Planning a wedding can be exciting, but the costs of getting married are often high — as of 2023, the average cost of a wedding was $30,000, according to The Knot. If you need help financing your wedding, taking out a personal loan to cover the expense might be a good option.
The best wedding loans of 2024 offer competitive interest rates, reasonably large loan amounts and long repayment terms. Some also provide more lenient credit score requirements or rate discounts while others allow you to apply with a co-signer or co-borrower.
Best wedding loans
- SoFi: Best for discounts.
- LendingPoint: Best for fair credit.
- LightStream: Best for large loans.
- Upgrade: Best for poor credit.
- Prosper: Best for peer-to-peer lending.
- Upstart: Best for thin credit.
- Oportun: Best for small loans.
- Universal Credit: Best for co-borrowers.
Best for discounts
SoFi
Blueprint Rating
Fixed APR
8.99% to 29.49%
Loan amounts
$5,000 to $100,000
What you should know
SoFi borrowers can take advantage of multiple rate discounts to help reduce their overall interest charges, such as a 0.25% discount for autopay and a 0.125% discount if they already have an existing account. You’ll also have access to several member benefits, such as unemployment protection and financial planning.
With SoFi, you can borrow $5,000 to $100,000 with repayment terms from two to seven years. Its loans also come with no fees, which can reduce your overall costs.
Note that you’ll need a credit score of at least 680 (or a creditworthy co-borrower) to qualify with this lender. SoFi’s loans also aren’t available in Mississippi.
Pros and cons
Pros
- Multiple rate discounts.
- Member benefits, such as unemployment protection.
- Fast funding.
Cons
- Could be hard to qualify if you don’t have good credit.
- Must borrow at least $5,000.
- Not available in Mississippi.
More details
- Interest rates: 8.99% to 29.49%.
- Loan amounts: $5,000 to $100,000.
- Repayment terms: 2 to 7 years.
- Min. credit score: 680.
- Discounts: Autopay (0.25%), existing account (0.125%) and direct creditor payment for debt consolidation (0.25%).
- Fees: None.
- Can apply with a co-signer: No (but can apply with a joint applicant).
- Funding time: As soon as the same day as approval.
Best for fair credit
LendingPoint
Blueprint Rating
Fixed APR
7.99% to 35.99%
Loan amounts
$2,000 to $36,500
What you should know
If you have fair credit, LendingPoint might be a good option — you could qualify for a personal loan with a score as low as 600. Plus, if you’re approved, you could get your funds as soon as the next business day.
LendingPoint personal loans range from $2,000 to $36,500 and come with terms from two to six years.
Pros and cons
Pros
- Accepts fair credit scores.
- Fast funding.
- Can borrow as little as $2,000.
Cons
- Charges an origination fee.
- Doesn’t allow co-signers or joint applicants.
- Doesn’t disclose information about rate discounts unless you have a registered account.
More details
- Interest rates: 7.99% to 35.99%.
- Loan amounts: $2,000 to $36,500.
- Repayment terms: 2 to 6 years.
- Min. credit score: 600.
- Discounts: Autopay (amount not disclosed).
- Fees: Origination fee (0% to 8%).
- Can apply with a co-signer: No.
- Funding time: As soon as the next business day after approval.
Best for large loans
LightStream
Blueprint Rating
Fixed APR
7.49% to 25.99%
Loan amounts
$5,000 to $100,000
What you should know
If you need to borrow a large amount, LightStream could be a good choice. You can borrow $5,000 to $100,000, which can be helpful if you have especially high wedding costs. Repayment terms range from two to seven years.
Additionally, if you’ve already been approved for an unsecured personal loan from another lender, you could get another 0.1% off your rate through LightStream’s Rate Beat Program.
Pros and cons
Pros
- Loan amounts up to $100,000.
- Rate Beat Program.
- Fast funding.
Cons
- Doesn’t allow borrowers to prequalify.
- Could be hard to qualify if you don’t have good credit.
- Poor Trustpilot reviews.
More details
- Interest rates: 7.49% to 25.99%.
- Loan amounts: $5,000 up to $100,000.
