it will consider factors such as your financial history, credit score, and debt-to-income ratio.
  • Time to receive funds: It may take several days to receive the money. 
  • Restrictions: You must be at least 18 years ago and a U.S. citizen, permanent resident, or visa holder. Mississippi residents aren’t eligible. 

Read the full review: SoFi Personal Loans

Marcus by Goldman Sachs: Best for Wedding Debt Consolidation

Marcus by Goldman Sachs

Marcus by Goldman Sachs is a solid option if you’re looking for wedding debt consolidation. The company may pay your creditors directly, with a personal loan of up to $40,000. Borrowers with good to excellent credit may qualify for rates as low as 6.99%. 

Pros
  • No fees: Fee-free personal loans

  • Prequalify: You can prequalify and check rates with a soft credit check

  • Change payment due date: Change the date up to three times

Cons
  • Difficult to qualify: Borrowers need good to excellent credit

  • Better rates elsewhere: Borrowers with excellent credit can find better rates elsewhere

  • Slower funding: It takes longer to get funds than some competitors

Other important information: 

  • Minimum/maximum amounts you can borrow: $3,500 to $20,000
  • Qualifications: Marcus is looking for borrowers with good to excellent credit. The loan terms and rates depend on your creditworthiness, income, and loan purpose.
  • Repayment terms: 36 to 72 months
  • Fees: There are no personal loan fees.
  • APR range: 6.99% to 19.99% (doesn’t include 0.25% autopay discount)
  • Minimum credit score: If your score is below 660, it could restrict your options.
  • Time to receive funds: It may take one to four business days to receive the money.
  • Restrictions: You must be over 18 (or over 19 in Alabama, Mississippi, and Puerto Rico) with a valid U.S. bank account and Social Security number or Tax I.D. number.   

Read the full review: Marcus Personal Loans

Best Egg: Best for Engagement Rings

Best Egg

Best Egg is another popular online lender with competitive rates starting at 5.99%. The company offers personal loans for life’s big events—including your wedding. You may borrow between $2,000 to $35,000 and apply for a second loan after six months of on-time payments.

Pros
  • Competitive starting rate: Rates start at 5.99% for personal loans

  • Prequalify: Prequalify with a soft credit check

  • Qualify with a fair credit score: Borrowers can qualify with a 640 credit score

Cons
  • Origination fee: These fees ranges from 0.99% to 6.99%

  • Late payment fee: You'll pay $15 after a three-day grace period

  • Tough to qualify for best rates: Borrowers need a 700 credit score and $100,000 income to get the best rates

Other important information:   

  • Minimum/maximum amounts you can borrow: $2,000 to $35,000
  • Qualifications: Best Egg considers your credit score, credit history, and debt-to-income ratio.
  • Repayment terms: 36 or 60 months
  • Fees: There is an origination fee of 0.99% to 6.99%. You may also pay $15 for late or returned payments. 
  • APR range: 5.99% to 29.99% (includes 0.99% to 6.99% origination fee)
  • Minimum credit score: Best Egg requires a minimum credit score of 640
  • Time to receive funds: After verification, you may receive the money within one to three business days.
  • Restrictions: You can’t borrow more than $50,000 combined. 

Read the full review: Best Egg Personal Loans

Can You Take Out a Loan for a Wedding?

If you don’t have the cash to pay for a wedding, you may borrow the money with a personal loan. You can use the proceeds to pay for the venue, catering, live music, and more. To qualify, most lenders will consider your income, employment, credit history, and debt-to-income ratio.

Are Wedding Loans a Good Idea?

It depends. If you have good to excellent credit, you may qualify for the most competitive wedding loans. These personal loans may have lower interest rates than the average credit card. But you need to weigh the pros and cons before applying. 

It may be challenging to start a marriage with thousands of dollars in debt. In many cases, it may be better to consider alternatives to taking on debt—like saving more money or asking your family to chip in. 

How to Get a Wedding Loan with Bad Credit

It may be difficult to find competitive wedding loans with bad credit. You may have fewer options or wind up paying higher interest rates. You may save money by taking a few months to improve your credit score or applying with a cosigner. 

Where to Get a Wedding Loan

There are several options for getting a wedding loan. These options may include:

Banks

You can apply for a wedding loan through a traditional or brick-and-mortar bank such as:

Lender APR Terms
American Express 5.91% to 19.98% 12 to 36 months
TD Bank 6.99% to 21.99% 36 to 60 months
Wells Fargo 5.99% to 24.49% with relationship discount 12 to 84 months


Credit Unions

You may find attractive wedding loan options through non-profit credit unions including:

Lender APR Terms
Alliant Credit Union 6.24% to 10.24% with autopay discount 12 to 60 months
Navy Federal Credit Union 7.49% to 18% 6 to 60 months
PenFed 6.49% to 17.99% 6 to 60 months


Online Lenders

Online lenders without a physical location may offer wedding loans including:

Lender APR Terms
LightStream 5.95% to 19.99% with autopay discount 24 to 84 months
Marcus by Goldman Sachs 6.99% to 19.99% 36 to 72 months
SoFi 5.99% to 18.28% with autopay discount 24 months to 84 months


Peer-to-Peer Lenders

You may also explore wedding loan options with peer-to-peer lenders. These companies offer lending and borrowing between individuals:

Lender APR Terms
Peerform 5.99% to 29.99% 36 to 60 months


The Bottom Line

A wedding loan can be an affordable way to pay for your big day—especially when compared to the cost of credit card debt. But it’s important to weigh the risks of a personal loan and whether you can afford the payments. If it feels like too much, it may be worthwhile to explore other options like extending your engagement, slashing your wedding budget, or asking for gifts. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders for all borrowing needs. We collected over 25 data points across more than 50 lenders including interest rates, fees, loan amounts and repayment terms to ensure that our content helps users make the right borrowing decision for their needs.

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Article Sources

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