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Your wedding should be one of the happiest days of your life. However, a big stressor for many couples is figuring out how they're going to pay for it. A personal loan is one option you can consider if you're looking for ways to finance a wedding.
We've rounded up the lenders that provide the best personal wedding loans for people in a range of financial situations, with an emphasis on finding those that offer low APRs.
Best Wedding Loan for Low Rates: LightStream Personal Loan
If you have what LightStream considers to be good credit (a credit score above 660, a mix of credit types, other assets on hand, few or no delinquent payments, and a steady income), its interest rates could be hard to beat.
LightStream also doesn't require any application fees, origination fees, or administrative fees. There are no penalties for early repayment, either.
Best Wedding Loan for High Loan Amounts: SoFi® Personal Loan
SoFi has a loan maximum of $100,000, which is perfect for borrowers who need a large amount of money to finance an expense.
One thing to watch out for if you're considering taking out a loan with SoFi is the high minimum loan amount. The lowest amount you can borrow with SoFi is $5,000. The minimum loan amount may be higher in some states, too.
Best Wedding Loan for Bad Credit: Upstart Personal Loan
While Upstart does consider factors other than credit scores, it also has a low minimum credit score requirement of 600.
Approval also isn't solely based on credit scores. For people who have struggled with credit in the past, Upstart will factor in a few other pieces of information for a better shot at approval.
Borrowers should be aware of the potential for high origination fees. Upstart's personal loans can have origination fees up to 8%.
Best Wedding Loan for Fast Funding: Best Egg Personal Loan
Around half of Best Egg customers will receive their money the day after applying for the loan. For those who don't receive money the next day, after successful verification, your money can be deposited in your bank account within one to three business days.
As a potential Best Egg borrower, you should watch out for origination fees. You'll face an origination fee between 0.99% and 9.99%, which is baked into your APR. On a loan term of four years or longer, the origination fee will be at least 4.99%. You can find other lenders that don't charge origination fees.
Best Wedding Loan for Fair Credit: Upgrade Personal Loan
Upgrade stands out for its small minimum loan amounts. You can get a loan as small as $1,000, which is lower than many competitors' minimums. For instance, Best Egg's minimum is $2,000.
You should also know that Upgrade charges origination and late fees. Your origination fee will be between 1.85% and 9.99%, and you'll pay a late fee of up to $10 if you don't make a full payment within 15 days of your due date.
Best Wedding Loan from a Credit Union: PenFed Credit Union Personal Loan
For borrowers looking for small amounts of money, PenFed offers loans of as little as $600. This could make the credit union an attractive alternative to a payday loan.
One thing to consider when it comes to PenFed personal loans is the membership requirements. You don't need to be a member of the credit union to apply for a personal loan, but you'll have to be a member to get one. If you've served in the military or work at qualifying associations or organizations, you'll qualify.
However, you have a pretty easy workaround if that doesn't apply. Anyone can join by opening a savings account with a $5 minimum deposit.
Best Wedding Loan for Avoiding Fees: Discover Personal Loans
With no upfront fees, Discover offers some of the best wedding loans. The interest rates are competitive, and you can pay off the loan early without facing prepayment penalties. The application process is also simple and convenient, and you should get a decision the same day you apply.
However, qualifying for a wedding loan from Discover can be tough. This lender doesn't specify a minimum credit score requirement, but you'll likely need a "good" credit score, which means a score of at least 670. You'll also need to show an annual individual or household income of $25,000 or higher.
Another thing to consider is that Discover may charge a $39 late fee. This can be easily avoided, but if you don't make payments on time, a Discover personal loan may not be for you.
How to Choose the Best Wedding Loan
To pick the best wedding loan for you, consider the factors that are most important to you.
Many borrowers look for the lowest interest rate, but they also examine any fees, the minimum credit score needed, and the accessibility of the lender's customer service.
Also, look at the different types of lenders you may borrow from. Some people may feel comfortable with an online personal loan lender, while others may prefer a credit union or bank. You'll also want to make sure you're able to select a term length that works for you and that your loan's purpose is allowed by the lender you choose.
Guides like this one will help you compare multiple lenders in the same place to weigh their pros and cons. Keep in mind that you should also read individual reviews of any lenders you're considering.
Related: The best loans for fair credit »
Wedding Loan Lender Trustworthiness
Whether you're considering taking out a $5,000 loan or a $40,000 loan to finance your wedding, finding the right loan company can help with your experience. The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each lender's score:
| Lender | BBB Grade |
| LightStream Personal Loan | A |
| SoFi Personal Loan | A+ |
| Upstart Personal Loan | A+ |
| Best Egg Personal Loan | A+ |
| Upgrade Personal Loan | A+ |
| PenFed Credit Union Personal Loan | A+ |
| Discover Personal Loan | A+ |
All of our top picks except Lightstream (with an A) are rated A+ by the BBB. Keep in mind that a high BBB score does not ensure a positive relationship with a lender. You should also do a lot of research on your own, and talk with others who have used the company to get the most comprehensive information possible.