- Repayment terms: 2 to 7 years.
- Min. credit score: Does not disclose.
- Discounts: Autopay (0.5%) and Rate Beat Program (0.1%).
- Fees: None.
- Can apply with a co-signer: No (but can apply with a joint applicant).
- Funding time: As soon as the same day after approval.
Best for poor credit
Upgrade
Blueprint Rating
Fixed APR
8.49% to 35.99%
Loan amounts
$1,000 to $50,000
What you should know
While you typically need good to excellent credit to qualify for a personal loan, you could get approved by Upgrade with a credit score as low as 580. This could make it a good option for borrowers with poor credit. You also have the option to apply with a joint application, which could increase your approval chances.
With Upgrade, you can borrow $1,000 up to $50,000. Terms range from two to seven years. Note that this lender charges an origination fee as well as fees for late and returned payments.
Pros and cons
Pros
- Accepts poor and fair credit scores.
- Can borrow as little as $1,000.
- Fast funding.
Cons
- Charges an origination fee.
- Charges fees for late and returned payments.
- Doesn’t disclose information about rate discounts unless you have a registered account.
More details
- Interest rates: 8.49% to 35.99%.
- Loan amounts: $1,000 to $50,000.
- Repayment terms: 2 to 7 years.
- Min. credit score: 560.
- Discounts: Autopay (amount not disclosed).
- Fees: Origination fee (1.85% to 8.99%), late fee ($10) and returned payment fee ($10).
- Can apply with a co-signer: No (but can apply with a joint applicant).
- Funding time: Within 1 business day after approval.
Best for peer-to-peer lending
Prosper
Blueprint Rating
Fixed APR
6.99% to 35.99%
Loan amounts
$2,000 to $50,000
What you should know
Unlike most of the lenders on this list, Prosper is a peer-to-peer (P2P) lender. This means that instead of borrowing from a financial institution, you’ll work directly with a private investor. Because this cuts out the middleman, P2P loans can be easier to qualify for compared to traditional loans — as seen in Prosper’s acceptance of fair credit scores.
With Prosper, you can borrow $2,000 to $50,000 with terms from two to five years, and you have the option to apply with a joint applicant. Keep in mind that Prosper charges an origination fee as well as fees for check payments, late payments and insufficient funds.
Pros and cons
Pros
- P2P lender
- Fast funding.
- Accepts fair credit scores.
Cons
- Charges an origination fee.
- Charges fees for late-payments and insufficient funds.
- No advertised rate discounts.
More details
- Interest rates: 6.99% to 35.99%.
- Loan amounts: $2,000 to $50,000.
- Repayment terms: 2 to 5 years.
- Min. credit score: 600.
- Discounts: None.
- Fees: Origination fee (1% to 5%), check payment fee (5% of your payment amount or $5, whichever is less), late payment fee ($15 or 5% of the unpaid amount, whichever is greater), and insufficient funds fee ($15).
- Can apply with a co-signer: No (but can apply with a joint applicant).
- Funding time: Within 1 business day after approval.
Best for thin credit
Upstart
Blueprint Rating
Fixed APR
7.8% to 35.99%
Loan amounts
$1,000 to $50,000
What you should know
Upstart is an online lending marketplace that can connect you with personal loans between $1,000 and $50,000 with three- or five-year terms. While this lender sets a minimum credit score requirement of only 300, those without enough credit history to generate a credit score (known as having “thin credit”) could also qualify.
As part of the application process, Upstart also considers your education, employment and other factors to evaluate your creditworthiness. This could make this lender an excellent option if you need to finance your wedding but have thin credit. Plus, if you’re approved, you could get your funds as soon as the next business day.
Keep in mind that Upstart charges an origination fee as well as fees for late and returned payments. It also doesn’t permit co-signers or joint applicants.
Pros and cons
Pros
- Accepts poor and fair credit scores as well as thin credit profiles.
- Evaluates alternative credit factors.
- Fast funding.
Cons
- Charges an origination fee.
- Charges late and returned payment fees.
- Limited repayment term options.
More details
- Interest rates: 7.8% to 35.99%.
- Loan amounts: $1,000 to $50,000.
