Best Wedding Loans
April 2024
Wedding loans can be a convenient way to finance your big day. However, there are other alternatives you should consider also. Read on to discover the best wedding loans currently available.
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You can't put a price on love, but you certainly pay for it when you get married. The average American couple spends nearly $28,000 on their wedding ceremony and reception, according to Wedding Wire's latest report. And that doesn't include additional wedding-related expenses, such as the honeymoon ($5,000) and engagement rings ($5,900).
Needless to say, not everyone has that kind of cash lying around in a savings account. Wedding loans give couples an alternative financing option to consider when financing their big day. Here is our list of the best wedding loans in the market.
Methodology
SuperMoney's list of the best wedding loans is based on the qualitative recommendations of our community members and the quantitative recommendations of our ranking algorithms. We analyzed more than 100 lenders and focused on lenders that provide the best rates and terms.
What is a wedding loan?
A wedding loan is an unsecured personal loan you can use to pay for your wedding products and services. However, the truth is most personal loans can be used for whatever you want. Most wedding loans have fixed rates and monthly payments, which make it easier to budget once the big day is over.
You will receive the funds as a lump sum and make fixed payments to repay the wedding loan. These payments will go on until you have reached your loan's full term or you've repaid the entire remaining loan balance.
What are the best interest rates for wedding loans?
Rates, terms, and conditions change all the time, but -- at this time -- the best APRs in our list of best wedding loans range from 6.99% to 35.99%. The rate you are offered will depend on several factors, such as your credit score, your credit history, income, and debt levels.
| APR | 6.99% - 35.99% |
| Loan Amount | 600$ - 50000$ |
Remember, the best loan terms and the highest loan amounts are only available to high-income borrowers with excellent credit. Compare at least three lenders from the list above to find the best loan offer available for your credit profile. You will need to get preapproved to determine what your personal rate is. SuperMoney's loan offer engine allows you to get multiple loan offers from top lenders with one secure form.
What are the pros and cons of wedding loans
Read this report for an in-depth look at the pros and cons of wedding loans.
Common Question About Wedding Loans
How to qualify for a wedding loan
The steps to qualify for a wedding loan are practically the same as for any other personal loan. You will save money and pay less interest if you follow these steps.
- Determine how much money you will actually need. Get quotes from several vendors and prepare a complete budget for your wedding. The key is to be both thrifty and realistic about the actual cost of your wedding. It's okay to splurge on your big day, but if you're paying with a loan, you also want to keep things under control. There are other things you will want to spend your money on after you tie the knot.
- Start by improving your credit score. Check your credit reports and fix any errors that may be hurting your score. If you have time, wait till your credit score improves before applying for a wedding loan.
- Consider a cosigner. If your credit is not excellent, you could qualify for better rates and terms if you have a relative or a friend with great credit and a large income willing to vouch for you.
- Shop around. Don't fall for the first lender that offers you a loan. Get prequalified for at least three wedding loans before you make a decision. SuperMoney's loan offer engine makes it easier to compare the rates and fees of leading lenders without hurting your credit.
How much can you borrow with a wedding loan?
The lenders in our list of best wedding loans offer loan amounts ranging from $600 to $50,000. However, lenders vary the loan amounts they offer borrowers based on their credit score, income, and debt levels.
When does a wedding loan make sense?
Although using savings is the best way to finance your wedding, it isn't always an option. Of course, if money is tight it is a good idea to find ways to save money on your wedding. However, even thrifty couples who do their best to cut wedding expenses often need additional funds. There are plenty of reasons for getting a wedding loan can make sense. Here are just a few:
- You don't want your parent to pay for your wedding.
- Credit cards with a 0% APR are not an option.
- Having a fixed loan amount and repayment term will help you control wedding expenses.
- You would prefer not to use your emergency savings.
- You didn't have time to save because you were too busy repaying student loans.
- Some vendors require a deposit and you don't have access to that amount of cash.
What are the best wedding loans
It depends who is asking. The best wedding loan for you will depend on the eligibility requirements of the lender and your financial and credit situation. Every lender has it's own thresholds when calculating rates and terms, which is why it is so important to compare several lenders. Click here to see what rates you can get from leading lenders. It won't hurt your credit, and there are no strings attached.
What are the best wedding loan companies?
The list above includes our take on the best wedding loan companies around. However, each lender has its own set of requirements and underwriting criteria. We recommend you apply for a loan with your top five choices. This loan offer engine makes it easy to see the actual loan offers you can get without wasting time with multiple application forms.
What are the best banks for wedding loans?
Not many traditional banks offer wedding personal loans, but there are still some to be found. However, when comparing the top wedding loans, it is best to include banks, credit unions, and direct lenders in your search. You never know which lender will provide the best terms and conditions for someone with your credit profile.
What are the best places to get a wedding loan?
The best place to get a personal wedding loan is the lender that offers you the loan amount you need at the lowest rates and with the lowest fees. It is impossible to know whether banks, credit unions, lending marketplaces, or direct lenders will have the best offer for you. Note that lenders will typically only advertize the range of APRs, loan amounts, and fees they offer. Only after running your credit report will they give you a firm offer.
Can you get a personal loan for a wedding?
You most certainly can. The list above is dedicated entirely to lenders that offer best personal loans for wedding expenses.
Getting a personal loan to pay for your wedding costs gives you more autonomy and flexibility to plan everything the way you want. After all, when your parents or others pay for your wedding, they will probably get to influence many of the decisions, such as who gets invited, and what food you serve.
However, there are also downsides to using a personal loan for a wedding. The main one is you will have to pay interest on your wedding expenses. If like most people you are spending $20,000 to $30,000 on wedding-related costs, you probably want to keep additional expenses to a minimum.
Can I get a wedding loan with bad credit?
Yes, you can get a wedding loan even if your credit report needs some help. However, expect to pay higher interest rates and fees if you have poor credit. However, there are other alternatives, such as borrowing from your 401(k) or tapping into your home equity with a HELOC or home equity loan. If you have equity but you can't afford additional monthly payments, consider getting a shared equity agreement. They allow you to cash out your home equity without getting into more debt or having to make monthly payments.
What can you use a wedding loan for?
You can use wedding loans to finance any wedding expense. And that means anything. It includes vendors, venue deposits, hotels, wedding rings, suits, dresses, flowers, travel arrangements for a destination wedding, liability insurance, your honeymoon, and anything else you can think of.
How to find the best wedding loans?
The list of personal loan lenders above is a great place to start. However, you will need to prequalify for a loan offer before you know precisely what rates and terms you can get. We recommend you prequalify with at least three lenders so that you can compare rates, terms, and origination fees.
SuperMoney's loan offer engine allows you to receive prequalified offers from leading lenders without hurting your credit.
About the Author
SuperMoney
SuperMoney is the most comprehensive financial services comparison site around. We have published hundreds of personal finance articles and provide detailed reviews on thousands of financial products and services. Our unbiased advice and free comparison tools help consumers make smart financial decisions based on hard data, not marketing gimmicks.
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