Wedding Loan Alternatives
Savings
The best way to fund a wedding is with savings. If you have a long engagement, you can use the time to set aside money for the big day. While this approach isn't feasible for everyone, it keeps you debt-free as you start your new life as a married couple.
Credit Cards
Credit cards can be more convenient than even the best wedding loans and are especially useful for smaller expenses. Just be wary of running up too high of a balance. Credit cards typically have high interest rates, making this an expensive type of debt.
0% APR Credit Cards
Some credit cards offer a 0% APR introductory period, which can last up to 21 months. You usually need good or excellent credit to qualify, but if you manage it, you can charge your wedding expenses to the card. Then, you can avoid paying interest by paying off the balance during the introductory period. You could even transfer an existing credit card balance to a new 0% APR credit card, but the transfer will likely incur a fee.
Help from Family or Friends
Loved ones are often happy to provide funds for a wedding. If asking for a gift seems awkward, you can also request a low-interest loan. By "keeping it in the family," you'll avoid paying larger amounts in interest to an outside lender.
FAQs About Wedding Loans
Yes, almost every bank that offers personal loans will allow you to use the proceeds for a wedding.
The best way to afford a wedding is to make sure you plan for its costs ahead of time. Give yourself runway to save money each month and put toward your overall goal.
If possible, avoid going into debt for your wedding. Instead, make a budget ahead of time and set aside money from each paycheck to put toward your overall goal.
The maximum amount you can borrow depends on the lender you're taking out a wedding loan from, your credit score, and other aspects of your financial situation. Some lenders might let you take out as much as $100,000.
Most lenders require at least a "fair" credit score for wedding loans, meaning you'll need a FICO score of 580 or higher. Some lenders cater to borrowers with lower scores, but generally charge higher interest rates.
The best way to finance a wedding is with cash saved in an account set aside for specific future events, such as a sinking fund. If you don't have enough cash to cover the costs, a personal loan for a wedding can be a good option.
Why You Should Trust Us: How We Chose the Best Loans for Weddings
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, including:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
The different weightings reflect the importance of these various criteria. The interest rates and fees you'll pay are among the most important considerations, while other factors like customer service and company ethics still matter but are weighted less heavily.
See our full ratings methodology for personal loans »
Our Experts' Advice for Choosing the Personal Loan for a Wedding
We consulted personal loan and financial experts to give their insights into finding the best wedding loans.
- Markia Brown, certified financial education instructor and registered financial associate at Money Plug, LLC
- Sean August, CEO at The August Wealth Management Group
- Ryan Wangman, former loans reporter at Business Insider
Should I take out a loan to pay for my wedding expenses?
Markia Brown:
"Taking out a loan to pay for wedding expenses is a personal decision that should be made based on your (and your future spouse's) financial situation. While a loan can help you pay for your wedding without having to save up for it over time, it is important to consider the impact of the loan on your overall financial well-being."
Sean August:
"Although taking out a loan for wedding expenses may be tempting, I strongly advise against it. Whether or not you decide to take out a loan depends on your specific financial circumstances. However, it's essential to consider the interest rates, fees, and repayment terms associated with the loan. Overburdening yourself with debt can jeopardize your long-term financial objectives and put stress on your relationship."
Ryan Wangman:
"Generally speaking, you shouldn't take out a loan to pay for your wedding expenses. You'll have to repay the money you borrow and then some, after accounting for interest and fees."
How can I budget for wedding costs without taking a loan?
Brown:
"There are several ways to budget for wedding costs without taking a loan. First, you can set a budget for your wedding and prioritize the most important aspects, such as the venue or the dress. You can add your wedding fund as a line item in a budget you may already have. You can also look for ways to save money, such as choosing a less expensive venue or opting for a smaller guest list."
August:
"Budgeting for wedding costs without taking a loan requires careful planning and discipline. To start, create a realistic budget for your wedding that takes into account all of the necessary expenses such as venue rental, catering, and entertainment. Next, prioritize your expenses based on what's most important to you and consider ways to save money such as DIY decorations or opting for a less expensive venue."
Wangman:
"First, evaluate your current spending and identify any areas you may be able to cut back on. Also look for money you may be able to reallocate toward your wedding. If possible, give yourself a longer timeline until your wedding to maximize your ability to save for it."