- Repayment terms: 3 or 5 years.
- Min. credit score: 300.
- Discounts: None.
- Fees: Origination fee (0% to 12%), late fee (5% of past-due amount or $15, whichever is greater) and returned payment fee ($15).
- Can apply with a co-signer? No.
- Funding time: As soon as the next business day after approval.
Best for small loans
Oportun
Blueprint Rating
Fixed APR
27.74% to 35.99%
Loan amounts
$500 to $18,000 (depending on your state and loan type)
What you should know
Oportun stands out on this list as a Community Development Financial Institution (CDFI), as designated by the Department of the Treasury. This distinction reflects its commitment to supporting low-income and underserved borrowers, including those with limited or no credit history. Therefore, even with a thin credit file or bad credit, you could still qualify for a loan from Oportun.
This lender offers unsecured personal loans ranging from $500 to $10,000 (depending on your state) and flexible terms between one to 5.33 years. This could make it ideal if you’re looking for a small loan. Borrowers in California who own a car might be also able to borrow up to $18,000 if they secured the loan with their vehicle — though this means you risk losing your car if you can’t make your payments. If you’re approved, you could get your funds within one to three business days after approval.
Note that Oportun’s minimum annual percentage rate (APR) is higher compared to several other lenders, which could make your loan more expensive. It also charges an origination fee as well as fees for late and returned payments.
Pros and cons
Pros
- Can borrow as little as $500
- Designated as a CDFI.
- No specific minimum credit score requirement.
Cons
- Higher minimum APR compared to some lenders.
- Charges an origination fee.
- Charges fees for late and returned payments.
More details
- Interest rates: 27.74% to 35.99%.
- Loan amounts: $500 to $10,000 (unsecured); $2,525 to $18,000 (secured).
- Repayment terms: 1 to 5.33 years (depending on your state).
- Min. credit score: No specific minimum.
- Discounts: None.
- Fees: Origination fee, late fee and returned payment fee (fee amounts will depend on your location).
- Can apply with a co-signer? Yes (in some cases).
- Funding time: Within 1 to 3 business days after approval.
Best for co-borrowers
Universal Credit
Blueprint Rating
Fixed APR
11.69% to 35.99%
Loan amounts
$1,000 to $50,000
What you should know
With Universal Credit, you can apply with a co-borrower (also known as a joint applicant), which can make it easier to qualify. Having a joint applicant can also qualify you for a better rate or higher loan amount than you’d get on your own.
With Universal Credit, you can take out a personal loan anywhere from $1,000 up to $50,000 with terms from three to five years. Note that this lender charges an origination fee as well as fees for late and returned payments.
Pros and cons
Pros
- Permits joint applications.
- Accepts fair credit scores.
- Fast funding.
Cons
- Charges an origination fee.
- Charges fees for late and returned payments.
- Doesn’t disclose information about rate discounts unless you have a registered account.
More details
- Interest rates: 11.69% to 35.99%.
- Loan amounts: $1,000 to $50,000.
- Repayment terms: 3 to 5 years.
- Min. credit score: 620.
- Discounts: Autopay (amount not disclosed).
- Fees: Origination fee (5.25% to 8.99%), late fee ($10), and returned payment fee ($10).
- Can apply with a co-signer: No (but can apply with a joint applicant).
- Funding time: Within 1 day of clearing any necessary verifications.
Compare the best wedding loans
| INTEREST RATES | LOAN AMOUNTS | REPAYMENT TERMS (YEARS) | FUNDING TIME (AFTER APPROVAL) | |
|---|---|---|---|---|
SoFi | 8.99% to 29.49% | $5,000 to $100,000 | 2 to 7 | As soon as the same day |
LendingPoint | 7.99% to 35.99% | $2,000 to $36,500 | 2 to 6 | As soon as the next business day |
LightStream | 7.49% to 25.99% | $5,000 to $100,000 | 2 to 7 | As soon as the same day |
Upgrade | 8.49% to 35.99% | $1,000 to $50,000 | 2 to 7 | Within 1 business day |
Prosper | 6.99% to 35.99% | $2,000 to $50,000 | 2 to 5 | Within 1 business day |
Upstart | 7.8% to 35.99% | $1,000 to $50,000 | 3 or 5 years | As soon as the next business day |
Oportun | 27.74% to 35.99% | $500 to $18,000 (depending on your state and loan type) | 1 to 5.33 years (depending on your state) | Within 1 to 3 business days |
Universal Credit | 11.69% to 35.99% | $1,000 to $50,000 | 3 to 5 | Within 1 day |
All rates include autopay discounts where noted by the lender and are accurate as of March 11, 2024.
