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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 median budget for an American wedding is $20,000, according to the Weddings & Money 2021: A Brides and Investopedia survey. 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. In fact, 19% of couples surveyed said they planned to take out a loan to pay for their weddings in 2021.
We've created a list of the best wedding personal loans to narrow down the options. 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 of January 2023
| Company | APR | Credit Score est. | Loan Amount | More Details | |
|---|---|---|---|---|---|
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Best for Good to Excellent Credit : LightStream
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- APR Range: 6.99% - 23.99%
- Time To Receive Loan: 0 days
- Loan Amount: $5,000 - $100,000
LightStream, an online division of Truist Bank, offers wedding loans with rates as low as 7.99% (with autopay and excellent credit). 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.
Rates start at 7.99%
No origination, prepayment, or late payments fees
Same-day funding with approval, signing, and verification before 2:30 p.m. ET
Excellent credit required for the lowest rates
You can't check rates without a hard pull on your credit score
Online application only
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. LightStream also looks for steady income and savings.
- Repayment terms: 24 to 84 months* (maximum term length for loans of $5,000 to $24,999 is 72 months)
- Fees: There are no personal loan fees.
- APR range: 7.99% - 23.99% (with autopay and excellent credit)
- Minimum credit score: LightStream doesn’t specify a minimum credit score, but it does say that excellent credit is needed for the lower interest rates.
- Time to receive funds: You may receive funds the same business day with loan approval, signing, and verification before 2:30 p.m. ET.
- Restrictions: You can only use the loan proceeds for the purpose listed on your application.
Best for Bad Credit : OneMain Financial
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- APR Range: 18.00% - 35.99%
- Time To Receive Loan: 1 day
- Loan Amount: $1,500 - $20,000
OneMain Financial, which has more than 1,400 branches, offers wedding loans for borrowers with credit challenges. The company offers unsecured and 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.
Borrowers with less-than-perfect credit can still qualify
You can prequalify and check rates with a soft credit inquiry
Depending on what time you're approved, you can get the funds that day
Some competitors offer better rates
The maximum loan is $20,000
Origination fees that vary with location
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 $500
- 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.
Read the full review: OneMain Financial Personal Loans
Best for Unemployment Protection : SoFi
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- APR Range: 7.99% - 23.43%
- Time To Receive Loan: 0 days
- Loan Amount: $5,000 - $100,000
SoFi, an online finance company, offers a competitive option for wedding personal loans. The company offers rates as low as 7.99% and exclusive member benefits. You may borrow up to $100,000 and enjoy SoFi’s unemployment protection policy.
Rates start at 7.99% for wedding loans
You can prequalify with a soft credit check
Unemployment protection
Excellent credit needed for their lowest rates
Competitors may offer better rates
Other important information:
- Minimum/maximum amounts you can borrow: $5,000 to $100,000
- Qualifications: Sufficient income and responsible financial history
- Repayment terms: 24 months to 84 months
- Fees: There are no personal loan fees.
- APR range: 7.99% to 23.43% (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: Same day funding is possible
- Restrictions: You must be at least 18 years old and either a U.S. citizen, permanent resident, or visa holder. You must reside in a state where they are authorized to lend.
Best for Wedding Debt Consolidation : Marcus
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- APR Range: 6.99% - 24.99%
- Time To Receive Loan: 1 day
- Loan Amount: $3,500 - $40,000
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%.
Fee-free personal loans
You can check rates with a soft credit check
Change the payment due date up to three times
Borrowers need good to excellent credit
Borrowers with excellent credit can find better rates elsewhere
Takes longer to get funds compared to other lenders
Other important information:
- Minimum/maximum amounts you can borrow: $3,500 to $40,000
- 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: Not stated, but should be at least decent.
- Time to receive funds: Within 5 days
- Restrictions: You must be over 18 (or over 19 in Alabama, 21 in Mississippi and Puerto Rico), with a valid U.S. bank account and Social Security number or Tax I.D. number.
Best for Engagement Rings : Best Egg
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- APR Range: 8.99% - 35.99%
- Time To Receive Loan: 1 day
- Loan Amount: $2,000 - $50,000
Best Egg is another popular online lender with competitive rates starting at 7.99%. The company offers personal loans for life’s big events—including your wedding. You may borrow between $2,000 to $50,000 and apply for a second loan if your existing loan with Best Egg is in good standing.
Rates start at 5.99% for personal loans
Prequalify with a soft credit check
Borrowers can qualify with a 640 credit score
Origination fees from 0.99% to 8.99%
Returned and late payment fees
Best rates reserved for 700+ credit scores and $100,000+ incomes
Other important information:
- Minimum/maximum amounts you can borrow: $2,000 to $50,000
- Qualifications: Best Egg considers your credit score, credit history, and debt-to-income ratio.
- Repayment terms: 36 to 60 months
- Fees: There is an origination fee of 0.99% to 8.99%. Returned payment and late payment fees may apply
- APR range: 7.99% to 35.99% (includes 0.99% to 8.99% 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.
Compare the Best Wedding Loans of January 2023
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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.
41%
of couples surveyed for the Weddings & Money 2021: A Brides & Investopedia study said they planned to use a credit card to pay for their wedding, which can bring risks of rising APRs over time.
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 |
| TD Bank | 7.99% to 21.99% | 36 to 60 months |
| Wells Fargo | 6.99% to 23.24% 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 | 10.49% to 12.49% with autopay discount | 12 to 60 months |
| Navy Federal Credit Union | 7.49% to 18% | Up to 60 months |
| PenFed | Lowest rate is 7.74% | Up to 60 months |
Online Lenders
Online lenders without a physical location may offer wedding loans including:
| Lender | APR | Terms |
| LightStream | 7.99% to 23.99% with autopay discount* | 24 to 84 months* |
| Marcus by Goldman Sachs | 6.99% to 19.99% | 36 to 72 months |
| SoFi | 7.99% to 23.43% 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.
The Bottom Line
A wedding loan can be an affordable way to pay for your big day—especially when compared with 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.
How We Chose the Best Wedding Loans
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.
*Lightstream Disclosure: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is 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 $300.00.
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Getty Images / Jinda Noipho
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