Methodology
Our expert writers and editors have reviewed and researched multiple lenders to help you find the best wedding loan. Out of all the lenders considered, the eight that made our list excelled in areas across the following categories (with weightings): loan details (20%), loan cost (35%), eligibility and accessibility (20%), customer service (15%) and ease of application (10%).
Within each major category, we considered several characteristics, including APR ranges, loan amounts, maximum repayment terms, lender discounts, late payment, and prepayment fees, minimum credit score requirements, and funding times as well as co-signer or co-borrower acceptance. We also evaluated each provider’s state availability, customer support options, and customer reviews.
Why some lenders didn’t make the cut
Of the personal loan lenders that we reviewed, only a fraction made the cut. The reasons for this varied by lender, with some receiving lower ratings due to having lower loan maximums or charging additional fees while others were limited in state availability or customer service options.
What can I use my wedding loan for?
Since a wedding loan is a personal loan, you can use it for nearly any purchase — with a few exceptions. You typically can’t use a personal loan for:
- College tuition
- The down payment on a house
- Expenses for your business
- Gambling
- Anything illegal
Don’t borrow more than you need! If you do decide to take out a wedding loan, make sure you discuss your budget and needs as a couple. Only borrow what you can afford to pay back. Don’t take out extra “just because” or it might start a cycle of debt that isn’t manageable.
When you should consider a loan for your wedding
In certain situations, taking out a loan to cover your wedding expenses could be a wise financial decision. Here are some situations getting a loan for your wedding might be a good idea:
- You’re facing budget constraints. If you’re struggling to save up enough money for your dream wedding or want to avoid compromising on your vision due to budget constraints, taking out a wedding loan could be a viable solution. However, it’s still important to only borrow what you need and can comfortably afford to repay.
- You lack other options. If you can’t secure funding through other means like personal savings or contributions from family members, a wedding loan can provide the necessary money to have the wedding you envision. This can be especially useful if you plan to have a larger or more elaborate wedding ceremony that exceeds what you currently have saved.
- You’re considering using credit cards. Taking out a loan can also help you avoid the burden of paying for your wedding on a high-interest credit card. Personal loans for wedding expenses generally come with lower interest rates than credit cards. Plus, you could have one to seven years to repay the loan, depending on the lender, which can make repayment more manageable.
Tip: It’s critical to exercise caution when considering a wedding loan by only borrowing what you can realistically repay. Also be sure to compare your options with as many lenders as possible to find a good deal on a loan that works for your needs. With the proper planning and preparation, a wedding loan can be a great way to ensure you have the celebration of your dreams without sacrificing financial stability.
You can use our personal loan calculator to see what your monthly payments could look like with different interest rates and repayment terms.
When you shouldn’t
While a wedding is a special and memorable milestone in your life, taking out a loan shouldn’t be the default option. Here are a few scenarios where getting a wedding loan might not be the best choice:
- You have time to save cash. If you can save money for your wedding, it’s wise to consider this option instead of going into debt. By saving money, you can avoid paying interest, which will cost you more in the long run. Consider setting a budget for your wedding and sticking to it to avoid overspending.
- You can get funds elsewhere. If you have trusted family or friends willing and able to lend you money, it might be a better option to borrow from them rather than taking out a loan from a financial institution. This can help you avoid high interest rates. However, this can also put a strain on relationships if you don’t repay the loan as agreed.
- You can’t pay off the loan quickly. Another critical factor to consider is the impact that taking on a loan could have on your future plans. If you take on too much debt for your wedding, you might have to delay other major life milestones, such as buying a house, traveling as a couple or starting a family. Additionally, having a loan hanging over your head can cause unwanted stress and potentially impact your mental health.
How to apply for a wedding loan
If you have decided that a wedding loan is right for you and are ready to apply, follow these steps:
- Check your credit. Lenders will review your credit to determine your creditworthiness as well as your interest rate. So before you apply, check your credit reports and credit score to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. To check your credit score, use an online credit-monitoring service, or see if it’s available through your bank or credit card company.
- Compare lenders. It’s important to shop around and compare your options with as many lenders as possible. This way, you can find the right loan for you. Consider interest rates, loan amounts and repayment terms as well as eligibility requirements. Many lenders let you get preapproved with only a soft credit check that won’t hurt your credit score — this will give you an idea of what rate and loan amount you could qualify for.
- Pick a loan option and complete an application. After you’ve compared lenders, choose the loan option you like best. You’ll then need to complete a formal application. In many cases, this can be done fully online, though some traditional banks and credit unions might require you to work with a loan officer at a local branch. Be prepared to submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be disbursed. Personal loans are generally funded within a week. Some lenders also provide faster funding as soon as the same or next business day after approval.
Alternatives to taking out a wedding loan
If taking out a personal loan to pay for your wedding isn’t the right option for you, you do have other choices:
- Start saving now. If you’re just about to begin your wedding planning journey, you still have time to start saving. You should also consider signing up for a high-yield savings account to earn a little extra on top of what you’re able to put away.
- Borrow from family and friends. If you have friends or family that might be willing to help, reaching out to them for a loan could save you from paying interest. It also might be worth asking if they’d be willing to gift you some money in place of a wedding gift.
- Use a credit card. If you’re not sure exactly how much you might need to cover all the wedding expenses, a credit card might be ideal. It gives you access to a revolving line of credit that you can repeatedly draw on and pay off. But since credit cards have high interest rates, your best bet is to apply for one with a 0% intro annual percentage rate (APR) so you can avoid interest charges if you repay your balance before the time ends (typically six to 21 months, depending on the card).
Frequently asked questions (FAQs)
Typically, a couple would take out a personal loan to help with wedding expenses. In general, personal loans come with lower interest rates than credit cards or other loans, making them a good option. You could also have up to seven years to pay it off, depending on the lender.
The minimum credit score you’ll need for a wedding loan will depend on the type of loan and lender. For example, if you opt for a personal loan, you’ll generally need good to excellent credit. A good credit score is usually considered to be 670 or higher.
There are also several lenders that offer personal loans for bad credit— for example, Upgrade accepts credit scores as low as 560. However, keep in mind that loans for poor or fair credit typically come with much higher interest rates compared to good credit loans.
Whether a wedding loan is worth it will depend on your financial situation and needs. If you’re thinking about getting a loan to cover your wedding expenses, it’s important to consider the associated costs—such as interest and fees—to see if it makes sense for your particular situation.
Additionally, be sure to shop around and compare your options with as many lenders as possible. This can help you more easily find a lender with a good rate as well as few or no fees. It’s also a good idea to try to pay off any wedding debt as quickly as possible to avoid accumulating excessive interest charges over time.
Yes, in some cases, two individuals (typically the couple getting married) can take out a joint wedding loan. Whether this is permitted depends on the lender — for example, SoFi and LightStream allow joint applicants on their personal loans.
The advantage of a joint loan is that the lender will evaluate the financial profiles of both individuals, which can make it easier to get approved. This could also qualify you for a lower interest rate or larger loan amount than you’d get on your own.
However, keep in mind that joint owners of a loan are equally responsible for repayment, and any missed payments could negatively impact both parties’ credit scores. As with any financial decision, evaluate your ability to repay a loan before borrowing.
Wedding loans can range from as small as $500 up to $100,000, depending on the lender. However, how much you’ll actually be able to borrow will depend on your financial profile. Generally, borrowers with higher credit scores are able to qualify for larger loan amounts.
Keep in mind that while it can be tempting to borrow as much as you can (especially for your wedding), it’s important to borrow only what you can reasonably afford to pay back.
